Stock rally loses momentum in Asia as traders eye virus spread

A rally in equities lost some of its steam in Asia as traders weighed up the latest signs of a slowdown in the spread of coronavirus against its catastrophic impact on business and economic activity globally. Japan’s Topix stock index dropped 1.6 per cent, putting a three-day run of consecutive gains under threat. China’s CSI 300 of Shanghai- and Shenzhen-listed shares edged 0.3 per cent higher.