Chinese stocks crash as death toll in coronavirus mounts to over 360

WION Web Team Beijing, Beijing, China Feb 03, 2020, 11.44 AM(IST)

Shanghai Stock Exchange Photograph:( Reuters )

Story highlights

The bloodletting on the markets led the investors to lose $420 billion as they sold the yuan and commodities amid the rapid spread of coronavirus

Chinese stocks tumbled on Monday as a result of the coronavirus with 2,600 stocks falling ten per cent daily limit.

The Shanghai Composite Index was down 8.13 per cent, or 241.87 points while the Shenzhen Composite Index was down  145.78 points, falling 8.30 per cent to 1,611.04.

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The bloodletting on the markets led the investors to lose $420 billion as they sold the yuan and commodities amid the rapid spread of coronavirus.

On Monday,  China's coronavirus epidemic jumped to 361 with one death being reported outside China for the first time in the Philippines.

Copper, aluminium, zinc and lead prices too sank on trading day on Monday while the Bond prices surged.

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As investors continued to sell, People's Bank of China (PBOC) injected $173.81 billion into the money market in order to boost the markets.

Gold demand also slumped as the coronavirus epidemic spead even as several countries tightened travel curbs.

Tokyo stocks also opened lower on Monday. On Friday, the Dow slid over 600 points after US carriers halted all service to China.