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Monday, 30 Mar 2020

Bleak! Pandemic Soars, Asian Stock Market Sinks

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News24xx.com - Asian markets were hammered on Monday despite massive economic stimulus efforts carried out around the world, with investors feared by the relentless march of the coronavirus virus.

This negative atmosphere was triggered by the failure of US lawmakers to approve a trillion-dollar emergency package to help the shaken American economy.

The global death toll from this virus has jumped to 14,400, with nearly one billion people locked up and unnecessary businesses closed in dozens of countries. Thus, it fosters fears of a recession.

Read more: Indef Dradjad Wibowo: If It's Going to Save the Economy, Lockdown is the Best Way

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Wellington dived 7.6% as New Zealand announced a four-week lockout to stop the spread of the coronavirus.

The Hang Seng Index in Hong Kong ended the day down 4.9%, Sydney down 5.6%, Shanghai down 3.1% and Taiwan down 3.7%. Singapore fell 7.5%, Jakarta lost 3.8% and Seoul fell 5.5%.

However, on the other hand, Tokyo is an exception. Tokyo closed 2% higher as a cheaper yen against the dollar boosted the Japanese market.

Read more: Corona Virus Malignancy Forces Fiat Fired 2,000 Workers

Nikkei heavyweight SoftBank Group said it would sell assets of up to $ 41 billion to finance share repurchases, reduce debt and increase its cash reserves, increasing its share price by more than 18% in the last hour of trading.

This gloom continued as European markets opened. In early trade, London fell 4.8%, Frankfurt lost 4.6% and Paris fell 4.4%. Economists and analysts are now worried about how deep the impact of the pandemic is on the global economy, with social distance and locking measures that are facing a serious blow to many industries.

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