Fear of COVID-19 Triggers 'Black Monday'... Major Asian Stock Markets Close Down Together (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy Reporters Kwon Jae-hee and Jung Dong-hoon] On the 9th, major Asian stock markets faced a 'Black Monday' as fears of the novel coronavirus (COVID-19) and the failure of oil-producing countries to agree on production cuts triggered an all-out oil price war.

Stock markets across major Asian countries, including South Korea, closed sharply lower.

South Korea's KOSPI index closed down 4.19% (85.44 points) at 1954.78. The KOSDAQ index also fell 4.38% (28.14 points) to close at 614.58.

China's Shanghai Composite Index closed down 2.57% (78.09 points) at 2943.29.

Hong Kong's Hang Seng Index also closed at 25,040.46, down 4.23% (1106.21 points).

On the same day, Taiwan's TAIEX index ended the session at 10,977.64, down 3.04% (344.17 points).

Japan's Nikkei 225 index closed at 19,798.76, down 5.07% (1050.99 points). The closing below the 20,000 mark is the first time in 1 year and 2 months since January 4, 2019 (19,561). The TOPIX index also closed down 5.61% (82.49 points) at 1388.97, marking its lowest level in about 3 years and 4 months since November 11, 2016.

The TOPIX index had fallen more than 20% and briefly entered a bear market, but expectations of policy responses arose as a trilateral meeting involving the Ministry of Finance, the Financial Services Agency, and the Bank of Japan was reported to be held that evening, which somewhat reduced the extent of the decline.

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