* Most markets end over 6% lower
* Singapore falls most in over 11 years
* Malaysia hits over 8-yr low
* Oil prices crash most since 1991
By Shruti Sonal
March 9 (Reuters) - Singapore shares fell the most in more
than 11 years on Monday, leading a broad tumble in Southeast
Asian stocks, as fears over the economic impact of the
coronavirus epidemic and a crash in oil prices triggered a steep
sell-off.
Oil prices plunged as much as 31.5% - the most since 1991 -
after Saudi Arabia started a price war following Russia's
refusal to agree to a further steep cut in oil output. O/R
Broader Asian markets .MIAPJ0000PUS fell 4.4% in their
worst day since August 2015 as the number of people infected
with the coronavirus topped 110,000 across the world, with the
outbreak reaching more countries and causing more economic
damage. "The market continues to be fear- and headline-driven, and
it is difficult to imagine a durable and broad-based recovery in
risk sentiments soon," Vishnu Varathan, a senior economist at
Mizuho Bank, said in a note to clients.
Oil- and coronavirus-driven risks are likely to deepen the
sell-off in Asian markets, he added.
Denting sentiment further, exports in China - the region's
biggest trading partner - contracted sharply in the first two
months of the year and it ran a trade deficit for the period.
Singapore, Thailand, Philippines, Indonesia and Vietnam
ended the day more than 6% lower.
Thai stocks .SETI dived 8% in their worst intraday session
since December 2014, with oil and gas giant PTT PCL PTT.BK
plunging nearly 30%.
Singapore bourse .STI ended 6% down in its worst session
since October 2008. Petrochemical firm Sembcorp Industries
SCIL.SI tumbled nearly 10% to hit a more than 15-year low.
Malaysian equities .KLSE fell 4.1% to hit a more than
eight-year low. Petronas Chemicals Group PCGB.KL , unit of
Malaysia's state-owned energy firm Petroliam Nasional PETR.UL ,
dropped more than 22% to a record low.
Financial stocks across the region fell, as the double shock
from the virus and slide in oil prices meant more stimulus
measures from global central banks.
Analysts are expecting another rate cut by the U.S. Federal
Reserve at its scheduled policy meeting on March 18, while the
European Central Bank will also be under intense pressure to act
at its meeting on Thursday. The Philippine benchmark .PSI shed over 6.8% to hit its
lowest since Jan. 2016, hurt by financials and energy stocks.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2782.37 2960.98 -6.03
Bangkok 1255.94 1364.57 -7.96
Manila 6312.61 6770.38 -6.76
Jakarta 5136.809 5498.54 -6.58
Kuala Lumpur 1424.16 1483.1 -3.97
Ho Chi Minh 835.49 891.44 -6.28
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2782.37 3222.83 -13.67
Bangkok 1255.94 1579.84 -20.50
Manila 6312.61 7,815.26 -19.23
Jakarta 5136.809 6,299.54 -18.46
Kuala Lumpur 1424.16 1588.76 -10.36
Ho Chi Minh 835.49 960.99 -13.06