Asia Stocks Tumble after a 2nd-Day Plummet in the Wall Street over Coronavirus Fears

Asia stock markets opened lower on Wednesday after a second-day plummet in Wall Street over the night as Dow Jones lost more than 800 points.

 

As of 9:18 local time in Thailand, Nikkei plunged 1.83%, SSEC dipped 0.72%, HSI lost 1.34%, ASX 200 fell 2.10% and Kospi skidded 1.60%.

Yesterday, SET closed at 1,439.10 points, increased 3.54 points or 0.25% with a trading value of 80.9 billion baht. The analyst stated that the surge was a technical rebound.

Over the night, Dow Jones lost 879 points or 3.15% to 27,081, S&P 500 plunged 3.03% while Nasdaq fell 2.77%. VIX rose 11.27%.

 

Global stocks routed as investors retreated to find safe assets amid the coronavirus outbreak that could potentially have a huge effect on the world’s economy in Q1 and possibly Q2 as well.

The confirmed cases in China were almost 80,00 while the death toll was 2,715. However, the contagion did not stop there. South Korea reported an additional 169 new cases, bringing the total case in the country to 1,146 while reporting another death, taking the death toll to 11.

More importantly, Iran’s health ministry confirmed the 15th death in the country yesterday from a total case of 95, bringing it to the country with most death from coronavirus outside China. Meanwhile, Switzerland and Romania confirmed their first coronavirus case in a patient who returned from Italy.

 

Maybank Kim Eng stated yesterday, recommended investors to accumulate stocks that can cope with high-risk market conditions (GULF, INTUCH, BTS, SAWAD, TU, RBF). Dr. Pakorn Peetathawatchai, President of the Stock Exchange of Thailand, in his earlier statement, recommended investors for a dividend play.