The South Korea stock market collapsed last Friday due to the coronavirus fears. The shares tumbled almost 2.4% during the back-to-back sessions. The U.S. and European markets also declined on Friday. Analysts don’t expect the rally yet, as China released more news about growing virus kills. If the situation doesn’t improve, stocks may fall further.
The KOSPI stock steadied just above the 2,160-point plateau after decreasing. However, it may lower more today. It collapsed on Friday due to losses from the financial shares and technology stocks.
The stock traded between 2,160.28 and 2,184.43, but the index tumbled down to 32.66 points, falling by 1.49 percent, before standing at 2,162.84 at last.
Other stocks also declined sharply. KB Financial lowered by 2.49 percent, and Shinhan Financial plunged by 1.52 percent. Samsung Electronics and LG Electronics shed 1.33 percent and 1.88 percent, respectively.
LG Chem dropped by 2.86 percent, while SK Hynix lost 0.96 percent. POSCO and SK Telecom have also declined, losing 1.86 percent and 1.13 percent, respectively.
Hyundai Motors slipped by 1.54 percent, and Kia Motors decreased by1.23 percent. However, KEPCO gained 0.38 percent, and Hana Financial remained unchanged.
What about U.S. Futures?
The U.S. stocks have also ended the session in Red. The Dow Jones futures lost 0.78 percent, stopping at 28,992.41 points at last. Meanwhile, the S&P 500 lowered by 1.05 percent to 3,337.75, and the NASDAQ dropped by 1.79 percent to 9,576.59.
During the week, the Dow Jones lost 1.4 percent, with the S&P lowering by 1.3 percent and the NASDAQ falling by 1.6 percent.
According to experts, the sell-off was caused by the Chinese authorities’ new report. It disclosed 1,109 new confirmed cases of the illness, which meant 349 more cases in one day. The investors panicked, and as a result, the stock markets tumbled down. Thus, Wall Street analysts think that stocks will remain in red for a while.
