February 28, 2020 / 11:15 AM / a month ago

REFILE-SE Asia Stocks-Collapse as virus grips markets; Thailand, Singapore sink

 (Refiles to add dropped article in lede)
    * Nations on 3 continents report first cases of coronavirus
    * Thailand shares posted their worst weekly drop since 2008
    * Malaysia's c.bank expected to cut interest rate - Reuters
poll

    By Pranav A K
    Feb 28 (Reuters) - Southeast Asian stock markets dived on
Friday and Thailand's stocks recorded their worst week since the
2008 financial crisis, as the fast-spreading coronavirus raised
fears of a global economic crisis.
    Countries on three continents reported their first cases of
the coronavirus on Friday as the world prepared for a pandemic
and investors dumped equities.
    The Thai benchmark was the worst hit in the region,
shedding 3.9%, with heavyweights PTT PCL sliding 6.6%
and Airports of Thailand down 4.8%.
    Thailand's central bank said a prolonged outbreak may see
economic growth of less than 1% in 2020. Last year, the economy
grew 2.4%, which was its slowest rate in five years.
    Stock markets in Singapore and the Philippines
recorded their worst weeks since 2011, down 3.2% and 2.6%,
respectively.  
    In Singapore, banking majors DBS Group Holdings
fell 2.9% and Oversea-Chinese Banking Corporation
2.8%.
    Malaysian stocks posted their worst weekly drop
since 2015, further pressured by days of political turmoil after
the surprise resignation of the prime minister. 
    The royal palace rejected on Friday Mahathir Mohamad's plan
for a vote to choose a new prime minister.
    The Bank Negara Malaysia is also expected to cut its
benchmark interest rate at a policy review on Tuesday, a Reuters
poll showed.
    Indonesian shares posted their worst monthly fall 
since 2013, while the rupiah marked its steepest decline in more
than eight years, prompting the central bank to intervene in the
spot market.
    However, shares recovered from sharp losses earlier in the
session to close 1.5% lower. 
    Siantar Top TBK slumped 20%, while Mega Perintis
 tumbled to a record low.
    
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SOUTHEAST ASIAN STOCK MARKETS 
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3011.08   3111.7          -3.23
 Bangkok                1341.76   1395.08         -3.82
 Manila                 6787.91   6967.84         -2.58
 Jakarta                5452.704  5535.694        -1.50
 Kuala Lumpur           1482.64   1505.59         -1.52
 Ho Chi Minh            882.19    898.44          -1.81
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3011.08   3222.83         -6.57
 Bangkok                1341.76   1579.84         -15.07
 Manila                 6787.91   7,815.26        -13.15
 Jakarta                5452.704  6,299.54        -13.44
 Kuala Lumpur           1482.64   1588.76         -6.68
 Ho Chi Minh            882.19    960.99          -8.20
 
 (Reporting by A K Pranav; Editing by Arun Koyyur)
  
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