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

The benchmark Korea Composite Stock Price Index(KOSPI) dipped to around one-thousand-813 in the morning shortly after U.S. President Donald Trump addressed the outbreak and announced countermeasures. 

Disappointed by the lack of fiscal stimulus measures in the U.S., Korean investors also dumped shares, worrying about the impact of Trump's European travel ban, which is expected to hurt airlines and tour businesses.

At around noon, the benchmark index stood around one-thousand-820, some 80 points lower than the closing figure 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.

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.