Major stock market around the world has today took nose-diving as investors have developed cold feet over the threat posed by the dreaded Corona Virus making them stay clear from the financial market over the bleak nature cast by the dreaded virus globally.
The Germany main DAX index of 30 blue-chip stocks initially somersaulted with more than 5% compared to its performance on Thursday closing figure before slightly picking up to more than 4% down, at 11,817.73.
In a similar fashion, the Bourses in France and Britain also experience crashing in the early hours of today.
The CAC40 index on the Paris stock exchange was 4.12 per cent down when compared to their last closure.
Meanwhile, the London’s benchmark FTSE 100 dropped more than 4% before later they slightly regain ground.
Accordingly, a trader has speculated that it was the panic raised by the dreaded Corona Virus that have to hold Europe hostage and other global arenas that have made the stock market underperformed as experienced.
Cumulatively, Germany DAX has lost more than 12% in just one week of the outbreak, making it second to Greek debt crises that were recorded in the year 2011 summer.
The European losses followed a miserable day on the Asian markets, which themselves were dragged down by heavy losses the day before on Wall Street.
Also in Japan, Nikkei 225 Stock Average briefly lost 1,000 points as the yen’s sharp rise against major currencies also hurt export-linked shares.
The Nikkei lost 805.27 points, or 3.67 per cent, to close at 21,142.96 for the fifth trading day of decline.
Also in other parts of Asia stocks also took to the negative side.
China’s Shanghai Composite index crashed by 3.71% and the Hang Seng index also losses 2.24% while South Korea Kospi index dropped by 3.3%.
However, considering China and its neighbourhood shortly after the detection of the virus in the first week, the speed at which the virus took has greatly affected the potentials in the economic market.
The virus has infected more than 80,000 globally.
