Markets in South Korea and Japan fell on Tuesday, continuing a global selloff as the disease claims more lives and sickens people around the world.
South Korea's Kospi (KOSPI) plunged 3.1% Tuesday, its first day of trading after the Lunar New Year holiday. Japan's Nikkei 225 (N225), which did not close for the holiday, slumped 0.6%.
Markets in Shanghai and Hong Kong remain closed for the holiday.
"With coronavirus worries on the rise, the market continues to struggle with the unenviable task of factoring in absolute terms its implied economic devastation," wrote Stephen Innes, chief market strategist at AxiTrader, in a research note Tuesday.
"There remains a growing sense in the market that contagion levels could get worse before they get better," he added.
Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, said that Asia remains in the "firing line" of concerns about growth as China contends with the virus.
But he added that there's a "silver lining" — if positive news starts to emerge from China, he said the region is well placed for a "speedy recovery."
US markets closed down sharply overnight. The Dow Jones Industrial Index (INDU) fell 454 points. The 1.6% drop was its worst one-day percentage loss since October. The S&P 500 (SPX) and Nasdaq Composite (COMP) lost 1.6% and 1.9%, respectively, also recording their worst performances in months.
European markets also slid Monday. Great Britain's benchmark FTSE 100 (UKX) fell 2.3%, while Germany's DAX (DAX) dropped 2.7%.
More than 100 people are dead and more than 4,500 cases have been confirmed in mainland China, according to health officials in the country. Dozens of others have been infected worldwide, including at least five cases in the United States.
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