When everyone is busy making money in the stock market, the Asian market, on the other hand, is worried about what could worst happen to general people. Coronavirus, which seems to be the most significant health problem for China right now, is affecting the stock market severely. Recent reports show substantial stocks in the Asian market are declining because of this outbreak. Apple has already said they are expecting less amount of second quarter’s revenue because of the negative impact created on the supply of iPhones.
China, on the other hand, has also officially declared to cancel significant events like the Beijing Auto Show. Japan’s Nikki went down by 1.%, Hong Kong’s Hang Seng by 1.5%. In South Korean, the situation is quite the same because Kospi decreased by 1.5%, and the Shanghai Composite Index was flat during the whole intra-day trading session. The position in other Asian markets like Singapore, Taiwan, Bangkok is also not good from an investor’s point of view because things have already been worse for these markets.
The Central bank recently announced to help the current economic condition and because of that Shanghai Composite went up by 2% during Monday’s trading hours. China’s biannual auto show has been cancelled along with other biggest sports and entertainment shows which usually attracts thousands of people. The fear of getting infected with Coronavirus is widely seen in Asia because the death toll has already reached 1868. More than 72436 confirmed cases of Coronavirus are in this continent, and the government is taking necessary steps to stop a further outbreak. Experts say to buckle up for this thing since more random stuff might impact the stock market. Because of the coronavirus outbreak, more than 60 million people will be under lockdown for some period that leaves an adverse impact on manufacturing and other sectors.