South Korea stocks down more than 2% as country raises coronavirus alert to ‘highest level’

Seoul, South Korea ( CNBC): Stocks in South Korea plunged in Monday morning trade after the country raised its coronavirus alert to the “highest level” following a recent spike in cases throughout the country.

The Kospi was down more than 2% in early trade while the Kosdaq fell 2.25%.

The disease has taken at least five lives in South Korea so far, according to the country’s Centers for Disease and Control and Prevention on Sunday. A recent jump in the number of cases in South Korea has brought the total infected to more than 600, the country with the most cases outside the mainland.

Industry heavyweight Samsung Electronics announced Saturday that a coronavirus case had been confirmed at a mobile device factory complex in South Korea, resulting in the shutdown of the entire facility until Monday morning, according to Reuters. The affected factory reportedly accounts for a small portion of Samsung’s total smartphone production. Samsung Electronics shares were down more than 2.5% in early trade.

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