South Korean stocks fell more than three percent during mid-day trading on Thursday, following the World Health Organization’s declaration that the new coronavirus is a pandemic.

As of 10:27 a.m., the benchmark Korea Composite Stock Price Index(KOSPI) plunged to one-thousand-848-point-72 points, losing 59-point-55 points, or three-point-12 percent, from the previous day.

On Wednesday, the KOSPI plunged nearly three percent to close at one-thousand-908-point-27, the lowest level since February 2016.

The tech-heavy KOSDAQ fell to 573-point-71 points, shedding 21-point-66 points, or three-point-64 percent, from the previous session.

Amid renewed uncertainties over COVID-19 and expectations of a recession, the Dow Jones on Wednesday dropped five-point-86 percent, while both Nasdaq and S&P 500 dropped four-point-seven percent.