* Indonesia c.bank cuts rates, lowers 2020 growth forecast
* Thailand hits over 3-yr closing low
By Arundhati Dutta
Feb 20 (Reuters) - Shares in coronavirus-hit economies of
Singapore and Thailand lost footing on Thursday as a sharp jump
in infections outside mainland China overshadowed Beijing's
widely-anticipated interest rate cut.
China on Thursday reported a sharp drop in new virus cases,
however, infections in South Korea jumped, two deaths were
recorded in Japan and research showed that the pathogen was more
contagious than previously believed. Thai shares .SETI fell 1% to a more than three-year low,
with Airports of Thailand AOT.BK , the top drag on the index,
slumping 4.8% after flagging a 5% decline in its full-year
revenue due to the impact of the virus. Last week, Thai authorities said tourist numbers this year
could fall 12% due to the outbreak. The country's central bank
had also warned that economy will grow at a much slower pace
than previously forecast this year.
The bleak outlook for 2020 growth continues to weigh on the
index, said Mongkol Puangpetra, head of research at KTB
Securities (Thailand).
Singaporean shares .STI closed 0.5% lower. Heavyweight
financials United Overseas Bank UOBH.SI and DBS Group Holdings
DBSM.SI shed 0.7% and 0.8%, respectively.
Local media reported https://www.straitstimes.com/singapore/health/coronavirus-3-new-cases-two-linked-to-existing-church-clusters-five-more-patients
that three new cases of the virus were confirmed in the
city-state on Wednesday, bringing the total number of infected
to 84 - one of the highest tallies outside China.
Singapore, one of the countries outside China hit hardest by
the virus, on Tuesday announced around $4.5 billion in financial
packages to help contain outbreak's economic impact.
Indonesian equities .JKSE eked out small gains as the
central bank cut interest rates to support an economy jolted by
a the epidemic, which also prompted Bank Indonesia to lower its
2020 growth outlook.
Earlier in the day, China lowered its benchmark lending
rate, in a widely expected move.
On the upside, shares in Vietnam .VNI ended 1% higher on
the back of real estate stocks.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3198.68 3213.71 -0.47
Bangkok 1491.24 1505.54 -0.95
Manila 7413 7396.94 0.22
Jakarta 5942.487 5928.791 0.23
Kuala Lumpur 1534.98 1534.16 0.05
Ho Chi Minh 938.13 928.76 1.01
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3198.68 3222.83 -0.75
Bangkok 1491.24 1579.84 -5.61
Manila 7413 7,815.26 -5.15
Jakarta 5942.487 6,299.54 -5.67
Kuala Lumpur 1534.98 1588.76 -3.39
Ho Chi Minh 938.13 960.99 -2.38