Hong Kong
Asian equities tumbled Friday, extending a global rout that saw markets experience their worst day in decades as fears of a worldwide recession caused by the coronavirus pandemic wiped trillions off valuations. Shellshocked investors fled for the hills as governments across Europe and in the United States struggled to get a grip on the crisis that has swept the planet and shut communities down. Central bank moves to support financial markets have also failed to staunch the bloodletting, while Donald Trump’s decision to shut the US border to European travellers added to the panic. “Markets remain in a freefall as uncertainty persists with no reliable anchor which can create near-term stability,” Ben Emons, at Medley Global Advisors in New York, said. However, after a morning session wipeout across the region, most markets clawed back losses, even if they were still in negative territory as traders picked up bargain-basement stocks. Tokyo, which fell as much as 10 percent at one point, ended down 6.1 percent, while Hong Kong was 1.6 percent lower in the afternoon having plunged around seven percent earlier. Seoul, Bangkok, Manila and Singapore all managed to cut their losses by more than half, while Mumbai edged higher just hours after a trading halt kicked in because it had fallen more than nine percent.—AFP
