March 17, 2020 / 4:28 AM / 23 days ago

SE Asia Stocks-Philippines suspends markets as virus spreads; others fall sharply

    * Singapore hits lowest in more than 10-1/2 years
    * Malaysia declines to lowest in over a decade

    By Arpit Nayak
    March 17 (Reuters) - The Philippines closed its financial
markets on Tuesday in response to the coronavirus, while other
Southeast Asian stock markets fell sharply following one of Wall
Street's biggest one-day routs in history.
    The shutdown by the Philippines comes after some bourses
around the world closed trading floors or paused trade after
withering falls in market value, but it is the first blanket
market halt and raises the prospect other exchanges may follow. 

    Broader Asian markets also declined in a volatile session as
 headlines about the virus and its global economic impact jolted
investor sentiment.  
    Overnight, Wall Street suffered its biggest drop since the 
1987 'Black Monday' stock market crash as sell-offs ensued on
fears that more limitations on personal movement may be in
order.
    "The main worry seems to be the central banks running out of
policy space needed to combat the impact of the virus," ING
analysts said in a note.
    "And this now calls for a coordinated fiscal response by the
governments."
    Singapore shares fell as much as 1.4% to their lowest
in more than 10-1/2 years.
    The city-state posted a surprise 3% rise in February non-oil
domestic exports on the back of increased shipments of
electronics and specialised machinery.
    Losses in financials overshadowed gains in industrials, with
lender DBS Group Holdings shedding 2.6% to a
three-year low, while conglomerate Jardine Matheson Holdings
 gained nearly 6.5%.
    Malaysian equities dropped 5.4% to their lowest in
almost 10-1/2 years as the country cordoned off its borders,
curtailed internal movement, closed schools and universities,
and ordered most businesses to shut after a spike in virus
cases.
    Meanwhile, the government added $230 million to its stimulus
package to combat the economic impact of the virus.
    Indonesian stocks declined more than 4% to their
lowest in over four years, with losses across all sectors.
    Thai shares slipped 0.7% in a volatile session, with
real estate and financials leading the decline.
    The cabinet is set to meet later in the day to approve
shutdowns of universities, public and private schools,
kick-boxing rings, cockfighting arenas, bars and theatres.

    
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SOUTHEAST ASIAN STOCK MARKETS as at 0321 GMT

 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              2472.22  2495.77         -0.94
 Bangkok                1041.35  1046.08         -0.45
 Jakarta                4470.56  4690.657        -4.69
 Kuala Lumpur           1243.47  1280.63         -2.90
 Ho Chi Minh            736.11   747.86          -1.57
                                                 
 Change so far in 2020                           
 Market                 Current  End 2019        Pct Move
 Singapore              2472.22  3222.83         -23.29
 Bangkok                1041.35  1579.84         -34.09
 Manila                 5335.37  7,815.26        -31.73
 Jakarta                4470.56  6,299.54        -29.03
 Kuala Lumpur           1243.47  1588.76         -21.73
 Ho Chi Minh            736.11   960.99          -23.40
                                                 
 
 (Reporting by Arpit Nayak; Editing by Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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