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* Nations on 3 continents report first cases of coronavirus
* Thailand shares posted their worst weekly drop since 2008
* Malaysia's c.bank expected to cut interest rate - Reuters
poll
By Pranav A K
Feb 28 (Reuters) - Southeast Asian stock markets dived on
Friday and Thailand's stocks recorded their worst week since the
2008 financial crisis, as the fast-spreading coronavirus raised
fears of a global economic crisis.
Countries on three continents reported their first cases of
the coronavirus on Friday as the world prepared for a pandemic
and investors dumped equities. The Thai benchmark .SETI was the worst hit in the region,
shedding 3.9%, with heavyweights PTT PCL PTT.BK sliding 6.6%
and Airports of Thailand down 4.8%.
Thailand's central bank said a prolonged outbreak may see
economic growth of less than 1% in 2020. Last year, the economy
grew 2.4%, which was its slowest rate in five years.
Stock markets in Singapore .STI and the Philippines .PSI
recorded their worst weeks since 2011, down 3.2% and 2.6%,
respectively.
In Singapore, banking majors DBS Group Holdings DBSM.SI
fell 2.9% and Oversea-Chinese Banking Corporation OCBC.SI
2.8%.
Malaysian stocks .KLSE posted their worst weekly drop
since 2015, further pressured by days of political turmoil after
the surprise resignation of the prime minister.
The royal palace rejected on Friday Mahathir Mohamad's plan
for a vote to choose a new prime minister. The Bank Negara Malaysia is also expected to cut its
benchmark interest rate at a policy review on Tuesday, a Reuters
poll showed. Indonesian shares .JKSE posted their worst monthly fall
since 2013, while the rupiah marked its steepest decline in more
than eight years, prompting the central bank to intervene in the
spot market.
However, shares recovered from sharp losses earlier in the
session to close 1.5% lower.
Siantar Top TBK STTP.JK slumped 20%, while Mega Perintis
ZONE.JK tumbled to a record low.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3011.08 3111.7 -3.23
Bangkok 1341.76 1395.08 -3.82
Manila 6787.91 6967.84 -2.58
Jakarta 5452.704 5535.694 -1.50
Kuala Lumpur 1482.64 1505.59 -1.52
Ho Chi Minh 882.19 898.44 -1.81
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3011.08 3222.83 -6.57
Bangkok 1341.76 1579.84 -15.07
Manila 6787.91 7,815.26 -13.15
Jakarta 5452.704 6,299.54 -13.44
Kuala Lumpur 1482.64 1588.76 -6.68
Ho Chi Minh 882.19 960.99 -8.20