* Indonesia reverses course, ends 1.6% down
* Malaysia posts biggest intraday drop in over a week
* Thailand dragged by financials
By Arundhati Dutta
April 1 (Reuters) - Most Southeast Asian markets ended lower
on Wednesday as anxiety about the spreading coronavirus and a
looming global recession prevailed over regional government
efforts to cushion their economies from the pandemic.
"I think what's dragging down the regional markets is the
very poor start to trading in Europe. Only China and Australia
have weathered the storm," said Jeffrey Halley, analyst at
brokerage OANDA.
The pan-European STOXX 600 index .STOXX was down 2.4% at
0705 GMT, after ending Tuesday with its worst quarter in 18
years. Reports of fresh infections and deaths from the virus
continued across Southeast Asia, with Malaysia recording as many
as 142 cases and two deaths on Wednesday.
Malaysian equities .KLSE lead the losses and posted their
biggest intraday drop in over a week. Heavyweight Tenaga
Nasional TENA.KL fell 1.7%.
Indonesian stocks .JKSE reversed course after a strong
start to the session and ended 1.6% lower, with financials being
the top losers. PT Bank Central Asia Tbk BBCA.JK shed 0.8%.
"This is actually a fair reflection of where the world is
at, at the moment. Rallies are limited in scope and tentative,
with markets falling further and faster," Halley said.
Weighing on sentiment was data which showed Indonesia's
tourist arrivals fell nearly 30% in February, partly because of
the global spread of COVID-19.
Singaporean shares .STI shed 1.9%, with big cap financials
United Overseas Bank Ltd UOBH.SI and DBS Group Holdings Ltd
DBSM.SI falling 1.9% and 2.3%, respectively.
The Thai benchmark .SETI also ended lower, weighed by
financials and communication services.
On the upside, China's factory activity improved in March
after plunging a month earlier, a private survey showed on
Wednesday. Vietnamese equities .VNI advanced 2.7%, with gains
underpinned by the financial sector.
The country plans to cut its electricity prices by 10% for
three months to support people hit by the epidemic, state media
reported on Wednesday. The Philippine index rose n 1.6%, with real estate
conglomerate Ayala Land ALI.PS adding 3.2%.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2440.27 2481.23 -1.65
Bangkok 1105.51 1125.86 -1.81
Manila 5408.52 5321.23 1.64
Jakarta 4466.037 4538.93 -1.61
Kuala Lumpur 1322.66 1350.89 -2.09
Ho Chi Minh 680.23 662.53 2.67
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2440.27 3222.83 -24.28
Bangkok 1105.51 1579.84 -30.02
Manila 5408.52 7,815.26 -30.80
Jakarta 4466.037 6,299.54 -29.11
Kuala Lumpur 1322.66 1588.76 -16.75
Ho Chi Minh 680.23 960.99 -29.22