* Coronavirus-related infections in China hit 440, with nine
dead
* Vietnam stocks hit highest close in two months
* Energy stocks drag Indonesia marginally lower
By Soumyajit Saha
Jan 22 (Reuters) - Most Southeast Asian markets were subdued
on Wednesday ahead of a World Health Organisation meeting on a
virus outbreak in China - the region's biggest trading partner,
while Malaysian stocks dropped after the central bank flagged
growth-related risks.
The coronavirus spread from Wuhan in central China to
several other cities and abroad, just as millions of people
prepared to travel for the Lunar New Year between Jan. 24 and
31. The outbreak also shook global financial markets as
investors recalled China's Severe Acute Respiratory Syndrome
(SARS) epidemic in 2002-2003, a coronavirus outbreak that killed
nearly 800 people.
The World Health Organization is set to determine whether
the virus outbreak is an international public health emergency
in a meeting on Wednesday.
Sentiment across Malaysian equities dipped further after the
central bank said downside risks to growth remained, after it
unexpectedly cut its key interest rate MYINTR=ECI .
"We believe the sell-off is mostly a knee-jerk reaction to
the rate cut, as even though the cut was expected no one
expected it to come as early as January," said Imran Yusof,
senior analyst at Kuala Lumpur-based MIDF research.
Heavyweight lenders Public Bank PUBM.KL and Hong Leong
Bank HLBB.KL ended down 2.4% and 3.6%, respectively.
Vietnam stocks .VNI hit their highest close in over two
months, with heavyweights Vinhomes JSC VHM.HM and Joint Stock
Commercial Bank for Investment and Development of Vietnam
BID.HM ending 2.2% and 2.8% firmer, respectively.
The strong performance of the banking sector and European
Union backing for a trade deal with Vietnam has benefited the
index, said Tran Minh Hoang, chief economist at Vietcombank
Securities.
European Union lawmakers gave initial backing on Tuesday for
a free trade agreement struck with Vietnam, the bloc's most
comprehensive such pact with a developing country. Banking and real-estate sectors helped the Singapore .STI
index close slightly firmer.
Lender DBS Group Holdings DBSM.SI advanced 0.4%, while
real estate developer Capitaland Ltd CATL.SI closed 1.3%
firmer.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 3253.93 3247.17 0.21
Bangkok 1574.59 1574.94 -0.02
Manila 7468.73 7466.65 0.03
Jakarta 6233.453 6238.153 -0.08
Kuala Lumpur 1577.98 1587.33 -0.59
Ho Chi Minh 991.46 986.37 0.52
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 3253.93 3222.83 0.96
Bangkok 1574.59 1579.84 -0.33
Manila 7468.73 7,815.26 -4.43
Jakarta 6233.453 6,299.54 -1.05
Kuala Lumpur 1577.98 1588.76 -0.68
Ho Chi Minh 991.46 960.99 3.17