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Business News

Mar 09, 2020
2:19PM

Asian markets plunge amid coronavirus fears & fall in oil prices

@AFP
Equity markets collapsed today as the rapidly spreading coronavirus fans fears over the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering and wiping hundreds of billions off valuations.

While governments and central banks have unleashed or prepared to roll out stimulus measures, the spread of COVID-19 is putting a huge strain on economies and stoking concerns of a worldwide recession.

Trading floors were a sea of red, with Tokyo and Manila plunging more than five per cent, while Hong Kong dived 3.6 percent. Sydney shed 7.3 per cent.

Taipei, Singapore, Seoul, Jakarta and Wellington were more than three percent down, Shanghai shed 2.5 per cent and Bangkok gave up 6.8 per cent. The losses tracked sharp falls in Europe and Wall Street on Friday.

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