SEOUL– South Korean stocks plunged nearly 2 percent late Friday morning as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus.
The benchmark Korea Composite Stock Price Index (KOSPI) slumped 59.66 points, or 1.83 percent, to trade at 3,193.02 points as of 11:20 a.m.
After a lackluster start, the KOSPI deepened its losses as foreign selling increased ahead of strengthened virus restrictions in the wider Seoul area.
The announcement came as the country added 1,316 new daily cases of COVID-19 on Friday, marking the highest number since the virus first hit the country on Jan. 20, 2020.
Starting Monday, private gatherings of three or more people will be banned after 6 p.m., with bars, sports games and in-person classes ordered to close.
Market kingpin Samsung Electronics fell 1 percent, and No. 2 chipmaker SK hynix shed 2.47 percent.
Pharmaceutical top cap Samsung Biologics decreased 1.27 percent, and internet portal operator Naver retreated 2.84 percent. Giant chemical firm LG Chem slumped 3.14 percent.
The country’s largest automaker Hyundai Motor lost 1.53 percent.
The local currency was trading at 1,148.6 won against the U.S. dollar, down 3.6 won from the previous session’s close.
Source: Yonhap News Agency