KOSPI Falls Below 2200 Intraday Amid Impact of Wuhan Pneumonia in China

[Image source=AP Yonhap News]

[Asia Economy Reporter Park Jihwan] The KOSPI continues its downward trend, falling below the 2200 mark due to the impact of the novel coronavirus infection (Wuhan pneumonia).

As of 9:11 AM on the 28th, the KOSPI stood at 2189.00, down 2.54% compared to the previous trading day. Individuals and foreigners sold off 83.7 billion KRW and 13.5 billion KRW worth of stocks respectively, pulling the index down. Meanwhile, institutions net purchased stocks worth 102.7 billion KRW.

Most of the top market capitalization stocks showed a decline. Samsung Electronics (-2.47%), SK Hynix (-2.33%), NAVER (-0.55%), and LG Chem (-2.87%) fell, while Samsung Biologics rose by 1.04%.

Global stock markets also could not escape the impact of the novel coronavirus spread. On the 27th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 28,535.80, down 453.93 points (1.57%) from the previous trading day due to fears over the spread of "Wuhan pneumonia." This marked the largest single-day drop for the Dow since October last year.

The Japanese stock market also closed down 2.03% compared to the previous trading day. As the number of novel coronavirus infection cases surged in China and signs of global spread appeared, funds are flowing out of risk assets such as stocks.

The KOSDAQ index also fell 3.19% from the previous trading day to 663.67. Foreigners net purchased stocks worth 55.3 billion KRW, while individuals and institutions net sold stocks worth 48.4 billion KRW and 5 billion KRW respectively.

Most of the top market capitalization stocks on this day declined. Celltrion Healthcare (-2.72%), HL Biopharma (-4.00%), CJ ENM (-3.91%), Pearl Abyss (-2.53%), and Studio Dragon (-3.93%) all dropped.