reaction comes after the stock market reopened in that country following the

Lunar New Year holiday also young helps us look beyond the digits Chinese

thoughts plunged on Monday wiping out hundreds of billions of dollars as

investors reacted to the spread of the Korean virus the Shanghai Composite

Index shed 7.7% closing at two thousand seven hundred and forty six point six

one this marks the biggest drop in over four years and according to calculations

by Reuters translates to a loss of nearly four hundred and twenty billion

dollars meanwhile the Shenzhen composite index for 8.4 percent ending the session

at 1609 this comes despite an attempt by the authorities to keep markets come

with a stimulus package of some 174 billion dollars analysts say if the

spread of the infectious disease isn't soon contained the shock will spread to

other Asian markets the worst case scenario is that this Wuhan coronavirus

is rages on and checked like the Ebola crisis in West Africa several years ago

then it may take China two or three years to recover and the economy will

sing into recession and that will bring down Hong Kong and also Asian economies

because China is the big elephant in the room now in South Korea the benchmark

Kospi closed the session on Monday at 2118 down 0.01 percent from the previous

session japan's Nikkei fell one point zero one percent closing the day at

twenty two thousand nine hundred and seventy one meanwhile Hong Kong's Hang

Seng Index very 0.35 percent recovering slightly from its losses the previous

week investors aren't panicking just yet but as economists predict the fallout of

the coronavirus will last longer than the outbreak of SARS in the early

noughties Asian markets in the meantime remain

under pressure Oh Sooyoung Arirang news