The latest outbreak is expected to deal a massive blow to China's already-fragile economy, coming during the Lunar New Year holidays when millions criss-cross the country and spend billions of dollars. It also comes just as data indicated some sort of stability in the economy after a long-running slowdown.
Hong Kong fell 2.6 per cent as stocks dropped across the board, with airline Cathay Pacific losing more than three per cent, casino operator Galaxy Entertainment diving more than six per cent and property giant New World Development off more than four per cent.However, markets elsewhere in the region enjoyed a bounce with Tokyo up 0.5 per cent by the break, Sydney adding 0.6 per cent, Seoul climbing 0.5 per cent and Jakarta 0.4 per cent higher.
"We are seeing economic data points that support this continued recovery," Susan Schmidt, a fund manager at Aviva Investors, told Bloomberg TV.
Source: News Formal (newsformal.com)
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