Shanghai Composite Index Plunges Due to Coronavirus Fears; $400 Billion off in a single day

Shanghai Composite Index (Credit : Google)

Coronavirus : Chinese Stocks Plunges

Beijing/ Shanghai , Online Desk  : Chinese stocks market plunges due to massive coronavirus fears. World wide virus worries wipe more than $400 billion off from China’s Stock Market. China’s Central Bank and other authories battled panic in stock markets in early morning Monday trade after Chinese New Year Lunar vacation . PBoC’s RMB 1.2 trillion injection in bank system biggest on record in a single day.

The economic and diplomatic costs of China’s coronavirus epidemic mounted on Monday with investors knocking $400 billion off the value of stocks and the government accusing the United States of over-reacting to the outbreak and whipping up panic.

The number of deaths in China from the newly identified virus, which emerged in Wuhan city in the central province of Hubei in December, had risen to 361 as of Sunday, up 57 from the previous day, the National Health Commission said.

Read Also : Symptoms of Coronavirus

China’s markets plunged at the open in their first session after an extended Lunar New Year break that began on Jan. 23, when the virus had claimed only 17 lives in Wuhan.

Since then, the flu-like virus has been declared a global emergency and spread to more than two dozen other countries and regions, with the first death outside of China reported on Sunday, that of a 44-year-old Chinese man who died in the Philippines after travelling from Wuhan.

Wuhan and some other cities remain in virtual lockdown with travel severely restricted, and China is facing mounting international isolation as well due to restrictions on flights to and from the country, and restrictions on travelers from China.

(News originated from Reuters )

Tags : coronavirusCoronavirus outbreaksSanghai Stocks fears coronavirusShanghai Composite Index

Leave a Response