Fundamental Comment

Asian stocks mostly lower with corona panic spreading

Asian stocks mostly lower with corona panic spreading

Most Asian stocks were down on Tuesday, as worries regarding the spread of the coronavirus outside China continued to dominate investors' vibes.

In Hong Kong, the Hang Seng Index increased by 0.06 percent to 26,838.17, while the Shanghai Composite Index closed 0.60 percent down at 3,013.05.

Australia’s S&P/ASX 200 finished 1.60 percent down at 6,866.60, while South Korea’s Kospi index ascended 1.18 percent to 2,103.61.

In Japan, Nikkei 225 index slumped 4.49 percent to 22,337.69 points to join the global sell off after it was closed the past three days.

Investor sentiment has been significantly affected today with the spread of the Corona virus outside Asia, particularly in Italy, South Korea and Iran, indicating a widening impact of the virus on the global economy.

Equity markets in Asia and United States suffered sharp losses, while investors preferred a move towards safe assets such as government bonds and gold.

China said today that the total number of deaths reached 2,592, while more than 77,000 were infected by the end of yesterday.

Italy has reported four deaths and more than 150 people infected, and England has seen new cases detected.

Iran has reported eight deaths, with 43 people infected with the Chinese virus in total.

However, within the Asian continent, South Korea raised the alert for infectious diseases to the highest level in a decade.

US stocks closing

U.S. stock indexes fell at its closing on Monday, marking the worst daily performance in two years.

The Dow Jones Industrial Average fell by 3.6 percent to 27,961 points, losing 1031.4 points, the largest daily loss by percentage since February 2018. The S&P 500 tumbled 3.3 percent to 3,226.4 points and the Nasdaq Composite slipped 3.7 percent to 9,221.2.

Meanwhile, the dollar index, which measures the performance of six major currencies against the US dollar, retreated 0.11 percent at 99.17.

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