Stocks in South Korea led losses among major Asian markets in Monday morning trade as they plunged after the country raised its coronavirus alert to the “highest level” following a recent spike in cases throughout the country.
The Kospi was down 3.03% in morning trade as shares of automaker Hyundai Motor plunged around 4% while the Kosdaq fell 2.56%. The Korean won weakened to 1,217.70 per dollar following levels below 1200 seen last week.
A recent jump in the number of cases in South Korea has brought the total infected to more than 600, the country with the most cases outside the mainland.
Industry heavyweight Samsung Electronics announced Saturday that a coronavirus case had been confirmed at a mobile device factory complex in South Korea, resulting in the shutdown of the entire facility until Monday morning, according to Reuters. The affected factory reportedly accounts for a small portion of Samsung’s total smartphone production. Samsung Electronics shares were down more than 2.5% in morning trade.
Elsewhere, shares in mainland China were mixed in early trade. The Shanghai composite was down more than 0.44% while the Shenzhen component was up 0.33%. The Shenzhen composite was also higher by about 0.4%. Hong Kong’s Hang Seng index traded 1.3% lower.
Meanwhile, shares in Australia also fell, with the S&P/ASX 200 down more than 2% as almost all the sectors declined. The energy subindex fell about 4% as shares of oil companies declined. Santos plunged 4.42% while Woodside Petroleum plummeted more than 6%.
Markets in Japan are closed on Monday for a holiday.
- Stocks in South Korea plunged in Monday morning trade after the country raised its coronavirus alert to the “highest level” following a recent spike in cases throughout the country.
- Markets in Japan are closed on Monday for a holiday.
Source CNBC