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Covid-19: Chinese market slumps nearly 7%; here's how other Asian indices fared

Covid-19: Chinese market slumps nearly 7%; here's how other Asian indices fared

On March 7, Chinese stock market fell to a 20-month low as the country reported the highest number of daily new local symptomatic Covid-19 infections in about two years.

 The Shanghai Composite which stood at 3,447 on March 4 slipped to its lowest in 20 months at 3,372 on March 7. Since then, the Chinese stock index has lost 228 points or 6.61 per cent to 3,219 till date. The Shanghai Composite which stood at 3,447 on March 4 slipped to its lowest in 20 months at 3,372 on March 7. Since then, the Chinese stock index has lost 228 points or 6.61 per cent to 3,219 till date.

The latest surge in Covid-19 cases in China has affected its stock market adversely. On March 7, Chinese stock market fell to a 20-month low as the country reported the highest number of daily new local symptomatic Covid-19 infections in about two years.

The Shanghai Composite which stood at 3,447 on March 4 slipped to its lowest in 20 months at 3,372 on March 7. Since then, the Chinese stock index has lost 228 points or 6.61 per cent to 3,219 till date. Mainland China on March 7 reported 214 new cases of infection over the previous 24 hours.

In the latest update, China's economic hub Shanghai reported 3,200 confirmed locally transmitted Covid-19 cases and 19,872 local asymptomatic carriers on Thursday.

The mainland China on Thursday reported 3,472 locally transmitted confirmed Covid-19 cases, besides 20,782 asymptomatic cases, according to the National Health Commission (NHC).

As rising number of cases indicate a fourth wave of Covid 19 in China, the impact of the virus has been mixed on other Asian markets.

While stock markets in India, South Korea, and Japan have remained largely unaffected by the rise in Covid-19 cases, shares in Hong Kong and Taiwan have taken a hit.

Sensex which stood at 54,333 on March 4 rose 4,005 points or 7.37 per cent to 58,338 amid the rising number of Covid-19 cases in China.

Similarly, the Japanese stock index Nikkei has surged 1,095 points or 4.21 per cent from 25,985 to 27,080 till date. South Korea's Kospi has managed a flat move amid the resurgence of Coronavirus in China.

The index which stood at 2,713 on March 4 stood at 2,700 in its latest update, losing just 13 points in over a month.

On the other hand, Taiwan stock index has declined 719 points or 4.05 per cent from 17,736 on March 4 to 17,017 till date.

Similarly, Hong Kong's Hang Seng slipped 387 points or 1.76% from 21,905 on March 4 to 21,518 till date.