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Shanghai stocks hit by $370 billion wipeout as virus fears pound Chinese markets

Shanghai stocks hit by $370 billion wipeout as virus fears pound Chinese markets

Shanghai market plunges

The plunge wiped almost $370 billion in market capitalization from the benchmark Shanghai Composite index .SSEC, which opened nearly 9% lower.

The yuan opened at its weakest level this year and slid 1%, past the symbolic 7-per-dollar level in onshore trade CNY=.

Oil, iron ore, copper and soft commodities traded in Shanghai all posted sharp drops.

The  total number of deaths in China rose to 361 as of Sunday, and the  number of infections to 17,205. Deaths had stood at 17 and infections at  600 when Chinese markets last traded on Jan. 23.

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Source: Shanghai stocks hit by $370 billion wipeout as virus fears pound Chinese markets

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