Fresh Sars fears hit Asian markets

Sars had a huge impact on Asia

Markets across Asia have fallen after a Singapore man was found to be infected with the Sars respiratory virus.

Singapore's stock exchange weakened further after a sharp fall on Tuesday, the day the case was discovered, while Hong Kong's Hang Seng index was 2% lower at midday.

Taiwan, Malaysia and the Philippines followed suit, with airline stocks taking the worst of the beating.

SARS-HIT MARKETS Singapore STI: -1.24% Hong Kong Hang Seng: -1.98% Tokyo Nikkei 225: -0.6% China Shanghai A: -0.1% Taiwan TWI: -1.01% Philippines Composite: -0.52% Malaysia KL Composite: -0.82% (All at close)

The World Health Organization stressed that the case was unlikely to herald another mass outbreak of the disease, and urged the region not to panic.

The victim, a 27-year-old researcher, had been working in a microbiology laboratory at the National University of Singapore which was used for Sars research.

Balaji Sadasivan, Singapore's minister of state for health, said the man probably caught the Sars virus in the laboratory.

If anybody knows about Sars, it's Singapore Peter Cordingley Who spokesman Q&A: New Sars case

"The single case is an isolated case. There is no person-to-person transmission, so there is no outbreak... There is no danger to public health," Mr Sadasivan said on Wednesday.

Twenty-five people who have had recent contact with the man have been quarantined.

"The Singapore authorities have taken all the necessary precautionary measures and I like to emphasise that there is no need to panic," Shigeru Omi, WHO Western Pacific director, said at a news conference.

The first half of 2003 saw economies across Asia hit hard by the virus, which killed more than 900 people around the world, and some investors feared the Singapore case could be the start of a fresh outbreak.

But some analysts noted that many Asian markets - Hong Kong, for example - are due for a fall after a strong recent run, and the Sars case may have provided the catalyst.

Renewed fears

The response of investors in Singapore to the news was hardly surprising, since the new case emerged there.

But Hong Kong investors have particular reason to be concerned if there is any chance of a fresh outbreak.

How Sars spread across the world

In maps

The former British colony, now a special administrative region of China, was the second worst hit jurisdiction - after the mainland itself - with 297 deaths and 1,800 infections.

Many people blamed the government for responding too slowly and following Beijing's lead in talking down the problem for too long.

Hong Kong's economy shrank 3.7% in the three months to June.

Authorities in Hong Kong are now on high alert in case the Singapore case proves not to be a one-off.

Airline Cathay Pacific was one of the worst hit, its shares dropping 4.2%, and hotel stocks also fell.

What is your reaction to this latest Sars outbreak? Send us your comments using the postform below.

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Your comments:

My reaction to this new outbreak is very alarming. It seems that these new virus are increasing in scope and intensity, so there could be a threat to mankind as a whole.
Arlene Crespo, United States

I can say we are much more prepared this time Keen Hoong, Putt, Singapore

The sign is worrying. However, the situation in Singapore is very calm at the moment. Kids are playing on the field, commuters are taking the buses and MRT (Singapore's underground). I can say we are much more prepared this time. Hopefully SARS will not re-appear in other countries as well.
Keen Hoong, Putt, Singapore

This could be a good thing! If this person is carrying the reparatory virus, but not suffering from the symptoms which would normally be present in the lungs, he may be carrying the antibodies necessary to fight the virus, and pave the way for a vaccine. One would hope that that possibility is already being investigated.
JP, UK

I have future in-laws that live in Singapore and I must admit that having the SARS virus about does make you think twice about travelling. I have not met my in-laws yet, as I my fiancée and myself were planning to see them Christmas. As I work in a hospital in a maternity block, even the slightest chance I may bring something back is worrying because of the babies directly in my work area. We seem to find cures for most things, but like AIDS it may take some time. I just hope we are able to cure it sooner rather than later!
Allan Dare, United Kingdom

As everyone around the world should know by now, SARS is a very dangerous illness and a cure needs to be found to get rid of this disease.
Sierra Van Brunt, United States

Not in the least worried when it is in Singapore because we have doctors and nurses who are capable of handling it very efficiently and professionally. The MOH also have the expertise to deal with it and they have everything in place. So every Singaporean just have to take of himself or herself.
Chan Yew Gin, Singapore.

We should all be worried about SARS. After the first outbreak of the virus was contained so quickly earlier this year, people were insisting that all the concern was overdone. However, if this disease is seasonal, it could paralyse affected areas across Asia. Places like Singapore and Hong Kong, which depend on international travel and communications, will be most at risk.
Gareth Leather

Let us not panic. The Singaporean Government in its wisdom will deal with this quickly and in the proper manner without the need for alarm. Let the knowledge overcome the fear.
Khoa Huynh, United Kingdom

While it is good to be very vigilant about any possible SARS outbreak, the way the current situation was handled was far too over-reactive. To declare it as a SARS case, the WHO guidelines must be complied with which is not in this case. And sadly, this has caused lots of bloodletting in the stock market on the last 30 minutes of trading today.
David Lee, Singapore

There is generally a sense of calm in Singapore, the experience we received form the first out break will stand us in good stead this time. Already schools, hospitals and industries are on heightened alert. Precautionary measures are in place.
Yeo Chun-Xshun, Singapore

The important thing is to learn from the past and not allow the virus to spread Antonio, USA

It is becoming obvious that we are going to face SARS once again. The important thing is to learn from the past and not allow the virus to spread. Today one person, tomorrow one thousand? Therefore authorities should take serious precautions. Don't ignore SARS, it can be catastrophic.
Antonio, USA

If anybody knows about SARS, it's Singapore! I have to agree with the WHO´s official, since Singapore kept precautionary measures in place until the morning I have left Singapore on August 27th, that is only the controls on an extensive public scale. Still the more specific test on personal more exposed to the immediate infection risk means that Singapore authorities do exert a high level of risk control and take no chances. To me Singapore was a safe place and will always be health wise.
Dirk M. Reuter, Germany

SARS will re-emerge in some changed form sooner or later. The most important aspect is the depleting immunity among the urban populace. It is also worth noting that playing with pathogens (viruses and other micro organisms) in labs and naturally by misuse of drugs is only creating better chances for mutations. Let us hope and pray that the terrorist organizations fail to exploit it.
Dr. Krishna Kaphle, Nepal/ROC

I am afraid of this disease, I can not believe how medical science has not discovered yet a cure. I hope it could be soon.
Martha Pantoja, Mexico

I am really sorry for that guy being affected with SARS. Really hope that he will get well soon. I was planning to travel to Singapore this weekend, but now I just cancelled my flight ticket. Now I have to stay in UK for the next two weeks, doing nothing.
Jason Bassi, United Kingdom