Government Says "Not a Russian Vaccine"... Huons Plummets 11%

[Asia Economy Reporter Ji Yeon-jin] Huons, whose stock price soared recently due to expectations of COVID-19 vaccine contract manufacturing, is sharply falling in the KOSDAQ market on the 19th.

As of 10:43 AM on the day, Huons is trading at 55,000 KRW, down 11.56% compared to the previous trading day. The company opened at 64,800 KRW (-11.84%) on the day after the government announced on the 16th that the domestically contracted COVID-19 vaccine was not a Russian product.

Since the beginning of this month, Huons recorded an 11-day consecutive rise driven by expectations of producing the COVID-19 vaccine developed by Russia. In particular, right after the government announced that from August this year, domestic pharmaceutical companies would mass-produce overseas COVID-19 vaccines under contract, the closing price on the 16th surged by 15.93%, reaching as high as 79,000 KRW during the session.

However, on the same day, the government clarified that "the announced content was not related to Russia's Sputnik V vaccine," drawing a clear line, and the stock price has been declining since the early trading hours of the day.

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