Chinese Stocks Plunge More than 3% as Fear over Coronavirus Torments the Country!

Shanghai Composite (SSEC) plunged as much as 3.55% in the afternoon session as fear over coronavirus outbreak escalated.

 

The index was unable to surge above its previous closing point since the opening bell while all major indexes in Asia were unable to stand in positive territory as well, though not as bad as China.

Beside SSEC, Shenzhen Component fell 4.72%, Shenzhen Composite slumped 4.25% and HSI dropped more than 2%.

In the morning, China had just reported the 17th death from the disease in the country which led to the decision to shutdown Wuhan, where the disease was first broke out, from access to transportation and urged its citizens not to leave the city in fear of spreading the contagion as well as suspend outgoing flights from the city as of 10 a.m. on Thursday (0200 GMT).

 

The U.S. President Donald Trump said that he trusted President Xi Jinping on the given information of coronavirus while asserting that the person in the U.S. who caught the disease had just travelled back from China and Washington had it under control.

The World Health Organization (WHO) said it would decide on Thursday whether to declare the outbreak a global health emergency, which would step up the international response.