At the moment, the death toll from the disease in China has reached 2,600, with almost 78,000 individuals infected across the country.
Chinese stocks continue to struggle due to the spread of the coronavirus, with the Shenzhen component dropping 3.02 percent and the Shanghai composite shedding 0.83% to around 2,987.93.
Hong Kong’s Hang Seng index fell 0.9% in its final hour of trading, while the city introduced new budget planning to spend $15.4 billion to support the economy since businesses have taken a hit because of the virus outbreak.
The decline has affected China and other Asian markets, as the disease continues spreading, with new outbreaks confirmed in South Korea and Iran. At the same time, the coronavirus has hit Italy, where at least 332 people were infected, prompting a backlash in neighbouring countries.