South Korea stocks drop about 3% as coronavirus deaths cross 100 in China

Stocks in Asia declined on Tuesday amid fears about the ongoing coronavirus outbreak that continues to spread. South Korea’s Kospi dropped 3.09% to close at 2,176.72. In Japan, the Nikkei 225 shed 0.55% to close at 23,215.71 while the Topix index declined 0.6% to end its trading day at 1,692.28.

Meanwhile, shares in Australia declined on the day, as the S&P/ASX 200 dropped 1.35% to 6,994.50. The Straits Times index in Singapore also fell 2.17% in afternoon trade. Overall, the MSCI Asia ex-Japan index was 0.81% lower. Markets in China and Hong Kong were closed on Tuesday for holidays. Chinese health authorities said Tuesday that the coronavirus outbreak has killed 106 people and infected 4,515.

Shares of airline stocks in the region dropped on Tuesday. South Korea’s Korean Air Lines plummeted 6.69% while Australia’s Qantas Airways fell 5.22%. Similar losses were also seen elsewhere in the region, with Singapore’s Singapore Airlines declining 2.95% and Japan Airlines slipping 0.38%.