March 13, 2020 / 4:27 AM / in 3 months

SE Asia Stocks-Poised for worst week in over a decade as virus panic worsens

    * Singapore enters bear market territory
    * Philippines set for worst week since 1998
    * Thailand, Indonesia trigger circuit breakers

    By Sameer Manekar
    March 13 (Reuters) - Southeast Asian stock markets sank on
Friday and were headed for their worst week in more than a
decade, as a rout in global equities deepened amid rising travel
restrictions and growing fears of a global recession due to the
coronavirus outbreak.
    Sell-off gathered pace from Thursday after the World Health
Organization termed the outbreak a pandemic and U.S. President
Donald Trump restricted travel from Europe to contain the virus
spread.
    Broader Asian equities were also pounded after all three
U.S. indexes crashed overnight, ending their record bull run.

    "It's a chain reaction, a vicious cycle," said Joel Ng, an
analyst at KGI Securities, adding that markets were coming to
terms with the possibility of a synchronised global recession.
    "There are a lot of expectations that central banks and
governments would step in, however, the problem is that there is
an absence of global coordination, unlike in 2008," he added.
    Thailand and Indonesian shares fell 10% and
5%, respectively, at one point, triggering circuit breakers for
the second time in as many days.
    Export-reliant Singapore shares hit their lowest
since July 2009, entering bear market territory - down up to
23.5% since a Jan. 17 peak, and were on track for their worst
week since October 2008.
    Financials and industrial sectors were the worst hit, with
DBS Group Holdings and industrial conglomerate Jardine
Strategic Holdings losing as much as 6% and 10.2%,
respectively.
    Thai shares were poised for a record weekly loss, losing
26.5%. Blue-chip firms PTT Pcl and Airports of Thailand
 were down 8.7% and 10%, respectively.
    Malaysian shares marked their steepest drop since
March 2008 on Friday, losing nearly 7% to the lowest since
September 2011.
    Heavyweight firms Malayan Banking and electricity
generator Tenaga Nasional slipped 3.9% and 10.5%,
respectively.
    Indonesian shares fell more than 5% and were set for their
biggest weekly drop since October 2008.
    Philippine stocks plunged more than 11%, their most
since October 2008, and were headed for their biggest weekly
loss since 1998.
    Meanwhile, the country's finance minister ordered state
pension funds to increase their daily investments to support the
stock market.
    Vietnam stocks slumped nearly 6%, hitting their
lowest since May 2017.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS as at 0345 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2541.78   2678.64         -5.11
 Bangkok                1005.43   1114.91         -9.82
 Manila                 5404.71   5736.27         -5.78
 Jakarta                4644.319  4895.748        -5.14
 Kuala Lumpur           1326.56   1419.43         -6.54
 Ho Chi Minh            736.79    769.25          -4.22
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2541.78   3222.83         -21.13
 Bangkok                1005.43   1579.84         -36.36
 Manila                 5404.71   7,815.26        -30.84
 Jakarta                4644.319  6,299.54        -26.28
 Kuala Lumpur           1326.56   1588.76         -16.50
 Ho Chi Minh            736.79    960.99          -23.33
 
 (Reporting by Sameer Manekar in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below