SYDNEY: Shares of companies highly exposed to China's economy tumbled across Asia on Tuesday on rising concern about the impact of global travel bans associated with a new virus outbreak, and even as some stocks involved in preventative health spiked.
"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. Shares of Australia's biggest airline Qantas Airways Ltd were down 5 per cent on Tuesday, while travel agent Webjet Ltd fell 11 per cent. South Korea's top two airlines, Korean Air Lines and Asiana Airlines, dropped 6 per cent and 5 per cent. Japan Airlines lost 7.9 per cent and airline ANA Holdings was down 6.0 per cent.
Stupid choice of word. Delete.