Asian markets sink

Hong Kong: Asian markets were hammered on Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic.

The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy.

Wellington nosedived 7.6 percent as New Zealand announced a four-week lockdown to stop the spread of the coronavirus. The Hang Seng Index in Hong Kong ended the day down 4.9 per cent, Sydney dropped 5.6 per cent, Shanghai shed 3.1 percent and Taiwan was off by 3.7 per cent.

Singapore tanked 7.5 per cent, Jakarta lost 3.8 per cent, and Seoul was down 5.5 per cent. Tokyo was the exception, closing two percent higher as a cheaper yen against the dollar boosted Japanese markets.

The grim trend continued when European markets opened. In early trade, London tumbled 4.8 per cent, Frankfurt lost 4.6 per cent and Paris was down 4.4 per cent.