Coronavirus worries continue – Nikkei slumps three percent

Tokyo

A police officer with a protective mask stands with his bike in front of a display board of the Tokyo Stock Exchange.


(Photo: Reuters)

Tokyo In Asia, the sell-off on the stock markets continued on Friday due to the fear of a slump in the economy due to the rapid spread of the corona virus. The global stock exchanges are thus heading for the worst losses since the 2008 financial crisis.

Hopes that the epidemic that started in China would be over after a few months had been shattered, market participants said. It looks like a pandemic now. “Even with a high risk, the markets can handle it as long as there is light at the end of the tunnel,” said Mitsubishi UFJ Morgan Stanley Securities chief investment strategist Norihiro Fujito. “But at the moment nobody can say how long it will take and how serious it will be.”

In Tokyo, the 225-strong Nikkei index fell three percent at the start of trading. The South Korean Kospi dropped two percent. The MSCI index for Asian stocks outside Japan fell 0.3 percent.

The MSCI World Index fell 8.9 percent Monday through Thursday. It could be the worst week since November 2008 when the loss was 9.8 percent.

More: Read here how the US market behaved in the face of the corona virus.

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