Stocks down as pandemic weakens confidence

Shanghai stocks lost on Thursday as market confidence weakened amid the global COVID-19 pandemic.

The Shanghai Composite Index lost 0.98 percent to close at 2,702.13 points.

Banking, consumer shares as well as airport and shipping stocks were among the biggest decliners.

Market sentiment was weak as other Asian markets continued to fall. South Korea’s Kospi dropped 8.39 percent to 1,457.64 points. Australia's S&P ASX/200 fell 3.44 percent to 4,782.94.

Lee Kyung-min, an analyst at Daishin Securities, said “the wide spreading COVID-19 and worry over the global economy recession attributed to foreigners’ continuous selling spree. Not just in South Korea market, but funds have been evaded from capital market around the globe."

Guosen Securities said the recent development of the epidemic overseas has a greater impact on the market. As more countries take more epidemic prevention and control measures, the market might see a recovery in the short term but still needs to be cautious.

Chongqing Zaisheng Technology Co Ltd declined 4.78 percent to 11.15 yuan(US$1.57) and Guizhou Yibai Pharmaceutical Co Ltd fell 2.15 percent to 5 yuan.