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* FTSE 100 down 5.8%, FTSE 250 drops 7%
* Miners, Oil majors, travel stocks lead declines
* All stocks across indices traded in the red
By Shivani Kumaresan and Devik Jain
March 12 (Reuters) - London's stock market fell past 2016
Brexit referendum lows on Thursday as a shock U.S. ban on
European travellers sent shares in already hard-pressed British
Airways and other airlines down by almost another 10%.
The bluechip FTSE 100, at one point, slid past 2016
lows to touch levels not seen since the height of the European
debt crisis in 2012.
The index was last down 5.8% at 5535.54 points, with all the
stocks trading in the red.
U.S. President Donald Trump on Wednesday suspended travel
from Europe to the United States for 30 days to limit the spread
of the coronavirus. Although the United Kingdom was spared from
the travel restrictions, fears were widespread over its impact
on the travel sector.
Shares of British Airways, EasyJet and WIZZ
Air, which have already had to axe flights to and from
Italy, fell between 6% and 10%.
Symbolic of the extent of economic damage from the outbreak,
cinema operator Cineworld shed more than 30% as it said
that in the worst-case scenario, the outbreak could cast doubt
over its ability "to continue as a going concern."
The FTSE index has shed about 28% since its January peak, as
the heavy blow from the outbreak shook investor confidence
despite the Bank of England's emergency move to cut interest
rates by 50 basis points and the UK government's 30
billion-pound ($39 billion) stimulus plan.
"Each time that you've seen stimulus announced, any rebound
has been very short-lived," said Joshua Mahony, senior market
analyst at IG. "That's because you can't cure someone of a virus
and the need to quarantine by giving them cheaper interest
rates, or quantitive easing."
The World Health Organisation declared the outbreak a
pandemic on Wednesday, followed by Trump's travel ban that
sparked an end to the longest bull run in U.S. stock market
history, sinking the Dow Jones Industrial Average index into
bear market territory.
Prime Minister Boris Johnson will chair an emergency meeting
on Thursday at which he is expected to approve moving to the
"delay phase" of the coronavirus response.
Oil majors BP Plc and Royal Dutch Shell Plc
slipped between 3% and 5%, as oil prices took another blow from
the dramatic move by Trump.
Among other stocks, specialist pension provider Just Group
slipped 5.2% after posting lower annual profit hurt by
tough operating environment.
Shopping mall operator Intu Properties slid 15.5%
as it flagged doubts over its continuity and posted wider annual
loss hurt by decline in real estate valuations against a tough
retail backdrop.
(Reporting by Shivani Kumaresan and Devik Jain in Bengaluru;
Additional reporting by Sruthi Shankar; Editing by Bernard Orr)
