China stocks plunge after authorities lock down Wuhan to contain the deadly coronavirus
The Shanghai Composite Index and the Hang Seng plummeted on Thursday.Visit Business Insider for more stories.
In China, the Shanghai Composite slumped 2.8% and the SZSE Component dropped 3.5%. Similarly, Hong Kong's Hang Seng fell 1.5% and Japan's Nikkei fell 1%.Airline stocks lost altitude with Air China down 4.4%, China Eastern Airlines down 3.4%, and China Southern Airlines down 3.7%. Media stocks also suffered with Wanda Film down 7% and Beijing Enlight Media down 5%.
"The sectors most likely to be impacted are tourism, retail sales, and airlines," Seema Shah, chief strategist at Principal Global Investors, said in a morning note."Healthcare and pharmaceuticals are clear beneficiaries."
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