The Seoul Stock Exchange gives in to concerns over the outbreak of COVID-19

The Seoul Stock Exchange closed Monday with a decrease of 0.54 percent in its main indicator, the Kospi, due to concerns over the spike in the spread of the new coronavirus in South Korea.

The Kospi lost 10.42 points, to 1,935.40 integers, while the Kosdaq technology index gained 2.75 points, 0.40%, to 685.04 integers.

The South Korean parquet opened higher in line with Friday's gains on Wall Street, although it fell into negative territory as the day progressed and due to the new outbreak of contagions registered in the capital.

This outbreak, located in a well-known nightlife area and which has generated 89 new infections to date, represents a rebound in infection figures after South Korea registered fewer than 15 cases a day since mid-April.

Although most sectors of Seoul's parquet incurred losses, local analysts expect the pothole to be limited.

Local market tech giant and benchmark Samsung Electronics lost 0.82%, while the country's second-largest chipmaker SK hynix gained 0.53%.

South Korean pharmaceutical leader LG Chem (1.7%), cosmetics multinational AmorePacific (3.31%) and South Korea's largest automaker, Hyundai Motor (0.85%) also saw significant declines.


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