May 12, 2020 / 4:20 AM / 3 months ago

SE Asia Stocks-Markets skid on coronavirus resurgence fears; Singapore drops most

    * Singapore down after 4 straight session of gains
    * Financials drag Indonesian stocks lower
    * Philippines set to extend lockdown in some areas 

    By Pranav A K
    May 12 (Reuters) - Southeast Asian stock markets fell on
Tuesday amid fears of a coronavirus resurgence in China and its
implications for countries easing restrictions, while prospects
of Sino-U.S. tensions flaring further also weighed on sentiment.
    The central Chinese city of Wuhan, where the pandemic
originated late last year, reported its first cluster of
infections since a lockdown was lifted a month ago, casting
doubts of a wider resurgence, while the reproduction rate in
Germany remained above the critical threshold of 1 on Monday.

    Meanwhile, U.S. President Donald Trump said he opposed
renegotiating the "Phase 1" trade deal with China after a
Chinese state-run newspaper reported some government advisers in
Beijing were urging fresh talks and possibly invalidating the
agreement.
    "Markets are slightly unnerved by a dose of reality in the
form of secondary outbreaks occurring in China and South Korea,
and its implications for countries across the world," said
Jeffrey Halley, market analyst at OANDA.
    "The prospect of U.S.-China trade tensions flaring also
weighed in, although I feel this is a storm in a teacup."
    Singapore equities declined 1.1% after four straight
sessions of gains, and were on course for their worst day in
more than a week.
    Heavyweight financials weighed on the index with DBS Group
Holdings Ltd, Southeast Asia's biggest lender,
slipping 3.2%, while CapitaLand Trust lost 3.1%.
    Philippine stocks slid after President Rodrigo
Duterte said he would extend lockdown in some areas beyond May
15.
    Thai stocks gave up early gains to trade 0.1% lower,
after rising for two consecutive sessions.
    Estimates from the Tourism Authority of Thailand showed on
Monday foreign tourist arrivals may plunge by almost two-thirds
to 14 million this year, the lowest in 14 years, due to the
COVID-19 pandemic.
    Indonesian shares fell 0.8%, dragged lower by
financials. 
    Retail sales, an indicator of domestic demand in Southeast
Asia's largest economy, contracted by 4.5% in March from a year
earlier.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0341 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2581.79   2611.31         -1.13
 Bangkok                1286.43   1287.3          -0.07
 Manila                 5647.34   5667.93         -0.36
 Jakarta                4603.092  4639.105        -0.78
 Kuala Lumpur           1381.08   1382.31         -0.09
 Ho Chi Minh            827.59    828.33          -0.09
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2581.79   3222.83         -19.89
 Bangkok                1286.43   1579.84         -18.57
 Manila                 5647.34   7,815.26        -27.74
 Jakarta                4603.092  6,299.54        -26.93
 Kuala Lumpur           1381.08   1588.76         -13.07
 Ho Chi Minh            827.59    960.99          -13.88
 
 (Reporting by A K Pranav in Bengaluru; Editing by Subhranshu
Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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