Asian shares sink as virus crisis deepens

Markets reopened to an altered business landscape as lockdowns and closures intended to halt the spread of the new coronavirus expanded over the weekend to include many cities around the world and the number of people infected surged past 335,000.

Shares dropped more than 4% in Hong Kong and 5% in South Korea.

The Shanghai Composite index lost 2.6%.

However, Japan's Nikkei 225 index held steady, gaining 0.5% in early trading Monday.

Japanese benchmark Nikkei 225 was at 16,633.46 up 0.49% on Monday as U.S. futures dropped more than 4% and Australia's share benchmark initially plunged 8.5% as work on more stimulus for the U.S. economy hit snags in the U.S. Senate.

South Korean market started the week with sharp drop due to investors' fear over the global coronavirus pandemic.

The benchmark Korea Composite Stock Price Index fell by 5.99 percent on Monday morning within the first 90 minutes of the trading.

Taiwan's main stock index dropped 291.30 points or 3.15 % to 8942.79.