April 27, 2020 / 5:01 AM / a month ago

SE Asia Stocks-Philippines falls after economic contraction warning

    * Singapore rises after five days of falls
    * Philippine shares hit three-week lows

    By Nikhil Subba
    April 27 (Reuters) - Philippine shares fell on Monday
following a warning that the coronavirus pandemic will likely
send the economy into its first annual contraction in more than
two decades this year, while financials helped Singapore rise
after five sessions of losses.
    Philippine gross domestic product would likely shrink by
0.2% in 2020 before bouncing back to about 7.7% as policy
support measures gain traction, the central bank governor said
on Saturday.
    The government expects "Q1 GDP will contract, and this is
what investors are responding to most likely," said Ruben
Asuncion, chief economist at The Union Bank of the Philippines.
    The benchmark Philippine stock index declined as much
as 1.6% to a three-week low. Consumer stocks led the fall, with
conglomerate SM Investments shedding 3.4% to its lowest
since March 31, while food and beverage company Universal Robina
Corp fell 1.5%.
    Indonesian shares slipped as much as 0.4%. Both
property developer Nusantara Properti International
and cosmetic products maker Mustika Ratu fell by 7%.
    Singapore's FTSE Straits Times Index led gains in the
region, with a rise of up to 1.5% - its best intraday jump since
April 17.
    Market participants were optimistic about the earnings of
lenders ahead of first-quarter results starting later this week.
Analysts say they believe the performance of banks would remain
resilient despite the coronavirus crisis. 
    DBS Group, Southeast Asia's largest lender, 
climbed 2.5% to a one-week high, while United Overseas Bank
 gained 1.6%.
    Thai shares gained as much as 1.1%, lifted by
industrial and utility stocks.
    Airports of Thailand rose 1.7%, while Gulf Energy
Development gained nearly 3.3%.    
    Malaysian stocks strengthened up to 0.5%, helped by
the healthcare and telecom sectors.
    Digi.com gained 2.1% in its best intraday rise in
more than a week, while IHH Healthcare advanced over
    Malaysia will sell 4 billion ringgit ($919.54 million)
government bonds maturing on May 31, 2027, the central bank
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2553.58   2518.16         1.41
 Bangkok                1263.28   1258.78         0.36
 Manila                 5419.59   5464.98         -0.83
 Jakarta                4485.783  4496.064        -0.23
 Kuala Lumpur           1375.78   1369.85         0.43
 Ho Chi Minh            778.33    776.66          0.22
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2553.58   3222.83         -20.77
 Bangkok                1263.28   1579.84         -20.04
 Manila                 5419.59   7,815.26        -30.65
 Jakarta                4485.783  6,299.54        -28.79
 Kuala Lumpur           1375.78   1588.76         -13.41
 Ho Chi Minh            778.33    960.99          -19.01
($1 = 4.3500 ringgit)

 (Reporting by Nikhil Subba in Bengaluru; Editing by Subhranshu
Nuestros Estándares:Los principios Thomson Reuters
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