Asian stock markets recover from China coronavirus fears

Even airline shares followed the upward trend

Currency traders in South Korea Wednesday. 

Currency traders in South Korea Wednesday.  (AP photo)

TAIPEI (Taiwan News) – Stock markets across Asia registered advances Wednesday (Jan. 22) following sharp drops earlier in the week amid fears that China’s deadly coronavirus would spread across the region during the upcoming Lunar New Year holiday.

Hong Kong’s Hang Seng index recorded one of its worst days for five months earlier in the week, but rose by 1.1 percent early Wednesday and went on to close up 1.21 percent, CNN reported.

South Korea’s main index recorded a 1.2-percent surge, while Japan moved 0.7 percent up and Taiwan's Taiex closed up 0.24 percent.

In China, Shanghai’s Composite Index lost 1 percent at the opening of the market, but later reversed direction to rise by 0.4 percent, according to the report.

Even the shares of Chinese airlines recovered, despite fears that the outbreak of the coronavirus, centered on the city of Wuhan, will affect the travel plans of millions of Chinese leaving for family visits or on holidays at home and abroad.

According to CNN, Chinese airlines and rail companies were offering free cancellations to passengers who had booked trips to Wuhan.