HSI Down As Virus Fears Grip Asian Markets Again

Hong Kong stocks ended Monday's morning session more than 1 percent down as the coronavirus continues to spread rapidly around the world, fanning concerns about the impact on the global economy.

The Hang Seng Index fell 1.3 percent, to 23,181.

Across the border, the Shanghai Composite Index fell 1.6 percent, to 2,728 while the Shenzhen Composite Index slipped 2.8 percent, to 1,646.

Other Asian markets also fell as the jubilation from last week's enormous US stimulus package faded.

Tokyo went into the break more than 3 percent down, while Taipei was more than 1 percent lower in the morning.

Seoul shed 2 percent and Manila 2.5 percent, while Jakarta was more than 4 percent down. Wellington eased 0.6 percent but Sydney, which plunged more than 5 percent on Friday, was more than 2 percent higher.

Singapore slid more than 4 percent as investors brushed off the city-state's monetary policy easing measures that came days after data showed it was heading for a deep recession.

"The big question for markets is whether the huge stimulus introduced so far across the globe will be enough to help the global economy withstand the economic shock from the COVID-19 containment measures," said National Australia Bank's Rodrigo Catril.

And analysts say there are likely more dark days ahead, with US President Donald Trump abandoning his timetable for life returning to normal in the United States and extending emergency restrictions for another month. (AFP)