After the United States and Canada warned against travel to China, Australian stocks resumed trading sharply lower after a public holiday. The benchmark S&P/ASX 200 index fell 1.4% weighed by stocks exposed to the illness that has killed more than 100 people and infected more than 2,700.
“Obviously we hope that the measures that have been taken now will contain the virus but it’s still far too early. It will have an obvious negative effect on the Australian economy and indeed beyond,” added Costello, a former Australian treasurer. Japanese travel company H.I.S., which owns an amusement park popular with Chinese tourists in Nagasaki, has tumbled more than 14% since early last week.
Traders meanwhile pointed to companies which might generate sales from efforts to curb the spread of coronavirus as investment prospects.
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