Asian Stocks Plunge after Fall in Oil Prices
Desk Report
Published: 09 Mar 2020, 11:06 am
An Emirati trader passes under the stock display screen at the Dubai Financial Market in Dubai, United Arab Emirates. Photo: Collected from AP.
Asian stock markets plunged today after global oil prices nosedived on worries a global economy weakened by coronavirus outbreak might be awash in too much crude.
Tokyo's benchmark tumbled 4.7%, while Hong Kong, Sydney and Seoul also were down at least 3%. Shares also sank in Middle East trading on Sunday.
Markets already were troubled by the potential impact of the virus outbreak that began in China and has disrupted travel and trade.
Saudi Arabia, Russia and other oil producers are arguing over how much to cut output to prop up prices.
Tokyo's Nikkei 225 fell to 19,773.26 and Hong Kong's Hang Seng sank 3.8% to 25,134.73. The Shanghai Composite Index was off 1.6% at 2,987.18.
The S&P-ASX 200 in Sydney fell 5.6% to 5,869.50. The Kospi in Seoul lost 3.1% to 1,977.58.
Source: AP