[Photo by Yonhap]
Shares of Namyang Dairy Products Co. remained weak in Thursday’s morning session after a 30 percent swing caused by self-hyped data on anti-coronavirus activity of its fermented milk product, which was later downplayed by health authorities.
On Thursday, the company’s stock price fell 4.85 percent to end at 343,000 won ($306.91).
On Wednesday, Namyang shares opened up 17.11 percent and climbed further by 28.68 percent after news that the company claimed its Bulgaris yogurt was found effective against Covid-19.
According to data released by Namyang Dairy Products’ research institute, the product’s ingredient killed H1N1 virus by 99.999 percent and coronavirus by 77.8 percent.
But the stock crashed 5.13 percent the following day after the Korea Disease Control and Prevention Agency (KDCA) downplayed the test result saying the in vitro test cannot demonstrate a mechanism of removing the virus in the human body.
By Kang Bong-jin and Minu Kim
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]