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S. Korean stocks plunged on Monday despite rebound after Seoul-Washington currency swap deal

‘코로나19 팬데믹’에 코스피•코스닥 동반 폭락…매도 사이드카 발동

South Korean markets got hammered once again on Monday.
Trading on both the KOSPI and the KOSDAQ had to be temporarily suspended.
Kim Dami reports.
South Korean stocks had another rocky start to the week this Monday.
Despite the rebound last week thanks to the 60 billion U.S. dollar currency swap deal between Seoul and Washington, the benchmark KOSPI lost over 5 percent to finish below the 15-hundred mark.
The KOSDAQ also shed over 5 percent at 443-point-7.
Earlier in the morning, both the KOSPI and the KOSDAQ plunged over 5 percent at the opening bell.
Because there was a difference of more than 5 percent from the previous close, a sidecar was activated to temporarily suspend trading for 5 minutes.
In the two months since South Korea confirmed its very first COVID-19 case, one third of local companies' market capitalization has disappeared into thin air.
This is according to local market researchers Korea CXO institute on Monday.
The institute analyzed the top one hundred local companies from January 20th to March 20th, and found that their market cap had dropped from around 7-hundred billion U.S. dollars to just under 5-hundred billion dollars.
So in just over two months, the total value of the companies had dropped almost 30 percent.
On top of the supplementary budget and the 60 billion dollar currency swap deal with Washington last week, Seoul's COVID-19 Response Team plans to announce new measures to stabilize the financial market.
"The government has actively responded to the most urgent problems while closely monitoring both local and global economic conditions. Tomorrow, the government will unveil measures aimed at stabilizing the capital market."
The chairman of the COVID-19 Response Team added that within the next few days, the team and the government will discuss ways to distribute the disaster management funds to help those suffering from the outbreak and revitalize market demand.
Kim Dami, Arirang News.

#COVID19 #sotck #SouthKorea

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