Drug makers' stocks rise in Asia due to new wave of COVID-19

On Monday, May 19, stocks of makers of test kits and drugs for Covid-19 diagnostics in Asia rose after a surge in cases. The shares of South Korean diagnostic kit maker Sugentech rose the most, by 29%.

It is reported by Bloomberg.

Stocks of drug and test makers for COVID-19 rise

In Japan, shares of coronavirus vaccine maker Daiichi Sankyo rose by 7.4%. In Hong Kong, shares of Shanghai Junshi Biosciences rose by 4.3%.

Stocks of Korean makers of COVID test kits, including Humasis, LabGenomics, Seegene, and SD Biosensor, also rose on Monday. Shares of coronavirus vaccine maker SK Bioscience jumped 7.2%.

Health authorities in Hong Kong and Singapore have warned that the number of Covid-19 cases is rising sharply as the epidemic wave spreads across Asia. According to the Chinese Centre for Disease Control and Prevention, China is on track for the Covid wave to peak in the summer of 2024.

"After the resumption of normalcy, Hong Kong experienced cycles of active periods of Covid-19 in every six to nine months. We expect the activity level of Covid-19 to remain at a higher level for at least the next few weeks," Edwin Tsui, an official at the Hong Kong's Centre for Health Protection, said.

Last month, the Korea Disease Control and Prevention Agency (KDCA) extended the Covid-19 seasonal vaccination period by two months to the end of June, recommending that people aged 65 and older, most immunocompromised individuals, hospital patients, and institutionalised individuals be vaccinated with JN.1 and BioNTech SE vaccine.

"Covid-19 has been increasingly occurring not only in winter but also in summer for the past three years, so it is recommended to get vaccinations as soon as possible to allow for a sufficient period of immunity," it is said in the KDCA's statement.

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