* Philippines index clocks biggest daily loss on record
* Indonesian c. bank cuts GDP growth forecast for year
* Philippines c. bank rate cut exceeds expectations
* Singapore ends lower for seventh consecutive session
By Arpit Nayak
March 19 (Reuters) - The Philippines stock market clocked
its biggest one-day loss in history on Thursday, after trading
resumed following a two-day hiatus, while other Southeast Asian
markets also racked up losses on deepening worries over the
coronavirus pandemic.
The Philippine stock exchange .PSI fell more than 13%,
hitting its lowest in more than eight years, even as it recouped
some losses after diving as much as 24.3%.
Across broader Asia, stocks, gold, commodities were sold
off, and developed and emerging market bond yields spiked as
firms and brokers liquidated their holdings and scrambled to
shore up hard cash to fund operations. The rush for dollars, the most widely traded currency
globally, boosted its strength, hitting Asian emerging market
currencies.
"The Dollar's remarkable surge is sending many
emerging-Asian currencies to multi-year lows, with the latter
having little to push back with amidst the heightened risk of a
global recession, which would lay bare Asia's economic
vulnerabilities," said Han Tan, market analyst at FXTM.
The Indonesian index .JKSE dropped as much as 5.2% -
triggering its fourth circuit breaker in six sessions - while
the offshore rupiah IDR= slid 4.6% to its lowest since 1998.
The Indonesian central bank cut its economic growth forecast
for the year in view of the financial impact of the virus, while
cutting its benchmark interest rate by 25 basis points as
expected. Meanwhile, the Philippine central bank cut its benchmark
interest rate by 50 basis points, which was bigger than
expected. Singapore equities .STI lost 4.7% to end lower for a
seventh straight session while Malaysian shares .KLSE eased
1.6%.
Malayisa's central bank lowered its statutory reserve ratio
by 100 basis point in a bid to shore up liquidity, while the
country enforces a two-week partial lockdown. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2,311 2,425.62 -4.73
Bangkok 1,044.19 1,048.15 -0.38
Manila 4,623.42 5,335.37 -13.34
Jakarta 4,105.422 4,330.674 -5.20
Kuala Lumpur 1,219.72 1,239.01 -1.56
Ho Chi Minh 725.94 747.66 -2.91
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2,311 3,222.83 -28.29
Bangkok 1,044.19 1,579.84 -33.91
Manila 4,623.42 7,815.26 -40.84
Jakarta 4,105.422 6,299.54 -34.83
Kuala Lumpur 1,219.72 1,588.76 -23.23
Ho Chi Minh 725.94 960.99 -24.46