Coronavirus fears sink stock markets in Asia
Asian stock markets opened the week sharply lower Monday amid fears the coronavirus dogging the mainland this year is spreading more broadly now.
“Market jitters today are largely due to the rise in cases outside of China, especially in South Korea and Italy,” wrote Tai Hui, Hong Kong-based chief market strategist, Asia, with J.P. Morgan Asset Management. According to World Health Organization data, confirmed coronavirus cases in South Korea surged to 602 from 30 over the week ended Feb.
Read also UK. Pensions take hit as FTSE loses £152billion in four days due to coronavirus
23, making that country the outbreak’s second-biggest cluster behind China, where the flu-like epidemic originated in late 2019. In Monday trading, the Korea Composite Stock Price index tumbled 3.87%. Most other markets in the region suffered smaller, if still hefty, declines, with drops of 1% to 3% in Malaysia, the Philippines, Australia, India, New Zealand, Hong Kong and Singapore.
China’s two main equity markets fared better, with the Shanghai Composite Stock Exchange slipping a mere 0.39% while the Shenzhen exchange rose 1.36%.
Read also Coronavirus, Global Aging & How Future Contagions May Affect Life In Retirement
Even outside Asia, stock markets reflected fears over the virus, with the FTSE 100 index down 3% at U.K. market open.
Read more @Pion Line
