Korean stocks plunged because of Covid-19

The Kospi index is now down 2.76%, with other Asian markets also falling, after South Korea raised its disease warning to its highest level...


The Kospi index is now down 2.76%, with other Asian markets also falling, after South Korea raised its disease warning to its highest level.

Samsung Electronics yesterday confirmed a worker at a South Korean phone factory positive for nCoV. The entire plant has been closed, Reuters said.
However, Samsung claims this facility only contributes a small part in its smartphone production. Samsung shares this morning fell 2.7%.

To date, 6 people have died from the disease in South Korea, according to the Korea Centers for Disease Control and Prevention. The number of infections has skyrocketed recently, bringing the total number of cases to over 600, making Korea the second largest outbreak in the world.



People wear masks in Daegu (South Korea). Photo: Reuters
The Chinese market opened just lower. The Shanghai Composite Index lost 0.4%, while the Shenzhen Composite lost 0.1%. Hang Seng Index (Hong Kong) lost 0.75%.

The MSCI Asia-Pacific Index is now down 1.5%. Other markets such as Australia, Taiwan, and Singapore are all going down. Japanese market is closed today.

Global investors are still watching the evolution of the Covid-19 epidemic and its economic impact.
"New outbreaks outside China, such as South Korea, the Middle East and Italy are the focus of investors' attention," said Rodrigo Catril, exchange rate analyst at National Australia Bank. "Strong control measures have been taken and will cause a greater blow to the global economy."

The Korean won lost 0.8% this morning against the US dollar, currently at the 6-month bottom at 1218 KRW / one USD.
Both Japanese yen and Australian dollar are depreciating against the greenback.

In commodity markets, crude oil prices are plummeting. Brent currently lost 3%, about $ 56.8 a barrel.
And WTI oil fell 2.5% to 52 USD. World gold price this morning continued to increase, currently trading around USD 1,660 an ounce.

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High Tech Brain: Korean stocks plunged because of Covid-19
Korean stocks plunged because of Covid-19
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High Tech Brain
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