fear over the chrono virus triggered a massive drop in Chinese shares the rapid
reaction comes after the stock market reopened in that country following the
Lunar New Year holiday also young helps us look beyond the digits Chinese
thoughts plunged on Monday wiping out hundreds of billions of dollars as
investors reacted to the spread of the Korean virus the Shanghai Composite
Index shed 7.7% closing at two thousand seven hundred and forty six point six
one this marks the biggest drop in over four years and according to calculations
by Reuters translates to a loss of nearly four hundred and twenty billion
dollars meanwhile the Shenzhen composite index for 8.4 percent ending the session
at 1609 this comes despite an attempt by the authorities to keep markets come
with a stimulus package of some 174 billion dollars analysts say if the
spread of the infectious disease isn't soon contained the shock will spread to
other Asian markets the worst case scenario is that this Wuhan coronavirus
is rages on and checked like the Ebola crisis in West Africa several years ago
then it may take China two or three years to recover and the economy will
sing into recession and that will bring down Hong Kong and also Asian economies
because China is the big elephant in the room now in South Korea the benchmark
Kospi closed the session on Monday at 2118 down 0.01 percent from the previous
session japan's Nikkei fell one point zero one percent closing the day at
twenty two thousand nine hundred and seventy one meanwhile Hong Kong's Hang
Seng Index very 0.35 percent recovering slightly from its losses the previous
week investors aren't panicking just yet but as economists predict the fallout of
the coronavirus will last longer than the outbreak of SARS in the early
noughties Asian markets in the meantime remain
under pressure Oh Sooyoung Arirang news