* Singapore sees worst day since Oct 2008
* Singapore enforces ban on short-term visitors
* Thailand custom-cleared exports for Feb set to show
decline
By Arpit Nayak
March 23 (Reuters) - Southeast Asian stock markets fell on
Monday and Singapore marked its worst day in over 11 years as
lockdowns and travel curbs to stem the spread of the coronavirus
pandemic stoked fears of a likely recession.
While nations imposed stricter restrictions on movement,
central banks in the region have adopted a range of measures to
boost liquidity and spur growth in markets but their efforts
have paled in comparison to the speed of the virus' spread and
the economic toll. Meanwhile, following Wall Street's worst week since 2008,
E-Mini futures for the S&P 500 ESc1 dived 5% at the open to
hit their downlimit. "Markets are beginning to price in recession scenarios as
aggressive fiscal and monetary stimulus misfire," analysts at
ING said in a note.
"The futures are pointing to (the) start of yet another week
of market sell-off."
Singaporean shares .STI plunged 8.4% to hit their lowest
since May 2009.
The country sealed off its borders from short-term visitors
in a bid to conserve resources for citizens returning from other
countries, a day after reporting its first deaths from the
virus. Adding to woes, Malaysia's ongoing travel ban could cause
labour shortages for Singapore with daily commuters barred from
the city-state.
Malaysian stocks .KLSE fell as much as 4.7%, amid a
two-week partial lockdown in the country.
Malaysia deployed its army to enforce curbs on travel after
the country recorded the region's highest number of coronavirus
cases. The Philippine index .PSI tumbled 5.6% after seeing its
worst week since the 2008 financial crisis last week.
Property developer SM Prime Holdings SMPH.PS and lender
BDO Unibank BDO.PS eased 10% and 9%, respectively.
The energy-heavy Thai bourse .SETI lost 7.5% as oil prices
suffered a steep decline. O/R
The trade reliant nation is set to release data for
customs-based exports later in the day which will likely take a
hit due to the virus.
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SOUTHEAST ASIAN STOCK MARKETS as at 0337 GMT
Change on the
day
Market Current Previous Pct Move
close
Singapore 2,234.08 2,410.74 -7.33
Bangkok 1,060.66 1,127.24 -5.91
Manila 4,631.06 4,778.76 -3.09
Jakarta 4,047.782 4,194.944 -3.51
Kuala Lumpur 1,270.87 1,303.28 -2.49
Ho Chi Minh 671.1 709.73 -5.44
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2,234.08 3,222.83 -30.68
Bangkok 1,060.66 1,579.84 -32.86
Manila 4,631.06 7,815.26 -40.74
Jakarta 4,047.782 6,299.54 -35.74
Kuala Lumpur 1,270.87 1,588.76 -20.01
Ho Chi Minh 671.1 960.99 -30.17