Korea Stocks Shattered as Virus Hit Extends From Tourism to Tech
- Kospi plunged as much as 3.6%, set for biggest fall since 2018
- Tourism stocks unlikely to rebound for a while: HDC Asset Mgmt
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South Korean stocks bore the brunt of Asian stock declines tied to the new coronavirus Tuesday as more markets opened after holidays and concerns spread from short-term consumerism to longer-term growth.
The benchmark Kospi plunged as much as 3.6%, set for the biggest decline since October 2018. Companies that had benefited from Chinese tourism took bigger hits, with cosmetics maker Amorepacific Corp., travel agency Hana Tour Service Inc. and Hotel Shilla Co. all tumbling more than 10%. The moves mirrored drops in consumer and travel names in Japan and Thailand on Monday.