May 14, 2020 / 10:09 AM / 16 days ago

SE Asia Stocks-Most down on doubts over economic recovery; Singapore hits near 3-week low

    * Singapore shares hit near 3-week low
    * Singapore Airlines tumbles to more than two-decade low
    * Philippine shares snap two days of gains

    By Pranav A K
    May 14 (Reuters) - Most Southeast Asian stock markets fell
on Thursday as worries over a prolonged global economic recovery
from the damages caused by COVID-19 pandemic were exacerbated by
the World Health Organization's warning that the virus may never
go away.
    The World Health Organization said on Wednesday the new
coronavirus that causes the COVID-19 disease could become an
endemic like HIV and may never go away.
    "Asia today is a sea of red, although like yesterday, it is
not reflecting the extent of the Wall Street retreat," said 
Jeffrey Halley, Senior Market Analyst at OANDA.
    In trade bellwether Singapore, stocks fell 1.9% to
their lowest level since April 24.
    The benchmark extended losses for a third session, dragged
down by national carrier Singapore Airlines, which
tumbled as much as 7.5% in heavy volume to its lowest since
October, 1998 ahead of results. 
    The national carrier later on Thursday reported its
first-ever annual loss.
    Thai index fell for a second straight session on
Wednesday, closing down 1.1%.
    Optimism over the second phase of easing the country's
lockdown seems to be fading after much of the news has already
been priced in, while fears about a second wave of virus
infections grow after a resurgence of new cases in many
countries, analysts at Phillip Securities said in a note.
    "Further adding to the market's bearish tone is a weak
first-quarter earnings season as earnings results from most of
the companies that have reported so far look dismal."
    Thai hotel operator Central Plaza Hotel fell
3.1% after reporting a quarterly loss, compared with a year-ago
profit, while Pruksa Holding slipped up to 2.8%, a day
after profit dropped in the first quarter.
    Philippine stocks snapped two straight sessions of
losses to close half a percent higher.
    Investors parked funds into the Philippine market as they
grappled with regional downbeat remarks from the U.S. Fed Chair,
along with worries over the market's valuation, Luis Limlingan,
managing director at Regina Capital Development Corp, said.
    The biggest boosts to the index SM Prime Holdings
and Globe Telecom jumped 7.2% and 3.1%, respectively.
    The Indonesian benchmark also closed lower, dented
by financials.
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2522.31   2572.01         -1.93
 Bangkok                1280.4    1294.55         -1.09
 Manila                 5654.7    5626.25         0.51
 Jakarta                4513.834  4554.359        -0.89
 Kuala Lumpur           1397.25   1397.13         0.01
 Ho Chi Minh            832.4     834.21          -0.22
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2522.31   3222.83         -21.74
 Bangkok                1280.4    1579.84         -18.95
 Manila                 5654.7    7,815.26        -27.65
 Jakarta                4513.834  6,299.54        -28.35
 Kuala Lumpur           1397.25   1588.76         -12.05
 Ho Chi Minh            832.4     960.99          -13.38
 



 (Reporting by A K Pranav in Bengaluru; Editing by Shinjini
Ganguli)
  
Nuestros Estándares:Los principios Thomson Reuters
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