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SE Asia Stocks-Philippines falls after economic contraction warning

Published 04/27/2020, 01:00 PM
Updated 04/27/2020, 01:10 PM
© Reuters.

© Reuters.

* Singapore rises after five days of falls
* Philippine shares hit three-week lows

By Nikhil Subba
April 27 (Reuters) - Philippine shares fell on Monday
following a warning that the coronavirus pandemic will likely
send the economy into its first annual contraction in more than
two decades this year, while financials helped Singapore rise
after five sessions of losses.
Philippine gross domestic product would likely shrink by
0.2% in 2020 before bouncing back to about 7.7% as policy
support measures gain traction, the central bank governor said
on Saturday. The government expects "Q1 GDP will contract, and this is
what investors are responding to most likely," said Ruben
Asuncion, chief economist at The Union Bank of the Philippines.
The benchmark Philippine stock index .PSI declined as much
as 1.6% to a three-week low. Consumer stocks led the fall, with
conglomerate SM Investments SM.PS shedding 3.4% to its lowest
since March 31, while food and beverage company Universal Robina
Corp URC.PS fell 1.5%.
Indonesian shares .JKSE slipped as much as 0.4%. Both
property developer Nusantara Properti International NATO.JK
and cosmetic products maker Mustika Ratu MRAT.JK fell by 7%.
Singapore's FTSE Straits Times Index .STI led gains in the
region, with a rise of up to 1.5% - its best intraday jump since
April 17.
Market participants were optimistic about the earnings of
lenders ahead of first-quarter results starting later this week.
Analysts say they believe the performance of banks would remain
resilient despite the coronavirus crisis.
DBS Group DBSM.SI , Southeast Asia's largest lender,
climbed 2.5% to a one-week high, while United Overseas Bank
UOBH.SI gained 1.6%.
Thai shares .SETI gained as much as 1.1%, lifted by
industrial and utility stocks.
Airports of Thailand AOT.BK rose 1.7%, while Gulf Energy
Development GULF.BK gained nearly 3.3%.
Malaysian stocks .KLSE strengthened up to 0.5%, helped by
the healthcare and telecom sectors.
Digi.com DSOM.KL gained 2.1% in its best intraday rise in
more than a week, while IHH Healthcare IHHH.KL advanced over
2.1%.
Malaysia will sell 4 billion ringgit ($919.54 million)
government bonds maturing on May 31, 2027, the central bank
said. Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS AS OF 0419 GMT

Change on the day
Market Current Previous close Pct Move
Singapore 2553.58 2518.16 1.41
Bangkok 1263.28 1258.78 0.36
Manila 5419.59 5464.98 -0.83
Jakarta 4485.783 4496.064 -0.23
Kuala Lumpur 1375.78 1369.85 0.43
Ho Chi Minh 778.33 776.66 0.22

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2553.58 3222.83 -20.77
Bangkok 1263.28 1579.84 -20.04
Manila 5419.59 7,815.26 -30.65
Jakarta 4485.783 6,299.54 -28.79
Kuala Lumpur 1375.78 1588.76 -13.41
Ho Chi Minh 778.33 960.99 -19.01

($1 = 4.3500 ringgit)

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