A boy waves a national flag as his dad holds him and uses a smartphone with a selfie stick to take a photo, both wearing protective masks, in front of the portrait of late communist leader Mao Zedong (R, back) at Tiananmen Gate in Beijing on January 23, 2020.

The global spread of the new coronavirus has shown little signs of abating, with several analysts warning that the hit to economies worldwide could be more severe than what's currently expected.

"We believe it is too early to call an end to the market turmoil arising from the COVID-19 outbreak," analysts from BNP Paribas, France's largest bank, wrote in a Friday report. The new coronavirus, believed to have first emerged from the Chinese city of Wuhan in Hubei province, was recently named COVID-19 by the World Health Organization.

The bank said that while "the true extent of the stress on the Chinese economy is just beginning to emerge," the degree to which China is economically linked with the rest of Asia means that "all the Asian markets could suffer — some more, some less."

Sectors such as travel and tourism, consumer discretionary and manufacturing that's dependent on production input from China were the "obvious losers" of the coronavirus epidemic, the analysts said in the report.

But that doesn't mean investors should avoid buying Asian stocks now.