Asian markets take another hit as virus sweeps globe

  • Wednesday 26, February 2020 12:32 PM
  • Asian markets take another hit as virus sweeps globe
Sharjah 24 – AFP: Asian markets fell on Wednesday, with the coronavirus spreading rapidly around the world and health chiefs warning that governments were not prepared for the outbreak.
The heavy selling, after a day of relative calm caused by bargain-buying, followed another rout on Wall Street where all three main indexes lost around three percent after officials said COVID-19 would likely take hold in the United States.

With cases being reported in new countries -- and lockdowns in nations including Austria, Italy and Spain -- traders are growing increasingly fearful about the impact on the global economy.

Tokyo and Shanghai each ended down 0.8 percent, having shed more than three percent Tuesday, while Hong Kong lost 0.7 percent.

Sydney shed more than two percent, while Seoul, Singapore, Wellington and Jakarta were all down more than one percent. Manila tumbled almost four percent as it resumed trading after a one-day holiday. Taipei and Bangkok were also well down.

In early trade, London fell 0.5 percent, Frankfurt sank one percent and Paris was off 0.7 percent.