Asian stocks drop as China’s containment plan puts Wuhan city in lockdown

Asian stocks drop as China’s containment plan puts Wuhan city in lockdown

Asian stocks had dropped on Thursday morning after China issued a travel suspension in the entire city of Wuhan to prevent the spread of the Coronavirus.

Both the Shanghai Composite and the Shenzhen Component fell by 0.5% at 10:30 PM ET (02:30 GMT). Hong Kong’s Hang Seng Index had also slipped down by 0.9%.

China’s move for a travel ban to the city of nearly 11 million is its latest attempt to stem the spread of the deadly virus that has resulted in the death of at least 17 people while infecting hundreds more in China, the United States, Thailand, Taiwan, Japan, and the Republic of Korea, according to WHO and the Chinese state media.

Japan’s Nikkei 225 had also slipped by 0.5% while its exports dropped by 6.3% in December last year. Imports had also fallen by 4.9% in the year to December compared to an analyst forecast of a 3.4% decrease.

South Korea’s KOSPI also tumbled 0.5%.