(Corrects Malaysia's GDP forecast to 4.8% from 4.5% in the
third bullet, rewrites paragraph 11 to reflect the change)
* Singapore drops 1.4%, raises virus alert to 'orange'
* Vietnam leads declines among regional peers
* Malaysia maintains 2020 growth forecast at 4.8%
By Arundhati Dutta
Feb 10 (Reuters) - Southeast Asian stock markets fell on
Monday as the death toll from the coronavirus outbreak surpassed
the global SARS epidemic of 2003 and weighed on risk appetite in
the region.
The virus has claimed the lives of more than 900 people in
Mainland China as of Sunday and raised concerns over growth
outlook in the world's second largest economy. "The sober fact is that some economic damage is already done
(by the coronavirus) and it would be highly complacent to assert
that a return to normalcy in sentiment and travel is around the
corner," said Taimur Baig and Chang Wei Liang, analysts at DBS
Economics & Strategy Research, in a note.
Singapore stocks .STI declined as much as 1.4% in early
trade, but had pared some losses by 0338 GMT.
On Friday, the city-state raised its virus alert level to
orange, the level reached during the 2003 Severe Acute
Respiratory Syndrome (SARS) epidemic, which indicates the virus
is severe and passes easily between people. Financials weighed on Singapore's main index, with United
Overseas Bank Ltd UOBH.SI and DBS Group Holdings DBSM.SI
falling as much as 2% and 1.7%, respectively.
Also hurting sentiment was data that showed China's consumer
inflation in January hit a more than 8-year high as government
restrictions on movement drove residents to stock up on
essentials.
Vietnamese shares .VNI fell up to 1.5%, leading declines in
the region. The financial sector weighed on the bourse, with
Joint Stock Commercial Bank for Investment and Development of
Vietnam BID.HM falling 3.3%.
Indonesian equities .JKSE shed 0.8% and financials were
the biggest drag. PT Bank Central Asia Tbk BBCA.JK lost 1.2%,
while PT Bank Mandiri (Persero) Tbk BMRI.JK shed 1%.
Malaysian shares .KLSE fell up to 1%, with heavyweights
Tenaga Nasional TENA.KL falling 3.6% and Public Bank Bhd
PUBM.KL dropping 1.1%.
The county's prime minister on Monday said that the
Malaysian economy is expected to expand by 4.8% this year,
maintaining the government's forecast as it braces for a
potential global slowdown tied to the novel coronavirus
outbreak. Malaysia has reported 17 confirmed coronavirus cases as of
Sunday, and expanded its travel ban on China to include Zhejiang
and Jiangsu provinces. The Philippine index .PSI fell 0.6%, with property
developer SM Prime Holdings SMPH.PS shedding as much as 3.2%.
Thailand markets were closed for a holiday.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0338 GMT
Market Current Previous close Pct Move
Singapore 3162.84 3181.48 -0.59
Manila 7460.9 7507.2 -0.62
Jakarta 5951.789 5999.607 -0.80
Kuala Lumpur 1546.41 1554.49 -0.52
Ho Chi Minh 932.14 940.75 -0.92
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3162.84 3222.83 -1.86
Manila 7460.9 7,815.26 -4.53
Jakarta 5951.789 6,299.54 -5.52
Kuala Lumpur 1546.41 1588.76 -2.67
Ho Chi Minh 932.14 960.99 -3.00