* Thai stocks snap seven-day losing streak
* Thailand cuts 2020 growth and exports forecast
* Philippines closes lower for third session
By Arpit Nayak
Jan 29 (Reuters) - Most Southeast Asian stocks were subdued
on Wednesday as rising coronovirus death toll in China weighed
on investors' risk appetite, while Thailand's market bounced
from a seven-day losing streak as investors snapped up cheapened
stocks.
The virus has claimed 132 lives in China and 1,500 new cases
have been identified, prompting several countries to restrict
air travel to China as pressure mounts on Beijing to contain its
spread. Hong Kong stocks .HSI tumbled nearly 3% as the market
opened for trade after the Lunar New Year holiday, despite a
show of confidence by the Word Health Organisation in China's
ability to contain the virus. A number of companies in the country warned the virus would
negatively impact their businesses. Singaporean equities .STI inched higher, having fallen
nearly 2% on Tuesday after the country's trade minister flagged
negative impact to its economy from the coronavirus outbreak.
Markets in Indonesia .JKSE and Malaysia .KLSE closed
flat, while Vietnam's bourse .VNI remained closed on account
of a holiday.
Philippines .PSI shares closed slightly lower, extending
losses for a third straight session.
Meanwhile, Thai stocks .SETI edged up 0.8% as investors
sought bargains after seven consecutive sessions of losses since
the coronavirus outbreak came to light on Jan. 20. The index
shed 5.4% during the same period.
Markets shrugged off Thai finance ministry's move to slash
the country's growth forecast to 2.8% from the 3.3% it predicted
in October. The Thai baht THB=TH , however, fell below the key 31 level
against the dollar after the announcement.
The trade-reliant country said it anticipates exports will
grow at 1% in 2020, lower than the 2.6% rise it had forecast
three months ago.
Siam Cement SCC.BK and PTT Global Chemical PTTGC.BK were
among biggest boosts to the index on Wednesday.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3182.57 3181.25 0.04
Bangkok 1524.59 1513.26 0.75
Manila 7462.31 7468.7 -0.09
Jakarta 6113.045 6111.184 0.03
Kuala Lumpur 1550.47 1551.64 -0.08
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3182.57 3222.83 -1.25
Bangkok 1524.59 1579.84 -3.50
Manila 7462.31 7,815.26 -4.52
Jakarta 6113.045 6,299.54 -2.96
Kuala Lumpur 1550.47 1588.76 -2.41
Ho Chi Minh 991.46 960.99 3.17