* Philippines, Malaysia fall on lockdown extension
* Singapore on track to post biggest weekly loss since April
3
* Thai benchmark set for fourth straight weekly gain
By Nikhil Subba
April 24 (Reuters) - Most Southeast Asian stock markets fell
on Friday as lockdown extensions in parts of the region and weak
global economic data reminded investors of the damage caused by
the coronavirus pandemic.
Also hitting sentiment was a report claiming Gilead Sciences
Inc's GILD.O experimental coronavirus drug failed its first
randomized clinical trial. "Asian markets will likely be on the backfoot to close out
the week with dismal PMI data reported across the globe.
Investors will continue monitoring developments on the COVID-19
front with a setback on clinical testing for a treatment to the
virus," analysts at ING said in a note.
U.S. business activity plumbed record lows in April,
according to a survey, while weekly unemployment claims also
rose. In Southeast Asia, the Philippines .PSI led losses,
falling as much as 1.6% after President Duterte extended the
lockdown in the capital until May 15. "The almost two-week extension will likely cripple Q2 GDP
further as roughly 74% of the economy remains on home
quarantine," ING analysts said.
Conglomerate Aboitiz Equity AEV.PS fell as much as 4.6%,
while hotel operator Bloomberry Resorts BLOOM.PS fell 3.5%.
Malaysia .KLSE shed as much as 1%, after the government
extended movement restrictions in the country until May 12,
which is likely to arrest economic activity. Telecom company Digi.Com DSOM.KL lost as much as 4%,
hitting a more than two-week low, while oil and gas retailer
Petronas Dagangan PETR.KL weakened about 3.3%.
Singapore's Straits Times Index .STI declined as much as
1.6% to a near three-week low and is on track to post its
biggest weekly loss since April 3.
Jardine Matheson Holdings JARD.SI tumbled as much as 5.3%,
while Singapore Telecommunications STEL.SI fell over 2%.
Earlier in the week, the city-state too announced a lockdown
extension until June 1.
Meanwhile, Thai stocks .SETI rose as much as 0.4%. The
benchmark is on track to post its fourth consecutive weekly
gain.
Insurer Premier Enterprise PE.BK jumped 50%, while
stainless steel products maker Thai-German Products TGPRO.BK
climbed 25%.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0412 GMT
Change on the day
Market Current Previous Pct Move
close
Singapore 2521.79 2542.37 -0.81
Bangkok 1275.96 1272.53 0.27
Manila 5539.6 5599.55 -1.07
Jakarta 4562.116 4593.554 -0.68
Kuala Lumpur 1374.49 1381.64 -0.52
Ho Chi Minh 772.37 773.91 -0.20
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2521.79 3222.83 -21.75
Bangkok 1275.96 1579.84 -19.23
Manila 5539.6 7,815.26 -29.12
Jakarta 4562.116 6,299.54 -27.58
Kuala Lumpur 1374.49 1588.76 -13.49
Ho Chi Minh 772.37 960.99 -19.63