March 19, 2020 / 10:20 AM / 13 days ago

SE Asia Stocks-Philippines sees worst day ever, others lose on coronavirus fears

    * Philippines index clocks biggest daily loss on record
    * Indonesian c. bank cuts GDP growth forecast for year
    * Philippines c. bank rate cut exceeds expectations
    * Singapore ends lower for seventh consecutive session

    By Arpit Nayak
    March 19 (Reuters) - The Philippines stock market clocked
its biggest one-day loss in history on Thursday, after trading
resumed following a two-day hiatus, while other Southeast Asian
markets also racked up losses on deepening worries over the
coronavirus pandemic.
    The Philippine stock exchange fell more than 13%,
hitting its lowest in more than eight years, even as it recouped
some losses after diving as much as 24.3%. 
    Across broader Asia, stocks, gold, commodities were sold
off, and developed and emerging market bond yields spiked as
firms and brokers liquidated their holdings and scrambled to
shore up hard cash to fund operations.
    The rush for dollars, the most widely traded currency
globally, boosted its strength, hitting Asian emerging market
    "The Dollar's remarkable surge is sending many
emerging-Asian currencies to multi-year lows, with the latter
having little to push back with amidst the heightened risk of a
global recession, which would lay bare Asia's economic
vulnerabilities," said Han Tan, market analyst at FXTM.
    The Indonesian index dropped as much as 5.2% -
triggering its fourth circuit breaker in six sessions - while
the offshore rupiah slid 4.6% to its lowest since 1998. 
    The Indonesian central bank cut its economic growth forecast
for the year in view of the financial impact of the virus, while
cutting its benchmark interest rate by 25 basis points as
    Meanwhile, the Philippine central bank cut its benchmark
interest rate by 50 basis points, which was bigger than
    Singapore equities lost 4.7% to end lower for a
seventh straight session while Malaysian shares eased
     Malayisa's central bank lowered its statutory reserve ratio
by 100 basis point in a bid to shore up liquidity, while the
country enforces a two-week partial lockdown.
For Asian Companies click;  

  Change on the                                    
  Market          Current      Previous    Pct Move
  Singapore       2,311        2,425.62    -4.73
  Bangkok         1,044.19     1,048.15    -0.38
  Manila          4,623.42     5,335.37    -13.34
  Jakarta         4,105.422    4,330.674   -5.20
  Kuala Lumpur    1,219.72     1,239.01    -1.56
  Ho Chi Minh     725.94       747.66      -2.91
  Change so far                            
 in 2020                                   
  Market          Current      End 2019    Pct Move
  Singapore       2,311        3,222.83    -28.29
  Bangkok         1,044.19     1,579.84    -33.91
  Manila          4,623.42     7,815.26    -40.84
  Jakarta         4,105.422    6,299.54    -34.83
  Kuala Lumpur    1,219.72     1,588.76    -23.23
  Ho Chi Minh     725.94       960.99      -24.46

 (Reporting by Arpit Nayak; 
Editing by Vinay Dwivedi)
Nuestros Estándares:Los principios Thomson Reuters
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