* Singapore c.bank eases monetary policy aggressively
* Malaysia warns of surge in coronavirus cases in mid-April
* Indonesia faces calls to tighten movement restrictions
By Arundhati Dutta
March 30 (Reuters) - Southeast Asian stock markets dropped
on Monday as worries over a severe economic damage in the region
following a rise in new coronavirus cases outweighed central
banks' efforts to calm investor nerves through aggressive policy
easing.
The number of fresh cases and deaths rose in several
countries in the region, with Malaysia warning of a surge in the
number of cases in mid-April. The Singapore benchmark .STI shed as much as 4.2% despite
the Monetary Authority of Singapore (MAS) easing monetary policy
aggressively on Monday, as the city-state braces for the worst
recession in its 55-year history.
"We don't expect further loosening in the months ahead,
given the limitations on how much more the MAS can do," Alex
Holmes, an analyst at Capital Economics wrote in a note.
Heavyweight financial stocks United Overseas Bank Ltd
UOBH.SI and DBS Group Holdings Ltd DBSM.SI both shed more
than 4%.
Indonesian shares .JKSE dropped as much as 5%, with
financial stocks being the top losers. PT Bank Central Asia
Tbk BBCA.JK and PT Bank Mandiri (Persero) Tbk BMRI.JK
slipped over 6%, each.
Starting Monday up until May 29, Indonesian currency markets
and stock trading hours will be limited as part of its efforts
to contain the spread of the coronavirus. The Indonesian government faced increasing calls to tighten
restrictions on movement and a hashtag translating as
#LockdownOrDie trended on social media, while politicians,
doctors and rights leaders all urged stricter action.
Vietnamese markets .VNI tumbled up to 5.6%, dragged by the
financials and the real estate sector.
The country's prime minister asked major cities to prepare
for possible lockdowns to stop the spread of the virus as the
number of confirmed cases touched nearly 200. In Thailand, the energy-heavy Thai index .SETI fell as oil
prices took another beating. PTT Pcl PTT.BK and PTT
Exploration and Production Pcl PTTEP.BK skid up to 4.2% and
3.9%, respectively. O/R
The Philippine .PSI and Malaysian .KLSE indexes also
traded lower.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0336 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2423.4 2528.76 -4.17
Bangkok 1077.83 1099.76 -1.99
Manila 5115.23 5266.62 -2.87
Jakarta 4318.292 4545.571 -5.00
Kuala Lumpur 1322.89 1343.09 -1.50
Ho Chi Minh 659.32 696.06 -5.28
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2423.4 3222.83 -24.81
Bangkok 1077.83 1579.84 -31.78
Manila 5115.23 7,815.26 -34.55
Jakarta 4318.292 6,299.54 -31.45
Kuala Lumpur 1322.89 1588.76 -16.73
Ho Chi Minh 659.32 960.99 -31.39