Due to the Spread of Novel Coronavirus... Hong Kong Hang Seng Index Opens with Over 3% Plunge

[Asia Economy Reporter Jeong Hyunjin] As the novel coronavirus infection (Wuhan pneumonia) rapidly spreads, the Hong Kong stock market, which opened on the 29th after the Lunar New Year holiday, opened with a sharp plunge.

On this day, the Hong Kong Hang Seng Index opened at 27,101.54, down 3.03% (848.1 points) compared to the previous trading day on the 24th. Due to the extreme control measures across China amid the spread of the novel coronavirus, the Hong Kong stock market, where large Chinese state-owned enterprises and major tech companies such as Alibaba, Tencent, and Xiaomi are listed, was shaken.

Mainland China's Shanghai and Shenzhen stock exchanges will resume trading from the 3rd of next month due to the Lunar New Year holiday. While the mainland stock markets have been closed since the 23rd, the novel coronavirus has rapidly spread, causing major stock markets including the US to plunge simultaneously. Accordingly, there is speculation that the mainland Chinese stock markets are likely to experience a significant drop upon reopening.

Meanwhile, the number of confirmed novel coronavirus cases in China is approaching 6,000, surpassing the 2003 Severe Acute Respiratory Syndrome (SARS) outbreak. As of midnight, the National Health Commission of China announced that there are 5,974 confirmed cases and 132 deaths across 31 provinces nationwide. This represents an increase of 1,459 confirmed cases and 26 deaths compared to the previous day.

This content was produced with the assistance of AI translation services.