Chinese stocks sink as COVID-19 cases hit 1 million

China’s main equity indexes sank on Friday as global COVID-19 cases hit the 1-million mark.

As of close, the Shanghai Composite Index shed 0.60 percent to end at 2,763.99 points, while the Shenzhen Component Index lost 0.68 percent at hit 10,110.11 points. The blue chip CSI300 index ended 0.57 percent lower at 3,713.22 points.

Turnover on the two major bourses totaled 572.3 billion yuan (US$80.54 billion), slightly shrinking from 597.7 billion yuan in the previous session.

Chinese mainland markets saw a net outflow of 660 million yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Coronavirus worries continued to pressure markets, as over 1 million people worldwide have tested positive for the disease on Thursday, according to tallies by the AFP. Over 51,000 people have died worldwide from the virus.

Most sectors lost, with losers outnumbering gainers by 1,107 to 484 on the Shanghai bourse and 1,499 to 698 in Shenzhen.

Bucking the downward trend, food, agriculture, drinks, masks and other consumption shares post strong gains.

Seven shares in the agriculture, food and drinks sectors, as well as three masks shares, increased by the daily limit of 10 percent.

According to a statement released by China’s agriculture ministry on Thursday, the country will ramp up financial support to stabilize the production and supply of agricultural produce, and to ensure fiscal funds and subsidies for spring plowing.

Everbright Securities said: “As COVID-19 has been basically curbed domestically, the consumption industry is expected to rebound.”