Chinese stocks crash 9% for worst loss in years – as Coronavirus spreads

Markets Insider reports that Chinese stocks plunged on Monday as the Wuhan coronavirus spreads.  The CSI 300 index fell as much as 9.1% – its worst opening in approximately 13 years.

The Chinese financial markets had been closed since January 23 – due to the Chinese New Year holiday.  “These are massive moves but entirely as expected,” stated a stock market analyst.

Approximately 3,500 stocks slumped by the daily limit of 10%.  These stock losses wiped out $400 billion in combined market capitalization.

 

 

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