Scared of coronavirus? The two Ps that will see you through

Coronavirus is deleterious not only for public health but for a country's financial health as well. This epidemic can have serious economic and political ramifications.

Then, how to deal with it?

Pharmaceutical majors across the world are trying to come out with a vaccine or a drug. Drugs to treat the novel coronavirus could be available by this summer or fall, US Vice President Mike Pence has said.

Not everyone is as optimistic as Pence, so prevention and increasing awareness are our best bets.

 Health check 

It is not very clear how the contagious virus, named severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted but when viral droplets from an infected person can spread the disease. According to medical experts, coughing, sneezing, shaking hands and even touching infected surfaces can lead to exposure.

Basic practices of personal hygiene, such as cleaning hands with soap and water or alcohol-based hand rub, covering nose and mouth when coughing and sneezing and avoiding close contact with anyone with cold or flu-like symptoms are effective in combating such diseases.

And, please stay home if you have a symptom of cough and cold and immediately contact a doctor. Even though there is no vaccination, care at hospital, if needed, can help one be free of infection.

Doctors have been stressing that not everyone with an infection needs to be hospitalised but quarantine or isolation is a must.

To stay healthy financially, be patient 

While coronavirus will have an impact on the economy because it affects the production of goods and services and hits trade but the Indian economy should see only a limited impact, assuming the country does not see a China or a South Korea-like outbreak.

Some disruptions, however, cannot be ruled out.

"There could be potential disruption in the supply of certain components and raw materials in agrichemicals, automobiles, consumer durables and pharmaceuticals in the case of a prolonged slowdown in China," said a report from Kotak Institutional Equities.

The worry is that India has all the symptoms of a slowing economy. The situation will worsen and could lead to another 3-4 percent correction in the Indian market if new cases are reported.

Experts, however, caution against panic selling. Be patient, is what they say. It is a black swan event that will fade away with time and one should stick to quality stocks with a better balance sheet and better quarterly and yearly results, they say.

"I have always advised people that such situations are only temporary and that investors should not sell in panic. Instead, investors should start picking up quality stocks that are beaten down due to this fear in a systematic manner," Jimeet Modi, CEO & Founder Samco Securities, told Moneycontrol.

Sameer Kalra, Founder, Target Investing, is of the view that the market has a space to correct 3-4 percent more if more cases unfold in few more days. The focus should be on mid-cap stocks with better balance sheet and better quarterly and yearly results. Investment should be done in SIP mode in equities, says Kalra.

Keep your portfolio diverse to minimise the risk. Experts suggest having a small portion of one's investment portfolio in gold, quality stocks, mutual funds and fixed-income products for diversification.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.