Chinese stocks collapsed Monday with Shanghai's index posting its biggest single-day drop since 2015 -- and hundreds of firms plunging the maximum 10 percent -- as panic set in over China's coronav...
Chinese stocks collapsed Monday with Shanghai’s index posting its biggest single-day drop since 2015 — and hundreds of firms plunging the maximum 10 percent — as panic set in over China’s coronavirus epidemic.
The scale of the plunge in China was remarkable even by the standards of the country’s notoriously volatile markets, indicating deep concern over the economic impact of the epidemic.“Investor panic quickly spread across the board and will be dominating the market over the short term,” said Yang Delong, chief economist at First Seafront Fund.The yuan also weakened more than 1.5 percent, falling through the key 7-per-dollar threshold.
Travel and tourism shares plummeted after domestic and international travel curbs were imposed to slow the virus. Foxconn has closed its Chinese factories until at least mid-February, potentially affecting supply chains for tech companies that rely on it for everything from Apple’s iPhones to flat-screen TVs and laptops.Consumer bellwether Kweichow Moutai, the world’s largest distiller, whose fiery liquor is a favoured Lunar New Year gift, fell 4.64 percent to 1,003.92 yuan.Many healthcare stocks gained, however, as Chinese rush to stock up on face masks and other medical supplies.
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