* Malaysia Q1 GDP expands more than expected
* Philippine and Singapore stocks extend losses
* Indonesia reports biggest daily rise in COVID-19 cases
By Pranav A K
May 13 (Reuters) - Most Southeast Asian stock markets
slipped on Wednesday as investors worried that lifting of
coronavirus lockdowns could lead to a second wave of infections
and set back economic recovery, while Malaysian market was
boosted by a better-than-expected quarterly GDP growth.
Investor sentiment was hit after a leading U.S. infectious
disease expert warned on Tuesday that a premature lifting of
restrictions could lead to additional outbreaks of the novel
coronavirus. The Indonesian index .JKSE was the worst performer in the
region, slipping 0.8%, with all major sectors in the red on
broad-based selling.
Indonesia's Rupiah IDR= firmed against the dollar on
Wednesday, "which implies that the move lower in equities in
Jakarta is part of a general Asian pull-back," said Jeffrey
Halley, market analyst at OANDA.
Real estate company Roda Vivatex RDTX.JK dropped 7%, while
media conglomerate Elang Mahkota Teknologi EMTK.JK lost 6.9%.
Indonesia also reported its biggest daily rise in
coronavirus infections with 689 new cases on Wednesday.
In Singapore, the benchmark index .STI fell 0.6%,
extending losses to a second consecutive session. Consumer
services and utility stocks largely underpinned losses.
Philippine stocks .PSI extended losses and closed nearly
0.5% lower after the government said the economy's contraction
this year could be greater than earlier predicted. At odds with the regional trend, Malaysian stocks .KLSE
jumped 1.3% to their highest level in nearly two weeks as the
economic growth in the first quarter beat expectations. However,
it will likely contract in April-June as the COVID-19 pandemic
hits exports and domestic demand. The rise in gross domestic product of 0.7% was below the
3.6% growth in the fourth quarter, and this drop "sets the
economy on the path of a recession, probably deeper than the
GFC," said Prakash Sakpal, Asia economist at ING.
The Malaysian index was lifted by healthcare stocks due to a
rise in demand for medical supplies owed to the pandemic, with
the world's biggest medical gloves maker, Top Glove Corp Bhd
TPGC.KL , surging up to 17% to hit an all-time high.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2,572.01 2,587.81 -0.61
Bangkok 1,294.55 1,299.69 -0.40
Manila 5,626.25 5,651.67 -0.45
Jakarta 4,554.35 4,588.734 -0.75
9
Kuala Lumpur 1,397.13 1,379.93 1.25
Ho Chi Minh 834.21 835.32 -0.13
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2,572.01 3,222.83 -20.19
Bangkok 1,294.55 1,579.84 -18.06
Manila 5,626.25 7,815.26 -28.01
Jakarta 4,554.35 6,299.54 -27.70
9
Kuala Lumpur 1,397.13 1,588.76 -12.06
Ho Chi Minh 834.21 960.99 -13.19