97 of 100 KOSPI Market Cap Stocks Fall Sharply Amid COVID-19 Resurgence Concerns

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The KOSPI plunged over 3% due to concerns about the resurgence of COVID-19, with most stocks showing weakness in the early trading session.

As of 9:25 a.m. on the 12th, 97 out of the top 100 stocks by market capitalization on the Korea Exchange are declining. Only three stocks, including Celltrion, are avoiding losses.

Overnight, major indices on the New York Stock Exchange (NYSE) plummeted amid fears of a second wave of COVID-19 and a slower economic recovery. On the 11th (local time), the Dow Jones Industrial Average closed at 25,128.17, down 1,861.82 points (6.9%) from the previous day. The Standard & Poor's (S&P) 500 index fell 188.04 points (5.89%) to 3,002.10, and the tech-heavy Nasdaq dropped 527.62 points (5.27%) to 9,492.73.

Sangyoung Seo, a researcher at Kiwoom Securities, anticipated a correction in the Korean stock market considering these factors. Seo said, "However, unlike in March, liquidity supply is continuing," and added, "Ultimately, the Korean stock market is expected to wait for opportunities focusing on companies with improving earnings rather than continuing a sharp decline, as responses from the Bank of Korea and the government are ongoing."

This content was produced with the assistance of AI translation services.