China Gets Partially Back to Business, Stock Markets Plunge Over Virus

Chinese stock markets took a beating on the first day of trading in over a week since the coronavirus emerged as a global public health crisis, with the Shanghai Composite Index plunging 7.7 per cent at the close while the Shenzhen Component lost 8.45 percent. About 3,000 companies on China’s two main exchanges fell by the 10 per cent daily-allowed limit. The Hang Seng Index in Hong Kong, where a shorter Chinese New Year holiday is observed, had opened last Wednesday and gained slightly in today’s trading, up 0.17 percent. Monday marked the first day partially back to business for the country. The usual week-long Lunar New Year holiday in China was extended by three days nationally in the hope of curbing the spread of the virus, although several Chinese provinces and Shanghai mandated that work should be delayed by a further week to February 10 for all but essential industries. Wuhan, a city of 11 million people and the epicenter of the virus, and many parts of the province of Hubei remain under quarantine. Global markets have had several days to factor in the impact of the coronavirus, with European luxury stocks taking a hit. However, this is the first chance that Mainland

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