February 26, 2020 / 4:44 AM / a month ago

SE Asia Stocks-Most markets fall on pandemic fears; Philippines slumps

    * Coronavirus cases in South Korea rise to 1,146
    * Philippine sees biggest intraday fall in over 4 years
    * Utility, industrial stocks help Malaysia rise

    By Soumyajit Saha
    Feb 26 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday as the rapid spread of coronavirus outside China
rattled investors, with Philippine shares dropping more than 4%
in catch-up trade.
    The pace of virus infections in South Korea accelerated,
bringing the total number of cases to 1,146 in the worst-hit
country outside China.
    Overnight U.S. stocks and treasury yields plummeted after
the Centres for Disease Control and Prevention said Americans
should prepare for possible community spread of the virus.

    Leading losses in Southeast Asia, Philippine stocks
marked their biggest intraday drop in more than four years and
hit their lowest in over 15 months in "pent-up selling" as
trading resumed after a holiday.
    Sentiment was also hurt by China's latest attempt to crack
down on Manila-based online gambling firms (POGOs), said
Rachelle Cruz, an analyst with AP Securities, adding that this
would hit the real estate, banking, retail and construction
sectors.
    "When POGOs entered the property sector in 2016 they forced
a big increase in rental prices as well as driving demand for
properties," she said.
    The Bureau of Immigration said mass deportations of Chinese
nationals working at POGOs could be on the cards as China
intensifies its crackdown, the Philippine Star reported here
    Losses in banking and energy stocks dragged down the Thai
benchmark index nearly 1.4%, ahead of January
manufacturing production data later in the day. 
    Lender Kasikornbank dropped 4.3%, while oil & gas
explorer PTT PCL slipped 1.2%.
    Meanwhile, Malaysian shares rose on gains in 
utility and industrial stocks. 
    Shipping and offshore services provider Misc Bhd
advanced 3.5%, while electricity provider Tenaga Nasional Bhd
 gained 1.6%.
    The uptick was helped by attempts to find a resolution to
the political situation, said Imran Yusof, a senior analyst with
MIDF Research.
    Four Malaysian parties on Tuesday rejected Mahathir
Mohamad's proposal for a unity government after his resignation
as prime minister, calling instead for an election.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0344 GMT
  STOCK MARKETS                                         
  Change on the                                         
 day                                           
  Market            Current       Previous     Pct Move
                                  close        
  Singapore         3127.92       3158.24      -0.96
  Bangkok           1420.9        1439.1       -1.26
  Manila            6953.98       7187.44      -3.25
  Jakarta           5745.431      5787.138     -0.72
  Kuala Lumpur      1503.48       1500.88      0.17
 Ho Chi Minh        903.07        909.67       -0.73
                                               
  Change so far in                             
 2020                                          
  Market            Current       End 2019     Pct Move
  Singapore         3127.92       3222.83      -2.94
  Bangkok           1420.9        1579.84      -10.06
  Manila            6953.98       7,815.26     -11.02
  Jakarta           5745.431      6,299.54     -8.80
  Kuala Lumpur      1503.48       1588.76      -5.37
  Ho Chi Minh       903.07        960.99       -6.03
 

 (Reporting by Soumyajit Saha in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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