* Indonesian President plans movement restrictions
* Vietnamese PM asks major cities to prepare for lockdown
* Thailand plans bigger, new stimulus package
By Arundhati Dutta
March 30 (Reuters) - Southeast Asian stock markets closed
lower on Monday as rising cases of the coronavirus in the region
deepened fears of economic damage, with investors looking past
moves by governments and central banks to combat the pandemic.
Fresh infections and deaths due to COVID-19 were reported
across Southeast Asia, amid calls for restrictions in movements
in a few regions where lockdowns weren't already in effect.
Shares in Singapore .STI ended over 4% lower, despite its
central bank easing monetary policy sharply, as the city braces
for deep recession. The central bank also lowered its official
outlook for inflation in 2020. "Overall, most of the good news on the fiscal and monetary
front is now out there," Jeffrey Halley, market analyst at OANDA
wrote in a note, adding that barring some remarkable and sudden
progress on COVID-19 front, equities are likely to run out of
momentum and ready themselves for further losses over the week.
Leading losses in the region, Vietnamese stocks .VNI
slumped nearly 5%, amid the prime minister's call to prepare for
possible lockdown in major cities. The financial and real estate
sectors were the top losers.
Indonesian shares .JKSE recovered from steep losses early
in the session and closed down 2.9%. Financials weighed on the
index, with PT Bank Rakyat Indonesia (Persero) Tbk BBRI.JK and
PT Bank Mandiri (Persero) Tbk BMRI.JK losing nearly 7% each.
President Joko Widodo said he plans to tighten movement
restrictions between regions and implement a large-scale policy
of social distancing to curb the virus' spread. In Malaysia, the benchmark index .KLSE slipped 1%, with
financials Hong Leong Bank Bhd HLBB.KL and RHB Bank Bhd
RHBC.KL posting heavy losses.
Malaysia expects its fiscal deficit to widen to 4% of gross
domestic product (GDP) this year, the country's finance minister
said, after the unveiling of a $58-billion stimulus to counter
the impact of the pandemic on the economy. A sharp fall in oil prices pushed the energy-heavy Thai
index .SETI lower, but losses were contained as the finance
minister signalled a new stimulus package which he said should
be bigger than those already introduced. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2416.24 2528.76 -4.45
Bangkok 1087.82 1099.76 -1.09
Manila 5131.16 5266.62 -2.57
Jakarta 4414.5 4545.571 -2.88
Kuala Lumpur 1328.88 1343.09 -1.06
Ho Chi Minh 662.26 696.06 -4.86
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2416.24 3222.83 -25.03
Bangkok 1087.82 1579.84 -31.14
Manila 5131.16 7,815.26 -34.34
Jakarta 4414.5 6,299.54 -29.92
Kuala Lumpur 1328.88 1588.76 -16.36
Ho Chi Minh 662.26 960.99 -31.09