COVID-19 has shaken up the top 100 ranking by market capitalization in South Korea, giving rise to biopharmaceutical and tech names and fall to traditional manufacturers.

Local market research firm Korea CXO Institute said Tuesday that the combined market cap of the 100 most valuable firms listed on the Korean market declined 8.5 percent from 118.2 trillion won ($95.6 billion) on January 2 to 108.2 trillion won as of May 22.

The coronavirus outbreaks brought changes in the list of large-cap stocks in the country.

COVID-19 test kit maker Seegene Inc. soared from 220th to 69th over the period, with its market value swelling 254 percent from 811.9 billion won to 2.88 trillion won. Other bio names including Alteogen leapt from 195th to 72nd and Celltrion Pharm 148th to 66th.

Other newcomers to the top 100 list included battery material provider Ecopro BM who jumped from 180th to 98th, liquor maker HiteJinro 104th to 85th, food maker Ottogi 109th to 100th, electronic parts maker Iljin Materials from 108th to 95th and drama producer Studio Dragon from 101st to 97th.

On the other hand, eight companies have been pushed out from the top 100 ranking.

Building and industrial materials maker KCC fell from 90th to 141st, shipbuilder Daewoo Shipbuilding & Marine Engineering 82nd to 110th, full service carrier Korean Air Lines 88th to 107th, Hanmi Pharm’s holding firm Hanmi Science 89th to 108th, advertising agency Cheil Worldwide 87th to 103rd, builder GS Engineering & Construction 95th to 105th and bulk carrier Pan Ocean from 94th to 109th.

The change was also noticeable in the top 10 list. Auto components maker Hyundai Mobis dropped out from the list with its ranking sliding from 6th to 12th, Posco ninth to 16th and Samsung Group’s construction unit Samsung C&T from 10th to 11th.

Meanwhile, battery maker Samsung SDI that saw its ranking jump from 18th to 7th has been newly included in the list. Beauty and personal care brand LG Household & Healthcare also ascended from 12th to 8th and tech giant Kakao from 22nd to 9th.

The nation’s top heavyweights Samsung Electronics and SH Hynix maintained their rank as the first and second most valuable firms, but their market cap shed by 11.7 percent and 14.1 percent, respectively, over the period. Market cap of Samsung Electronics reached 291 trillion won and that of SK Hynix 59.2 trillion won as of May 22.

The third biggest firm Samsung Biologics, a biopharmaceutical business arm of Samsung Group, saw its market cap grow from around 28 trillion won to 40 trillion won, narrowing the gap with SK Hynix to 18 trillion won.

By Pulse

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