Coronavirus Outbreak Fallout: Chinese Shares Fall 9 Percent As Markets Reopen After Lunar New Year Break
The markets reopened today after the Chinese authorities suspended trading on Shanghai and Shenzhen stock exchanges until February 3, due to coronavirus fears. This decision was taken on the back of the rising fear that the coronavirus outbreak will grow in size and will lead to a global recession.
China, February 3: The Shanghai Composite index fell nearly 9 percent before recovering slightly, while commodity prices also had a sharp fall on Monday. According to a report on the Guardian, the market fell on the back of the negative sentiment that was built up for 10 days during the time when the markets were shut for the lunar new year break.
Manufacturing, materials and consumer goods companies have been the worst hit, as the healthcare sector shares increased. The markets fell despite China's central bank announcing new measures to ease the impact of the coronavirus outbreak. Coronavirus: China to Open New Hospital, Built in Record Time, For Treating Virus Patients From Today.
The markets reopened today after the Chinese authorities suspended trading on Shanghai and Shenzhen stock exchanges, due to coronavirus fears. This decision was taken on the back of the rising fear that the coronavirus outbreak will grow in size and will lead to a global recession. The country is currently battling to deal with the deadly coronavirus, with more than 17,000 confirmed cases and 361 deaths.
(The above story first appeared on LatestLY on Feb 03, 2020 09:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).