* Vietnam marks worst day since March 30
* Malaysia's worst session in over four weeks
By Nikhil Subba
April 21 (Reuters) - Southeast Asia markets closed lower led
by Vietnam stocks on Tuesday, rattled by a historic crash in
U.S. oil prices that laid bare the disruption caused by the
coronavirus pandemic.
The plunge, which pressured global markets, was a result of
a storage squeeze which turned holders of U.S. crude contracts
expiring later on Tuesday to forced sellers. This amid a lack of
demand for oil as countries around the world observe lockdowns
to curb the spread of the coronavirus. O/R
"The impact of negative oil means different things for
different Asian economies - but if you have to generalize, it
isn't great news," Robert Carnell, regional head of research,
Asia-Pacific at ING, wrote in a note.
Such a big negative deviation from the optimal price of oil
will likely weigh heavily on demand for Asia's exports, he
added.
Adding to the risk-off sentiment, the World Health
Organization warned that any lifting of lockdowns must be
gradual, otherwise it would lead to a resurgence of infections.
The Southeast Asia region experienced broad losses with
Vietnam's main index .VNI settling 3.5% down - its lowest
close since April 13 and worst day since March 30.
Vietcombank VCB.HM closed nearly 1% down after the
commercial lender posted a 11.2% fall in first quarter
profit.
The Philippines .PSI ended 2.5% lower, bogged down by
industrials and consumer stocks.
Alliance Global Group AGI.PS declined 6.7% at close, while
JG Summit tumbled 6.2%.
Malaysian stocks .KLSE closed the session 2.2% down, its
worst day since March 23.
Petronas Chemicals Group PCGB.KL finished 7.3% lower,
while Hartalega Holdings HTHB.KL shed 5.5%.
Meanwhile, Singapore .STI and Indonesia .JKSE both
closed about 1.6% lower.
Singapore's Sembcorp Industries SCIL.SI slid 4.4%, while
Tourindo Guide Indonesia PGJO.JK finished about 8% down.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous close Pct Move
Singapore 2551.92 2597.85 -1.77
Bangkok 1252.92 1266.4 -1.06
Manila 5592.25 5733.65 -2.47
Jakarta 4501.919 4575.905 -1.62
Kuala Lumpur 1381.73 1413.12 -2.22
Ho Chi Minh 766.84 794.97 -3.54
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2551.92 3222.83 -20.82
Bangkok 1252.92 1579.84 -20.69
Manila 5592.25 7,815.26 -28.44
Jakarta 4501.919 6,299.54 -28.54
Kuala Lumpur 1381.73 1588.76 -13.03
Ho Chi Minh 766.84 960.99 -20.20