The mainland Chinese indexes led losses in the Asian markets on Monday as investors showed more concerns on the economy that could be slowed down while the country is trying to calm down rising Covid-19 cases in big cities.
Beijing, the capital city of China, kicked off a massive Covid test on Monday after recording 15 cases on Sunday as the country is trying to maintain its zero-Covid policy. Meanwhile, Shanghai had the highest record in China, finding more than 1,400 cases on Sunday out of more than 1,600 cases nationwide.
The government has further increased Covid restrictions in Shanghai to contain the virus, forcing many residents to remain indoors, causing businesses to run slower than it should.
The SSE Composite Index fell 5.13% in the afternoon session while the SZSE Component Index lost more than 6%. Hang Seng Index recorded a loss of 3.73%. Japan’s Nikkei decreased 1.90% and Korea’s Kospi fell 1.76%.
Meanwhile, Thailand’s SET Index fell 12.15 points or 0.72% to 1,678.44 points.
