* Thailand considers re-opening more businesses
* Indonesia posts biggest daily rise in coronavirus
infections
* Malaysia, Vietnam flat
By Arundhati Dutta
June 10 (Reuters) - Indonesian stocks plunged on Wednesday
after it reported a record surge in coronavirus cases, while the
Philippines tumbled on worries that a multi-billion dollar
stimulus package might be running into political turmoil.
Last week, most countries in Southeast Asia began re-opening
their economies after months-long lockdowns, spurring a risk-on
sentiment and helping Philippines .PSI post gains of about
10%.
"This (selling) is healthy. Everyone is waiting for the
correction. We need a breather," said Luis Limlingan of Regina
Capital, referring to the Philippine market.
Philippines' main index .PSI , fell 2%, after local media https://newsinfo.inquirer.net/1288342/dominguez-doubts-funding-for-stimulus-packages
reported Finance Secretary Carlos Dominguez III deemed a
proposed 1.3 trillion peso ($26.09 billion) stimulus package,
which has already been passed by the House of Representatives,
"unconstitutional".
Security Bank Corp SECB.PS fell 5.2% and BDO Unibank Inc
BDO.PS dropped 4.5% and were among the top percentage losers
on the index.
Indonesia's benchmark index fell 2.3%, with financials
accounting for around a third of the losses. PT Bank Mandiri
(Persero) Tbk BMRI.JK shed about 7% and was the biggest drag.
The country said daily coronavirus cases breached 1000 for
the first time on Tuesday and it recorded its biggest daily
increase in infections for a second successive day on Wednesday.
"There are some concerns that Indonesia could face a second
wave in number of cases, but also global markets saw some
correction overnight, which Indonesian markets track, " said
Andry E. Taneli, a portfolio manager at Ciptadana Asset
Management in Jakarta.
In a bright spot, Thai shares rose 0.7%, on plans to re-open
more businesses from as early as June 15, as the coronavirus
outbreak appeared to be contained. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2800.57 2794.17 0.23
Bangkok 1418.77 1408.37 0.74
Manila 6439.37 6583.84 -2.19
Jakarta 4920.682 5035.055 -2.27
Kuala Lumpur 1575.27 1575.16 0.01
Ho Chi Minh 900 899.43 0.06
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2800.57 3222.83 -13.10
Bangkok 1418.77 1579.84 -10.20
Manila 6439.37 7,815.26 -17.61
Jakarta 4920.682 6,299.54 -21.89
Kuala Lumpur 1575.27 1588.76 -0.85
Ho Chi Minh 900 960.99 -6.35