Market Overview

Alibaba, Tencent, HSBC, Other Hong Kong Stocks Drop Over Coronavirus Concerns As Markets Open After Holiday

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Alibaba, Tencent, HSBC, Other Hong Kong Stocks Drop Over Coronavirus Concerns As Markets Open After Holiday

Hong Kong saw a market-wide drop on Wednesday as markets opened after the Lunar New Year holidays.

What Happened

Concerns over the spread of novel coronavirus continue as the official death toll rose to 132 by the end of Tuesday (Beijing Time), with 5,974 cases confirmed, as reported by China's state-run Xinhua News Agency.

Governments across the globe, including the United States and Australia, are advising citizens to avoid unnecessary travel to China, while many companies, including Facebook Inc. (NASDAQ: FB), have restricted employee travel to the country.

International Consolidated Airlines Group (OTC: ICAGY) subsidiary British Airways has suspended all direct flights to and from China.

United Airlines Holdings, Inc. (NASDAQ: UAL) suspended some of its flights to and from China as President Donald Trump's administration said it might suspend all flights between the two countries all together if coronavirus poses a bigger threat, the Washington Post reported.

The first case in the middle-east region was confirmed in the United Arab Emirates Wednesday, as reported by Khaleej Times.

Hong Kong has suspended all train and ferry services to and from mainland China, the flights have been halves, and no permits are being issued to visitors from the mainland, BBC reported Tuesday. At least eight deaths have been confirmed in the special administrative region.

Price Action

Here's how Hong Kong stocks performed at close on Wednesday:

The overall Hang Seng Index closed 2.82% lower at 27,160.63.

Chinese e-commerce giant Alibaba Group Holdings Ltd. (NYSE: BABA) was down 3.36% at $26.68; the internet conglomerate Tencent Holdings Ltd. (OTC: TCEHY) traded 0.67% lower at $49.29.

British bank HSBC Holdings plc (NYSE: HSBC) was down 2.04% at $7.40.

Life insurer AIA Group Ltd. (OTC: AAGIY) closed 2.65% lower at $10.39; Ping An Insurance (OTC: PNGAY) was down 3.32% at $11.80.

Real estate company Hang Lung Properties' (OTC: HNLGY) shares dropped 6.67% lower at $2.16.

Markets in Japan and South Korea made a recovery after the plunge on Tuesday. Nikkei 225 index was up 0.71% at 23,379.40, and KOSPI closed 0.39% higher at 2,185.28.

Related Links

Asia Stocks Drop As Death Toll From Coronavirus Continues To Rise, Companies Hold Back

Crypto Markets: Cryptocurrencies Surge As Coronavirus Spreads, Singapore Brings New Regulation

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