Updated Feb 3, 2020 - Economy & Business

China's stocks plunge to 1-year low as coronavirus cases soar

An investor looks at a screen showing stock market movements at a securities company in Hangzhou in China's eastern Zhejiang province on Monday local time. Photo: STR/AFP via Getty Images

The Shanghai Composite lost nearly $370 billion from its market value and fell to a one-year low before easing slightly on Monday, per Reuters calculations.

Driving the news: Investors are concerned about the global impact of the deadly coronavirus outbreak, AP notes.

  • China's central bank announced earlier Monday it would "pump 1.2 trillion yuan (US$174 billion) into financial markets" in an attempt to ease volatility as trading reopened following the Lunar New Year holiday, the South China Morning Post reports.

The big picture: The market eased slightly at lunchtime in central China, but stocks were still down by nearly 8%.

Editor's note: This article has been updated with new details throughout.

Go deeper: What's happening with the coronavirus

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Investors get bullish after WHO lauds China's coronavirus response

WHO director-general Tedros Adhanom Ghebreyesus during a press briefing on the evolution of new coronavirus epidemic. Photo: Fabrice Coffrini/AFP via Getty Images

U.S. stocks ended the day higher on Thursday after the World Health Organization declared the coronavirus outbreak that has spread to at least 19 countries, killing more than 200 people and infecting nearly 10,000, more a global emergency.

What it means: The declaration was taken as good news by bullish investors because the international organization said China's "unprecedented response" and international cooperation would "reverse the tide" and contain the outbreak.

Hong Kong cuts rail links to mainland China due to coronavirus

A woman wears a protective mask as she walks across the Yangtze River Bridge in Wuhan, China, on Jan. 27. Photo: Getty Images

106 people have died from an outbreak of a coronavirus strain that originated in Wuhan, China, the country's National Health Commission said on Monday.

The latest: Hong Kong's Chief Executive Carrie Lam said Tuesday that the semiautonomous city would cut its rail links to mainland China and flights would be reduced, though the measures stopped short of a total closure of the border, per the AP.

Go deeperArrowUpdated Jan 28, 2020

Coronavirus fears start to weigh on global business, stock markets

Photo: KAZUHIRO NOGI/AFP via Getty Images

Worry about the Wuhan coronavirus is beginning to have a serious effect on business as new cases are discovered worldwide and China ramps up efforts to contain its spread.

What's happening: China extended its Lunar New Year holiday until Feb. 2 from Jan. 30, to help deal with the outbreak, as the country's death toll rose to 80 and the number of confirmed cases reached upwards of 2,700.

Go deeperArrowJan 27, 2020