China Virus Outbreak Thwarts Most Bullish Stock Market in Years [Yahoo! Finance News]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Yahoo! Finance News
) -- A virus outbreak in China is sending shockwaves through the country’s stock market, denting what had been growing enthusiasm toward shares. Consumer shares led losses in the FTSE China A50 Index of large caps Tuesday, which was set for its biggest drop in almost five months. Investors also sold crowd favorites such as liquor makers Wuliangye Yibin Co. and Kweichow Moutai Co., while travel operator China International Travel Service Corp. fell as much as 4.5%. The offshore yuan slid as much as 0.5%, briefly trading on the weak side of 6.9 per dollar. The declines come just days before China celebrates the Lunar New Year, a typically strong season for traveling and consumer spending. Now, there’s doubt that markets can continue their ascent after the week-long break. “People are getting nervous and cashing out,” said Wang Chen, a Shanghai-based partner with XuFunds Investment Management Co. He said his firm has cut some stock positions this week. “We have a long holiday coming up a
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