Coronavirus Fears See $400 Billion Wiped Off China’s Stock Market

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.

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