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Nikkei Markets

Hong Kong shares slide as coronavirus spreads in US and Europe

ICBC advances after Chinese banking giant reports 4.9% increase in 2019 profit

HONG KONG (Nikkei Markets) -- Hong Kong shares headed lower on Monday as a surge in the number of people infected and deaths from the coronavirus outbreak in Europe and the U.S. escalated fears about a global recession.

The Hang Seng Index lost 1.3% to 23,181.07 by noon. Heavyweights Tencent Holdings and HSBC Holdings decreased 2.3% and 1.4%, respectively, contributing most to the index's losses by points. Geely Automobile Holdings declined 3.6% ahead of its earnings announcement. During the break, the automaker reported a 34.7% drop in 2019 net profit.

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