Cosmetics, Tourism Stocks Hit Hard by MERS

  • Arirang News

    June 11, 2015 11:07

    The outbreak of Middle East Respiratory Syndrome has had plenty of knock-on effects on the economy, not least on the share prices of some of the nation's tourism, leisure and cosmetics firms.

    According to the Korea Exchange on Wednesday, companies in those sectors have lost a combined US$4.5 billion off their market capitalization since the first MERS case was reported on May 20.

    Cosmetics companies, heavily reliant on Chinese tourist demand, have suffered the biggest losses as an increasing number of Chinese tourists have decided to cancel trips to Korea because of the outbreak.

    Shares in leading cosmetics maker Amore Pacific have tumbled nearly 15 percent since May 19.

    Companies in the hotel, airline and other tourism-related industries have also seen their stock price plunge.

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