TOKYO (AP): Asian shares fell Wednesday (Feb 26) on growing fears the spread of Covid-19 may be unstoppable, hurting global growth considerably.
Japan's benchmark Nikkei 225 declined 0.8% to finish at 22,426.19, while Australia's S&P/ASX 200 dipped2.3% to 6,708.10. South Korea's Kospi lost 1.0% to 2,076.77. Hong Kong's Hang Seng declined 0.8% to 26,674.67. The Shanghai Composite fell 0.8% to 2,987.93.
The latest wave of selling came as more companies, including United Airlines and Mastercard, warned the outbreak will hurt their finances, and more cases were reported in Europe and the Middle East, far from the epicentre in China. But the probability of it happening has risen, said Yung-Yu Ma, chief investment strategist at BMO Wealth Management."That really woke up the market.”
Real estate companies and utilities also fell, though they held up better than the rest of the market as investors favoured safe-play stocks. "It's not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen - and how many people in this country will have severe illness," Dr Nancy Messonnier of the Centers for Disease Control and Prevention said in a call with reporters.
Energy companies have been some of the hardest hit on worries that a weakened global economy will burn less fuel. Exxon Mobil is down 10.2% over the last four days, and the slump has wiped away nearly $26 billion in market value.
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