On Tuesday, stocks experienced problems as coronavirus continues to affect the stocks around the world.
South Korea’s Kospi index fell by 3.09% to close at 2,176.72. The situation was also difficult in Japan. The Nikkei 225 dropped 0.55% to close at 23,215.71. Another Japanese index Topix also declined on Tuesday. Its index fell 0.6% to end its trading day at 1,692.28.
At the same time, shares in Australia fell on January 28. The S&P/ASX 200 declined by 1.35% to 6,994.50.
The Strait Timex index in Singapore also fell by 2.17% in afternoon trade.
Markets in China and Hong Kong were closed on Tuesday due to the Lunar New Year.
The death toll continues to rise due to the deadly virus. According to Chinese health authorities, the coronavirus outbreak killed 106 people and infected 4,515.
The ongoing situation would have a negative impact on the Chinese economy. Travel as well as tourism sectors are already suffering due to the outbreak. The coronavirus outbreak coincided with Lunar New Year. Usually, millions of people are traveling across China to spend time with their families. However, this year’s outbreak changed the plans for a lot of people.
Moreover, the lack of Chinese tourists would affect other countries. For example, Australia is a very popular destination among Chinese citizens.
Airline stocks and health issues
Coronavirus outbreak caused unexpected problems for the aviation industry. Several weeks ago, most people wouldn’t even think about this issue. However, as new cases of this virus continue to rise tourists became more careful when deciding to travel abroad.
As a result, shares of airline stocks in the region declined on Tuesday. South Korea’s Korean Air Lines dropped 6.69%. Meanwhile, Australia’s Qantas Airways fell 5.22%.
Airlines across the Asia Pacific region suffered due to the ongoing situation. Shares of Singapore Airlines dropped 2.95%. Another flag carrier this time from Japan also experienced problems on January 28. Shares of Japan Airlines fell 0.38%.