January 29, 2020 / 10:34 AM / 19 days ago

SE Asia Stocks-Most markets subdued as coronavirus worries weigh on risk appetite

    * Thai stocks snap seven-day losing streak
    * Thailand cuts 2020 growth and exports forecast
    * Philippines closes lower for third session

    By Arpit Nayak
    Jan 29 (Reuters) - Most Southeast Asian stocks were subdued
on Wednesday as rising coronovirus death toll in China weighed
on investors' risk appetite, while Thailand's market bounced
from a seven-day losing streak as investors snapped up cheapened
stocks.
    The virus has claimed 132 lives in China and 1,500 new cases
have been identified, prompting several countries to restrict
air travel to China as pressure mounts on Beijing to contain its
spread.
    Hong Kong stocks tumbled nearly 3% as the market
opened for trade after the Lunar New Year holiday, despite a
show of confidence by the Word Health Organisation in China's
ability to contain the virus.
    A number of companies in the country warned the virus would
negatively impact their businesses.
    Singaporean equities inched higher, having fallen
nearly 2% on Tuesday after the country's trade minister flagged
negative impact to its economy from the coronavirus outbreak.
    Markets in Indonesia and Malaysia closed
flat, while Vietnam's bourse remained closed on account
of a holiday.
    Philippines shares closed slightly lower, extending
losses for a third straight session.
    Meanwhile, Thai stocks edged up 0.8% as investors
sought bargains after seven consecutive sessions of losses since
the coronavirus outbreak came to light on Jan. 20. The index
shed 5.4% during the same period.
    Markets shrugged off Thai finance ministry's move to slash
the country's growth forecast to 2.8% from the 3.3% it predicted
in October.
    The Thai baht, however, fell below the key 31 level
against the dollar after the announcement. 
    The trade-reliant country said it anticipates exports will
grow at 1% in 2020, lower than the 2.6% rise it had forecast
three months ago.
    Siam Cement and PTT Global Chemical were
among biggest boosts to the index on Wednesday.

    
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SOUTHEAST ASIAN STOCK MARKETS
 Market                 Current   Previous close  Pct Move
 Singapore              3182.57   3181.25         0.04
 Bangkok                1524.59   1513.26         0.75
 Manila                 7462.31   7468.7          -0.09
 Jakarta                6113.045  6111.184        0.03
 Kuala Lumpur           1550.47   1551.64         -0.08
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3182.57   3222.83         -1.25
 Bangkok                1524.59   1579.84         -3.50
 Manila                 7462.31   7,815.26        -4.52
 Jakarta                6113.045  6,299.54        -2.96
 Kuala Lumpur           1550.47   1588.76         -2.41
 Ho Chi Minh            991.46    960.99          3.17
 
 (Reporting by Arpit Nayak;
Editing by Vinay Dwivedi)
  
Nuestros Estándares:Los principios Thomson Reuters
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