* China cuts benchmark interest rate to support virus-hit
economy
* Thai index at lowest since Nov 2016
* Indonesia and Malaysia stocks trade flat
By Arundhati Dutta
Feb 20 (Reuters) - Stocks in Thailand and Singapore led
declines in Southeast Asia on Thursday amid concerns that the
coronavirus epidemic is yet to be contained and over its
economic impact, despite Chinese stimulus measures to cushion
the strain of the outbreak.
Economies of Singapore and Thailand have suffered from the
epidemic, with Singapore lowering its 2020 growth forecast and
Thailand flagging a slump in tourist numbers this year.
China reported a large drop in new coronavirus cases but
that came along with a jump in infections in South Korea, two
apparent deaths in Japan and researchers finding that the virus
spreads more easily than previously believed. As widely expected, China cut its benchmark lending rate on
Thursday to support its virus-hit economy.
Leading declines in the region, Thai shares .SETI slumped
as much as 1.4% to their lowest since Nov. 22, 2016.
The Airports Of Thailand AOT.BK , the biggest laggard in
the index, tumbled up to 8% after the airport operator flagged a
5% decrease in full-year revenue as a fallout of the virus.
Thailand's bleak outlook for 2020 economic growth was also
adding to woes, according to Mongkol Puangpetra, Head of
Research at KTB Securities (Thailand).
Singaporean stocks .STI dropped as much as 0.6%, with
financials posting heavy losses. United Overseas Bank UOBH.SI
and DBS Group Holdings DBSM.SI declined up to 0.9% and 0.8%
respectively.
"It's risk-off today. Concerns about the coronavirus are
surfacing again," said Linus Loo, Head of Research at Lim & Tan
Securities.
Last week, DBS Group had flagged a 2% reduction in full-year
revenue due to the virus impact, which was keeping markets
cautious about buying-in financial stocks, according to Loo.
Indonesian stocks .JKSE were trading flat ahead of the
central bank's policy decision, while the Malaysian index
.KLSE was also subdued. On the upside, the Philippine index .PSI gained as much as
0.9%, with big-cap conglomerates SM Investments SM.PS and
Ayala Land ALI.PS adding up to 2% and 1%, respectively.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0515 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3197.32 3213.71 -0.51
Bangkok 1493.4 1505.54 -0.81
Manila 7462.83 7396.94 0.89
Jakarta 5935.434 5928.791 0.11
Kuala Lumpur 1533.94 1534.16 -0.01
Ho Chi Minh 931.68 928.76 0.31
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3197.32 3222.83 -0.79
Bangkok 1493.4 1579.84 -5.47
Manila 7462.83 7,815.26 -4.51
Jakarta 5935.434 6,299.54 -5.78
Kuala Lumpur 1533.94 1588.76 -3.45
Ho Chi Minh 931.68 960.99 -3.05