The Strategist

COVID-related stocks in Hong Kong and Korea surge after new virus discovered



02/25/2025 - 06:24



On February 24, shares of Asian diagnostic test and vaccine manufacturers climbed, following their international counterparts, after scientists identified a new coronavirus in bats that resembles the COVID-19 virus, as reported by Bloomberg, referencing trading data.



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Shares of Sugentech, a coronavirus test producer based in South Korea, surged 26% in early trading on February 24, according to Bloomberg. At the end of trading, the increase decelerated to 10.7%. Shares of the vaccine manufacturer Cellid in Seoul increased by 17% to end at 4.4%, while Welcron, a mask producer, saw a rise of 4.4%.

In Hong Kong, the stock of vaccine producer CSPC Pharmaceutical Group increased by 5%, but the growth later decelerated to 1%. Shares of the pharmaceutical firm Sinopharm Group rose by 1.8%, finishing with a gain of 0.6%.

On Friday, February 21, the stock prices of American vaccine manufacturers increased in the United States. Moderna stocks increased by 5.34%, BioNTech ADRs climbed by 1.8%, and Pfizer equities went up by 1.54%.

The news concern a research carried out by scientists at the Wuhan Institute of Virology in China, which was released in the Cell journal last week. The identified virus is a new strain of coronavirus (Pipistrellus bat coronavirus HKU5), which has been found in species living near Hong Kong. Researchers have discovered that this virus can be spread to people using the same method as COVID-19. There have not been any recorded instances of infection in humans.

source: bloomberg.com