Asian Stock market took a major hit on Thursday after discovering two more cases of coronavirus in the region. Investors resorted to panic selling which resulted in the KSE-100 Index dropping below the intraday level of 37,000 points. Stock markets plummeted, when COVID-19 was officially declared a pandemic by the World Health Organization. Elsewhere, almost all big stock markets in Asia were still moving lower the morning following the statement by the WHO, with the Asia Dow Index falling by midday by 4 per cent.
The coronavirus has been diagnosed positive by the Actor Tom Hanks and his wife Rita Wilson, Hanks reported via Instagram Wednesday.
Some of the largest Asian stock market, including Hong Kong, Japan or Australia, are down between four or five per cent. And we haven’t seen a huge buy-in demand yet, you know, so traders are always in get-out mode.
The majority of the people survived from the current virus, but the concern is that COVID-19 might pull the global economy into a recession, with manufacturing slowdowns and a drop in economic activity as people sit home rather than traveling or dining out. The latest coronavirus often induces slight to severe effects, including fever and cough. This may trigger more serious illness for others, particularly older adults and those with chronic health conditions, including pneumonia.