April 24, 2020 / 4:37 AM / 4 months ago

SE Asia Stocks-Most slide on lockdown extension in parts of region, weak global data

    * Philippines, Malaysia fall on lockdown extension
    * Singapore on track to post biggest weekly loss since April
    * Thai benchmark set for fourth straight weekly gain 

    By Nikhil Subba
    April 24 (Reuters) - Most Southeast Asian stock markets fell
on Friday as lockdown extensions in parts of the region and weak
global economic data reminded investors of the damage caused by
the coronavirus pandemic.
    Also hitting sentiment was a report claiming Gilead Sciences
Inc's experimental coronavirus drug failed its first
randomized clinical trial.
    "Asian markets will likely be on the backfoot to close out
the week with dismal PMI data reported across the globe. 
Investors will continue monitoring developments on the COVID-19
front with a setback on clinical testing for a treatment to the
virus," analysts at ING said in a note.
    U.S. business activity plumbed record lows in April,
according to a survey, while weekly unemployment claims also
    In Southeast Asia, the Philippines led losses,
falling as much as 1.6% after President Duterte extended the
lockdown in the capital until May 15.
    "The almost two-week extension will likely cripple Q2 GDP
further as roughly 74% of the economy remains on home
quarantine," ING analysts said.
    Conglomerate Aboitiz Equity fell as much as 4.6%,
while hotel operator Bloomberry Resorts fell 3.5%.
    Malaysia shed as much as 1%, after the government
extended movement restrictions in the country until May 12,
which is likely to arrest economic activity.
    Telecom company Digi.Com lost as much as 4%,
hitting a more than two-week low, while oil and gas retailer
Petronas Dagangan weakened about 3.3%.
    Singapore's Straits Times Index declined as much as
1.6% to a near three-week low and is on track to post its
biggest weekly loss since April 3.
    Jardine Matheson Holdings tumbled as much as 5.3%,
while Singapore Telecommunications fell over 2%.
    Earlier in the week, the city-state too announced a lockdown
extension until June 1.
    Meanwhile, Thai stocks rose as much as 0.4%. The
benchmark is on track to post its fourth consecutive weekly
    Insurer Premier Enterprise jumped 50%, while
stainless steel products maker Thai-German Products
climbed 25%.
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  Change on the day                                       
  Market               Current      Previous      Pct Move
  Singapore            2521.79      2542.37       -0.81
  Bangkok              1275.96      1272.53       0.27
  Manila               5539.6       5599.55       -1.07
  Jakarta              4562.116     4593.554      -0.68
  Kuala Lumpur         1374.49      1381.64       -0.52
 Ho Chi Minh           772.37       773.91        -0.20
  Change so far in                                
  Market               Current      End 2019      Pct Move
  Singapore            2521.79      3222.83       -21.75
  Bangkok              1275.96      1579.84       -19.23
  Manila               5539.6       7,815.26      -29.12
  Jakarta              4562.116     6,299.54      -27.58
  Kuala Lumpur         1374.49      1588.76       -13.49
  Ho Chi Minh          772.37       960.99        -19.63
 (Reporting by NIkhil Subba in Bengaluru; Editing by
Ramakrishnan M.)
Nuestros Estándares:Los principios Thomson Reuters
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