Market Overview

South Korea Declares Daegu Special Zone, Puts 2.5 M Under Voluntary Quarantine

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South Korea Declares Daegu Special Zone, Puts 2.5 M Under Voluntary Quarantine

An increase in the number of virus cases in South Korea centered around a church has led to the government asking 2.5 M people to stay at home.

What Happened

The government of South Korea has asked 2.5 million people in Daegu, a city in the South East of the country, to stay at home after 33 cases of the Covid-19 virus emerged from a single church, according to Business Insider. 

The Mayor of Daegu Kwon Young-jin was reported as saying that the request is not binding but he described the situation as an “unprecedented crisis.”

Separately, 10,000 people are under quarantine in Son Loi, Vietnam. The rural town has reported 11 cases of Covid-19 infection. The town is a mere 44 km away from the capital Hanoi.

SK-Hynix, the South Korean Chipmaker, has quarantined 800 of its workers, according to Reuters, after a trainee exhibited pneumonia-like symptoms. The trainee in question had close contact with an infected person from Daegu.

Why It Matters

Reuters reports that SK-Hynix supplies chips to both Apple Inc. (NASDAQ: AAPL) and Huawei.

Markets in South Korea led losses in Asia on Friday morning with the Kospi falling 1.02% to 2,173.07 at press time on coronavirus fears. Hong Kong’s Hang Seng fell 0.73% to 27,408.79 while the Nikkei was at 23,457.22 down 0.093% at press time.

The World Health Organization’s Director-General warned that the low number of cases outside of China “may not stay the same for long.”

Price Action

SK-Hynix shares traded 0.96% lower at $85.48 in Seoul on Friday at press time.

 

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