March 24 (UPI) — Shares of semiconductor technology company Samsung Electronics have been sold off by south Korean investors, sending their stake in Samsung Electronics to a 13-month low,media reported.
As of Friday, foreign investors held 55.37 percent of Samsung Electronics, the lowest level since December 11, 2018, when they held 51.85 percent of Samsung Electronics, according to south Korea’s stock exchange.
Foreign investors are selling Off South Korean stocks amid escalating concerns about the impact of the new coronavirus on the South Korean economy.
As of Monday, foreign investors had sold South Korean stocks for the 13th straight trading day, cashing out about 9.8 trillion won ($7.7 billion). During that time, foreign investors sold about 4.4 trillion won ($3.46 billion) worth of Samsung Electronics shares.
Meanwhile, South Korean retail investors bought Samsung Electronics shares for 13 consecutive trading days, with a cumulative purchase of 4.2 trillion won ($3.3 billion).
Earlier, South Korean companies such as Samsung Electronics and LG Electronics had to temporarily close some factories in China because of the Chinese New Year holiday and the outbreak of a new coronavirus. Similarly, these South Korean companies have extended their Spring Festival holidays due to the spread of the new coronavirus. However, the companies resumed operations at their plants in China on February 10th.
Last week, Samsung announced on its U.S. and Canadian websites that it had closed all its stores in the U.S. and Canada to minimize the spread of the new coronavirus.
The company said it had a “top priority” for “the health and safety of its employees, customers and partners,” a measure that took effect on March 17.
On Monday, Samsung Electronics said it would temporarily close its plant in India because of an outbreak of pneumonia caused by the new coronavirus infection.
The company said its Neueda smartphone plant near New Delhi would be suspended until March 25. In addition to its plant in India, the company decided this week to temporarily close its TV manufacturing plant in Slovakia.