Shanghai Composite index plunges 8.7% as market reopens

BANGKOK — China's Shanghai Composite index plunged 8.7% as financial markets reopened Monday amid news the outbreak of a deadly virus has spread further.

After nosediving on the open, the Shanghai Composite was down 7.4% at 2,755.49, perhaps reflecting intervention by regulators who indicated over the weekend they were prepared to act to steady the markets. China's central bank announced plans Sunday to inject 1.2 trillion yuan into the economy to cushion the shock to financial markets from the outbreak of a new virus when trading resumed. The Lunar New Year holiday, usually a week long, was prolonged by three days as a precaution.

The central bank statement issued Sunday said the open market operation was aimed at ensuring sufficient liquidity. Some cities, particularly the central Chinese city Wuhan where the disease first surfaced, and nearby cities, are still in lockdown. Shanghai authorities extended the Lunar New Year holiday until Feb. 9. Universities remain closed for now.

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