China Traders Dump Stocks With Any Link to Virus Epicenter Wuhan
China Traders Dump Stocks With Any Link to Virus Epicenter Wuhan
(Bloomberg) -- From a gas supplier to a shopping mall operator, stocks with ties to the Chinese city at the heart of a virus outbreak are falling.
Wuhan Department Store Group Co., which operates several malls in Wuhan, lost 3.1% to head for a weekly drop of 16%. Hubei Heyuan Gas Co., which generates all of its revenue from Hubei province, extended its two-day drop to 10%, the biggest on record.
Decliners also include transport firms such as Wuhan Sante Cableways Group Co., which runs passenger cable cars, and Chang Jiang Shipping Group Phoenix Co., which offers freight shipping services on China’s rivers. Wuhan, a city with more people than New York, has halted public transport and said citizens shouldn’t leave without special reasons.
Property stocks of firms headquartered in the city are also falling. Hubei Guochuang Hi-tech Material Co., which provides property agency services, and home renovator Langold Real Estate Co. sank at least 4.2%.
The new coronavirus, which first appeared last month in the central city, has spread from the mainland to places including Hong Kong and the U.S. It has triggered a global effort to prevent a repeat of the SARS pandemic 17 years ago that killed almost 800 people. The new virus has killed 17 and infected hundreds.
--With assistance from David Ingles.
To contact the reporter on this story: Jeanny Yu in Hong Kong at jyu107@bloomberg.net
To contact the editors responsible for this story: Sofia Horta e Costa at shortaecosta@bloomberg.net, Philip Glamann, David Watkins
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