HSI Resumes Fall Amid Warnings Of More Headwinds

Hong Kong stocks ended with losses on Monday as worries about the depth of the economic crisis caused by coronavirus trumped the optimism caused by huge stimulus and monetary easing measures around the world.

The Hang Seng Index shed 1.3 percent, to 23,175.

On the mainland, the Shanghai Composite Index slipped 0.9 percent, to 2,747 while the Shenzhen Composite Index slipped 2.1 percent, to 1,657.

Most Asian markets fell as investors returned their attention to the soaring infection and death rate of the coronavirus.

AxiCorp's Stephen Innes said markets looked like they were "nearing policy fatigue where it becomes less effective, and as the surprise element diminishes, no one cares".

"So, while policy responses in the US and Europe have been spectacular... the coronavirus keeps spreading globally, deepening fears of the economic and financial impact across countries. More market turmoil likely lies ahead."

He also pointed out that with the corporate reporting season approaching "now we are about to enter a vortex of bad earnings, bad economic data, and bankruptcies."

Tokyo ended more than 1 percent down, while Taipei slipped 0.7 percent. Seoul was flat, while there were also losses in Bangkok and Jakarta.

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.

However, Sydney soared 7 percent in its best one-day performance ever following a more than 5 percent slide on Friday.

Traders also were buoyed by data pointing to a slowdown in new infections in Australia as well as an US$80 billion economic government support package that was unveiled after markets closed but was widely expected. (AFP)