Hong Kong stocks plunged Wednesday as investors in the city returned from their Lunar New Year break to a global panic over the deadly coronavirus, though most other Asian markets were lifted by bargain-buying after recent losses.

Travel, tourism stocks dive

Hong Kong shares sank by 2.4 percent, led by declines in tourism and property stocks after a two-and-a-half-day closure to celebrate the Chinese New Year.

Cathay Pacific Airways, which has its main hub at Hong Kong International Airport, lost close to three percent. The carrier has said it would be "progressively reducing" flights to and from mainland China by at least half from January 30 to the end of March. Air China was also off three percent.

Chinese conglomerate Fosun, which has interests in global travel firms including France's Club Med, lost more than five percent.

Among property firms, New World Development retreated almost four percent and Henderson Land was more than two percent lower.

Asian markets gains

Japan's Nikkei stock index rose 0.62 percent, and Australia's main index added 0.53 percent.

Chinese stock futures in Singapore rebounded from two days of losses to rise 1.79 percent, the biggest gain in almost seven weeks.

Oil futures built on gains in Asia after OPEC sources said the cartel wants to extend crude output cuts by three months to June, easing concern about excess supplies.

In currency markets, the safe-haven yen was quoted at 109.14 per dollar following a 0.2 percent loss on Tuesday.

(With input from AFP, Reuters)