Shanghai plunges on virus fears to lead fresh Asia market retreat

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A pedestrian walking past a stock indicator displaying share prices on the Tokyo Stock Exchange in Tokyo on Monday .

Tokyo stocks dropped on Monday as the Chinese market plunged after investors returned from an extended holiday during which the new coronavirus outbreak drove down the global market. - AFP

Observers said that with China being a crucial part of the global trade infrastructure, other countries would also be badly hit, while major corporate names have frozen or scaled back their Chinese operations, threatening the global supply chain. Shanghai plunged almost nine percent at the open on the first day back after the Chinese New Year break as traders played catch-up with last week's global retreat.

"The near-term impact on Chinese GDP growth is likely to be large," Oxford Economics said in a research note. However, Hong Kong edged up after losing almost six per cent in three days last week, while Mumbai also rose slightly.

 

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