* Outbreak could slash global GDP growth by 0.1% to 0.4% -
ADB
* Singapore share hit over 1-yr low
* Philippines, Thailand end nearly 2% lower
(Updates third bullet, closing levels for Singapore in
paragraph 8, Indonesia in paragraph 13, and in table)
By Shruti Sonal
March 6 (Reuters) - Southeast Asian stock markets ended
sharply lower on Friday on fears of a global economic slowdown
due to the fast-spreading coronavirus, with Singapore shares
closing at their lowest in more than a year.
Broader Asian markets tracked Wall Street lower as deaths
from the virus rose outside of China, taking the worldwide toll
to more than 3,200.
"What was initially seen as a China-centric shock is now
certainly a global concern," said Westpac senior economist
Elliot Clarke.
The Asian Development Bank said the outbreak could cut
global gross domestic product growth by 0.1% to 0.4% this year.
Adding to worries, S&P Global Ratings flagged a slowdown in
growth in the Asia-Pacific region to 4% in 2020, the lowest
since the global financial crisis, with Singapore and Thailand
among the worst-hit. Financials across Southeast Asia were in the red, as further
rate cuts seemed likely in a bid to shield economies from the
impact of the outbreak.
"We are just at the start of the rate-cut cycle and entering
an uncharted territory. Banks, which are heavyweights in most
countries, are likely to face the brunt of the cuts and drag
down indexes," said Joel Ng, a Singapore-based analyst at KGI
Securities.
The Singapore benchmark index .STI closed down 1.9% to
touch its lowest since October 2018 amid mounting fears of a
recession, which led ING analysts to cut their forecast for
annual economic growth to 0.3% from 1%.
"We think a couple of quarters of GDP contraction, both on a
yearly and quarterly basis, now look inevitable. Accordingly, we
see -0.3% and -0.5% year-on-year fall in the first and second
quarters, respectively," they said.
DBS Group Holdings DBSM.SI , Southeast Asia's largest
lender, shed more than 2% to hit its lowest level in more than a
year.
Thai stocks .SETI slipped nearly 2%, with index
heavyweight Siam Commercial Bank SCB.BK hitting its lowest
since July 2010.
The tourism-dependent economy's first-quarter economic
performance will 'not be good' as the coronavirus outbreak hurts
activity, a government official said on Friday. The Philippine benchmark .PSI slid 1.7%, while Indonesian
equities .JKSE closed 2.5% lower.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2960.98 3018.27 -1.90
Bangkok 1364.57 1390.83 -1.89
Manila 6770.38 6884.77 -1.66
Jakarta 5498.54 5638.13 -2.48
Kuala Lumpur 1483.1 1491.03 -0.53
Ho Chi Minh 891.44 893.31 -0.21
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2960.98 3222.83 -8.12
Bangkok 1364.57 1579.84 -13.63
Manila 6770.38 7,815.26 -13.37
Jakarta 5498.54 6,299.54 -12.72
Kuala Lumpur 1483.1 1588.76 -6.65
Ho Chi Minh 891.44 960.99 -7.24