Investor nerves over the spread of a deadly new virus from China hammered Asian equities and oil benchmarks today, as authorities moved to contain the disease.
More than 570 people have been infected with the coronavirus across China and Wuhan, the city at the centre of the outbreak, has been placed under effective quarantine.
Shanghai tumbled 2.8% in the final day of trading before a weeklong market holiday for the Lunar New Year, when hundreds of millions of people travel across China - raising fears of the contagion spreading further.
It was the biggest pre-Lunar New Year fall on record for the bourse.
Hong Kong closed 1.5% lower in earlier trade while Tokyo finished with losses of %.
Analysts said it was "quite understandable that some money would be taken off the table until the true extent of the coronavirus issue becomes obvious".
The virus has caused alarm because of its similarity to SARS (Severe Acute Respiratory Syndrome), which killed hundreds of people in 2002-2003.
Oil prices were hit hard in overnight trade with both major indexes down by more than 1.3%.
Analysts said that given the importance of China for oil demand and having the outbreak falling on the cusp of peak domestic travel season, the timing is particularly damaging.
The World Health Organization has so far demurred from declaring a global health emergency - a rare instrument used only for the worst outbreaks.
China had taken "very, very strong measures" to contain the outbreak, WHO chief Tedros Adhanom Ghebreyesus said yesterday.
