Seoul worst hit as Asia markets plunge on virus worries

Seoul led a sharp drop across Asian equity markets Monday as South Korea announced a surge in COVID-19 infections, while oil plunged and safe haven assets rallied on growing concerns about the global spread of the deadly virus.

With the outbreak showing little sign of easing investors are increasingly concerned it could have a much longer term impact on the world economy, which was already stuttering, with a number of companies warning about their bottom lines.

Traders had been broadly optimistic that the virus -- which has killed nearly 2,600 and infected 80,000 -- was being contained outside China but a spurt of infections and deaths in other countries including South Korea, Italy and Iran has fanned fears of a wider outbreak.

"While the coronavirus is probably slowing in China, it is speeding up elsewhere," Charles Gillams, at RJMG Asset Management, said. "Its impact on Chinese business is already deep. So, whether that has a one economic quarter impact -- of some severity -- or is a bigger issue remains unclear and indeed we won't know for while."
Seoul - KOSPI: DOWN 3.1 percent at 2,096.69 Shanghai - Composite: DOWN 1.5 percent at 26,905.37 Hong Kong - Hang Seng: DOWN 0.9 percent at 3,013.37 Tokyo - Nikkei 225: Closed for a public holiday Brent Crude: DOWN 3.3 percent at $56.60 per barrel West Texas Intermediate: DOWN 3.0 percent at $51.77 Gold: UP 1.2 percent at $1,663 per ounce