* Malaysia says virus infection curve flattening
* Singapore falls for second straight day
By Arundhati Dutta
April 2 (Reuters) - Markets in Singapore and the Philippines
fell on Thursday, tracking their peers in the United States on
persisting fears about the coronavirus' spread and a recession,
while Malaysian shares rose on reports of a slowing rate of new
infections.
Wall Street slumped overnight after U.S. President Donald
Trump warned Americans of a "painful" two weeks ahead, with a
mounting death toll in the country that could stretch into the
hundreds of thousands. .N "Difficult days are ahead for our nation," Trump told
reporters at the White House on Wednesday. "We're going to have
a couple of weeks, starting pretty much now, but especially a
few days from now, that are going to be horrific."
In Singapore, the benchmark index .STI fell for a second
straight day, losing up to 2%. Heavyweight financials United
Overseas Bank Ltd UOBH.SI and DBS Group Holdings Ltd DBSM.SI
shed as much as 2.5% and 1.8%, respectively.
The city-state reported 74 new cases on Wednesday, bringing
the total tally to 1,000. Philippine shares .PSI lost up to 2.8%, with index
heavyweights SM Investments SM.PS and Ayala Land ALI.PS
slipping as much as 3.3% and 2.9%, respectively.
However, hopes of a re-emerging China have kept heavy losses
at bay for regional markets, according to Jeffrey Halley, market
analyst at OANDA.
China's factory activity improved in March after plunging a
month earlier, a private survey showed on Wednesday.
Malaysian equities .KLSE climbed as much as 0.7%, with big
cap electricity utility co Tenaga Nasional TENA.KL rising
0.5%.
The rate of new infections in Malaysia appears to be slowing
amid month-long curbs on movement, a senior health official said
on Wednesday.
Thai stocks .SETI gained as much as 1% as energy shares
rallied, while sector leaders PTT Pcl PTT.BK and PTT
Exploration and Production PTTEP.BK also aided the index.
Vietnamese markets .VNI were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0358 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2419.77 2440.27 -0.84
Bangkok 1114.9 1105.51 0.85
Manila 5262.17 5408.52 -2.71
Jakarta 4473.769 4466.037 0.17
Kuala Lumpur 1331.63 1322.66 0.68
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2419.77 3222.83 -24.92
Bangkok 1114.9 1579.84 -29.43
Manila 5262.17 7,815.26 -32.67
Jakarta 4473.769 6,299.54 -28.98
Kuala Lumpur 1331.63 1588.76 -16.18