[Market Focus] Green Cross Life Science Hits Upper Limit on COVID-19 Resurgence Fears

Amid growing concerns over a resurgence of COVID-19, especially in Asian countries, stocks related to COVID-19 treatments and diagnostic kits, such as Green Cross Life Science, are surging on the domestic stock market on May 21.

As of 9:33 a.m. on this day, Green Cross Life Science, known as a supplier to Pfizer, hit the upper price limit, rising 29.78% from the previous session to 2,205 won per share. Suzhou NTec, a diagnostic kit-related stock, rose 10.34%, while Genematrix climbed 5.29%. Seoul Pharma was up 2.12%, and Pharmicell gained 3.06%.

This surge is due to mounting concerns over a COVID-19 resurgence as the number of confirmed cases has recently spiked in countries such as China, Hong Kong, and Thailand. According to the China Centers for Disease Control and Prevention, monitoring of emergency room and outpatient cases at major hospitals nationwide from March 31 to May 4 showed the positivity rate jumped from 7.5% to 16.2%. The Department of Disease Control in Thailand also announced that 33,030 new COVID-19 cases were reported from May 11 to 17, more than double the number from the previous week.