SE Asia Stocks-Most markets fall on pandemic fears; Philippines slumps

Published 02/26/2020, 12:44 PM
Updated 02/26/2020, 12:48 PM
SE Asia Stocks-Most markets fall on pandemic fears; Philippines slumps
KLSE
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MISC
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TENA
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SETI
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PSI
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KBANK
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PTT
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* Coronavirus cases in South Korea rise to 1,146
* Philippine sees biggest intraday fall in over 4 years
* Utility, industrial stocks help Malaysia rise

By Soumyajit Saha
Feb 26 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday as the rapid spread of coronavirus outside China
rattled investors, with Philippine shares dropping more than 4%
in catch-up trade.
The pace of virus infections in South Korea accelerated,
bringing the total number of cases to 1,146 in the worst-hit
country outside China. Overnight U.S. stocks and treasury yields plummeted after
the Centres for Disease Control and Prevention said Americans
should prepare for possible community spread of the virus.
Leading losses in Southeast Asia, Philippine stocks .PSI
marked their biggest intraday drop in more than four years and
hit their lowest in over 15 months in "pent-up selling" as
trading resumed after a holiday.
Sentiment was also hurt by China's latest attempt to crack
down on Manila-based online gambling firms (POGOs), said
Rachelle Cruz, an analyst with AP Securities, adding that this
would hit the real estate, banking, retail and construction
sectors.
"When POGOs entered the property sector in 2016 they forced
a big increase in rental prices as well as driving demand for
properties," she said.
The Bureau of Immigration said mass deportations of Chinese
nationals working at POGOs could be on the cards as China
intensifies its crackdown, the Philippine Star reported https://www.philstar.com/headlines/2020/02/25/1995846/mass-deportation-looms-chinese-pogo-workers.
Losses in banking and energy stocks dragged down the Thai
benchmark index .SETI nearly 1.4%, ahead of January
manufacturing production data later in the day.
Lender Kasikornbank KBANK.BK dropped 4.3%, while oil & gas
explorer PTT PCL PTT.BK slipped 1.2%.
Meanwhile, Malaysian shares .KLSE rose on gains in
utility and industrial stocks.
Shipping and offshore services provider Misc Bhd MISC.KL
advanced 3.5%, while electricity provider Tenaga Nasional Bhd
TENA.KL gained 1.6%.
The uptick was helped by attempts to find a resolution to
the political situation, said Imran Yusof, a senior analyst with
MIDF Research.
Four Malaysian parties on Tuesday rejected Mahathir
Mohamad's proposal for a unity government after his resignation
as prime minister, calling instead for an election. Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS AS AT 0344 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 3127.92 3158.24 -0.96
Bangkok 1420.9 1439.1 -1.26
Manila 6953.98 7187.44 -3.25
Jakarta 5745.431 5787.138 -0.72
Kuala Lumpur 1503.48 1500.88 0.17
Ho Chi Minh 903.07 909.67 -0.73

Change so far in
2020
Market Current End 2019 Pct Move
Singapore 3127.92 3222.83 -2.94
Bangkok 1420.9 1579.84 -10.06
Manila 6953.98 7,815.26 -11.02
Jakarta 5745.431 6,299.54 -8.80
Kuala Lumpur 1503.48 1588.76 -5.37
Ho Chi Minh 903.07 960.99 -6.03


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