Corona Virus Concerns Loom Over Asian Markets

Corona Virus Concerns Loom Over Asian Markets

Margaret Johnson

The growing footprint of the deadly Corona Virus has started affecting markets, especially in Asia. As per the official sources, almost 80 people have been killed, and the Coronavirus has infected 2700 more in China. Concerns have also been made in Thailand, Japan, and Singapore, among other Asian nations. Along with the impact of the virus, the market shut down due to the Lunar New Year celebration has deteriorated the market condition in China.

On Friday, the Nikkei 225 Index has slipped by almost 1.7%, and it was lingering around 23,317.32 points. Market biggies like SoftBank Group Corp. and Fast Retailing are also down by 3% each.

As far as technology-based companies are concerned, Advantest and Tokyo Electron have been subsided by almost 2% each. Major Chinese export companies like Panasonic, Sony, Mitsubishi Electric, and Canon are also moving down the hill. Automobile stock, Honda Motor and Toyota Motor are also down by almost 1%.

The oil companies have also been impacted equally. Inpex and Japan Petroleum stocks have dipped by almost 2% each.

The concerns regarding the Coronavirus can also be seen in the currency market. American Dollar is currently in the range of 109 yen.

Markets in Indonesia and New Zealand are also facing constraints due to increased cases of Corona Virus. The meanwhile, markets are closed due to local holidays in Hong Kong, Singapore, Australia, South Korea, China, and Taiwan.

The market prospect in the United States seems no better. As the Centers for Disease Control and Prevention (CDC) has confirmed officially the second case of infection by the Chinese Coronavirus, Wall Street closed a bit lower than earlier. As per the CDC, more than 63 patients are watched closely, belonging to 22 states of the United States.

The Dow has fallen by 170.36 points to 28,989.73, while NASDAQ is down by 0.9% to get placed at 9,314.91 points. S&P 500 has been pulled down by another 0.9% to 3,295.47.

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