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Korean bio, healthcare stocks gain on U.S. Biosecurity Act

Collected: 2024.03.19

Distributed: 2024.03.20

Source: Go Direct

[Courtesy of Samsung Biologics Co.]

South Korea’s healthcare and biotech stocks gained ground on Monday following the U.S. Senate’s approval of the Biosecurity Act that prohibits federal agencies to enter into deals with Chinese firms.

Shares of Samsung Biologics Co. rose to a 52-week high on Monday, closing 4 percent higher at 859,000 won ($642.3).

The rise was mainly led by foreign investors, who shifted focus towards high-valued pharmaceutical and biotech stocks.

The benchmark Kospi finished 0.71 percent higher while the secondary Kosdaq rose 1.59 percent.

Foreign investors dumped Kospi shares worth 80.3 billion won on Monday while they net purchased 159.5 billion won in Kosdaq shares.

The net selling was mainly of chip and financial stocks while the net buying was of healthcare, bio, and secondary battery stocks.

On the Kosdaq market, shares of CHA Biotech Co. soared 8.13 percent on Monday while those of ST Pharm increased by 24.1 percent and SCD Pharm Co. gained 11.18 percent.

Foreigners net bought 18 billion won worth of ST Pharm shares and 13.3 billion won in SCD Pharm shares.

By Kim Je-lim and Han Yubin

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