CHINESE STOCKS CRASH 9% FOR WORST LOSS IN YEARS

• Chinese stocks plunged on Monday as Wuhan coronavirus continues to spread.
• The CSI 300 index fell as much as 9.1%, its worst opening in almost 13 years.
• Chinese markets had been closed since January 23 due to the Lunar New Year holiday.
• "These are massive moves but entirely as expected," one analyst said.

China's benchmark stock index plunged as much as 9.1% on Monday - its worst opening in almost 13 years - as investors took cover from the fast-spreading Wuhan coronavirus.

The CSI 300, made up of 300 stocks listed on the Shanghai or Shenzhen exchanges, closed nearly 8% lower on its first day of trading since January 23-after an extended Lunar New Year holiday. The decline marked its steepest one-day drop since August 2015, the Financial Times reported.

Nearly 3,500 stocks slumped by the daily limit of 10%, Bloomberg estimated. Their losses wiped away $400 billion in combined market capitalization, Reuters reported. The biggest fallers included consumer, transportation, and financial stocks such as Tsingtao Brewery, China Eastern Airlines, and Citic Securities.

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