China traders sell stocks on risk virus will spread over holiday

📆 23/01/2020 09:02:00
📰 staronline

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BEIJING: China’s financial markets are under renewed pressure after officials halted travel from a city of 11 million in an attempt to stop a new SARS-like virus from spreading.

More than 80% of stocks in Shanghai and Shenzhen fell Thursday, taking the CSI 300 Index down as much as 1.4%. A gauge of Chinese shares in Hong Kong lost 1.4%, with all but one of its 50 stocks in the red.

Chinese financial markets will close from Friday for the Lunar New Year holiday, as well as stock links with Hong Kong. Mask makers lead gains, with Zhende Medical Co., Jiangsu Nanfang Medical Co. and Tianjin Teda Co. all jumping by the 10% daily limit. Jiangsu Yuyue Medical Equipment & Supply Co. climbed as much as 5.8%.

"The rising number of cases is affecting investors’ risk appetite in the short term, and may delay the stock-market inflows originally expected after the Lunar New Year.”

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