By Isabel Togoh
Topline: Chinese markets closed nearly 8% down on the first day of trading since the extended Lunar New Year holiday over fears of the coronavirus and measures taken to control the fast-spreading, pneumonia-like virus.
- China’s benchmark stock index, the Shanghai Composite, saw its worst day since August 2015. It closes nearly 7.72% down in a $393 billion share selloff that saw the majority of stocks suspended after hitting the 10% daily volatility limit.
- The fall came despite efforts by China’s central bank to ease the impact of the virus on the world’s second-largest economy with a $173 billion package announced on Sunday to provide liquidity in the banking system and currency market.