* Philippines posts biggest weekly fall since March 20
* Malaysia, Indonesia, Philippines extend restrictions
By Nikhil Subba
April 24 (Reuters) - Most Southeast Asian stock markets
ended lower on Friday, logging weekly losses, as governments in
the region extended lockdowns and a report raised concerns about
progress in developing a treatment for COVID-19.
Gilead Sciences Inc 's GILD.O experimental coronavirus
drug, remdesivir, failed its first randomized clinical trial,
according to a report on Thursday, hammering risk sentiment
globally. "There's a lot of hope riding on a cure, and with optimism
around remdesivir as top view on the healthcare section, it's a
bit of blow for the market at weeks end," Stephen Innes, chief
global market strategist at AxiCorp, said in a note to clients.
Gilead said the findings were inconclusive because the study
conducted in China was terminated early.
The Philippines' benchmark index .PSI dropped 2.4% and led
losses in the region, as President Duterte extended a lockdown
in the capital until May 15.
Analysts said the move would likely cripple the country's
second-quarter economic growth further. The index posted a weekly loss of 5.6%, its biggest since
March 20.
Stocks in Indonesia .JSKE , the region's largest economy,
closed 2.1% lower and were down 3% for the week, the second
straight weekly loss.
Indonesia's transport ministry said domestic and
international air and sea travel would be temporarily banned
till end-May, with some exceptions, as the country reported its
biggest daily jump in coronavirus infections on Friday.
General insurer Asuransi Jasa Tania ASJT.JK and PT
Matahari Department Store LPPF.JK each dropped about 7%.
Sentiment was also weighed down by a survey that showed U.S.
business activity plumbed record lows in April, while weekly
unemployment claims also rose, underscoring the economic damage
wrought by the pandemic. Trade-reliant Thai .SETI and Singapore .STI stocks both
settled 1% lower.
However, the Thai index gained 1.6% this week, its fourth
consecutive weekly gain, as oil prices staged a rebound and the
country approved a massive stimulus package.
Malaysian stocks .KLSE shed 0.9%, after the country's
government extended movement restrictions until May 12.
Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 2518.16 2542.37 -0.95
Bangkok 1258.78 1272.53 -1.08
Manila 5464.98 5599.55 -2.40
Jakarta 4496.064 4593.554 -2.12
Kuala Lumpur 1369.85 1381.64 -0.85
Ho Chi Minh 776.66 773.91 0.36
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2518.16 3222.83 -21.86
Bangkok 1258.78 1579.84 -20.32
Manila 5464.98 7,815.26 -30.07
Jakarta 4496.064 6,299.54 -28.63
Kuala Lumpur 1369.85 1588.76 -13.78
Ho Chi Minh 776.66 960.99 -19.18