Chinese stocks drop as Hubei virus cases reports double up

13.02.2020 - Davydova Maria
Chinese stocks drop as Hubei virus cases reports double up

Chinese stocks drop as Hubei virus cases reports double up

Chinese stocks dropped amid a surge in the number of new people infected by the coronavirus were reported in the Hubei province.  

Seen as the province at the center of the epidemic, Hubei raised the death toll to an additional 242 as well as reported 14,840 new cases of the virus, an increase of 45% compared to the previous day.

However, the province said that the spike in numbers came in after it employed a new methodology that added “clinically diagnosed” cases in its figure. This method involves the use of CT imaging scans to diagnose patients.

“I think the market’s got to grapple with this new method of calculating cases,” Chris Watling, CEO of Longview Economics, said in a CNBC interview. ,

“I suspect they might look straight through it once they work out that it doesn’t sound like it’s more cases, it’s just a change in methodology,” Watling said.

The Shanghai Composite traded 0.2% lower by 10:30 PM ET (02:30 GMT), while the Shenzhen component fell 0.5%.

Hong Kong’s Hang Seng Index dipped 0.3%. Meanwhile, Alibaba Group Holding Ltd’s shares were up about 0.2% as the company prepares to announce its quarterly financial results later in the day.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?