Stocks decline throughout Asia as fears rise about global spread of deadly coronavirus
- South Korea and Italy see surge in infections, deaths, and take steps to contain virus
- ‘Investors are getting more nervous,’ said Louis Tse of VC Asset Management
Stocks fell broadly across Asia on Monday, as the world grew more concerned about the spread of the deadly coronavirus beyond China.
From Sydney to Seoul, from Hong Kong to Shanghai, equities declined, as Italy and South Korea took tougher steps to combat their growing number of infections.
The Hang Seng Index fell 1.8 per cent to 26,820. That was its lowest level in two weeks. Of the 50 constituent members of the Hong Kong benchmark, 47 posted declines.
Meanwhile the Shanghai Composite Index closed with a loss of 0.3 per cent to 3,031, even as Beijing signalled it is open to more stimulus as the virus outbreak threatens an economy that was already losing steam. The CSI 300 Index of large cap stocks traded in Shanghai and Shenzhen slipped 0.4 per cent to 4,132.
Elsewhere in Asia, South Korea’s Kospi Index closed down 3.9 per cent.
The Australian S&P/ASX 200 of large cap stocks closed down 2.3 per cent, while the Singapore Straits Time Index dropped 1 per cent. Tokyo’s market was closed Monday for the Emperor’s Birthday holiday.