[Featured Stock] Seegene Falls to 13th in Market Cap Amid Foreign Selling Pressure

[Asia Economy Reporter Hwang Yoon-joo] Seegene slid due to foreign selling pressure, dropping to 13th place in market capitalization. The government's announcement that the Omicron wave will peak within ten days has led to expectations of reduced demand for diagnostic kits, which is interpreted as triggering the sell-off.

As of 1:58 PM on the 11th, Seegene was trading at 52,200 won, down 5.43% from the previous trading day. Earlier that morning, Seegene fell by about 1%, losing the 10th place in market capitalization to Rino Industrial, and as selling pressure intensified in the afternoon, it dropped further to 13th place.

Prime Minister Kim Boo-kyum said that morning regarding the COVID-19 Omicron wave, "We expect the peak to occur within about ten days, with the scale projected to reach up to 370,000 cases per day on a weekly average basis."

Seegene, which developed COVID-19 diagnostic kits, saw its sales and stock price rise significantly after the outbreak. Although the stock price later declined, it rose to the 60,000 won range amid the Omicron wave before showing a downward trend.

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