That should've been alarming for the global markets but markets didn't fall till mid-march as Shanghai started recovering in the hopes of finding a cure.
But that was just the tip of the iceberg for the global markets. Once the virus started traveling all over the world that's when it hit the global markets.
With the new laws being imposed on hong kong there's no good news for the Chinese markets right now.
A lot of things don't make sense while looking at the chart.
How come the markets where the virus originated from fell only 9% while the rest of the world suffered more than triple the fall?
And how disconnected Hang Seng is to Shanghai Composite . While Hang Sang fell more than 25% and the Shanghai Composite fell only 9%.
Hang Sang is below 23.6% retracement level and heading downwards. Markets might plunge more on the news of new laws + the rising cases.