The Shanghai composite closed 7.72% lower on Monday after Chinese mainland markets returned from an extended Lunar New Year holiday.
Monday was the first trading day for mainland Chinese markets, after the government extended the Lunar New Year closure for financial markets in a bid to stem the spread of the virus. Theclosed 7.72% lower, while the Shenzhen component and Shenzhen composite dropped 8.45% and 8.41%, respectively.
"Historically, there have been many events that caused panic such as the Sept. 11 terror attacks and SARS outbreak — but they eventually proved to be a one-time impact on markets," said the op-ed. Another state-affiliated media, China Securities Journal, said in an op-ed on Tuesday that the market decline is a "black swan" event that will not alter China's long-term fundamentals, according to CNBC's translation of the Chinese-language text.
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