May 13, 2020 / 10:07 AM / 19 days ago

SE Asia Stocks-Most markets slip as virus resurgence fears deepen, Indonesia leads losses

    * Malaysia Q1 GDP expands more than expected
    * Philippine and Singapore stocks extend losses 
    * Indonesia reports biggest daily rise in COVID-19 cases

    By Pranav A K
    May 13 (Reuters) - Most Southeast Asian stock markets
slipped on Wednesday as investors worried that lifting of
coronavirus lockdowns could lead to a second wave of infections
and set back economic recovery, while Malaysian market was
boosted by a better-than-expected quarterly GDP growth.
    Investor sentiment was hit after a leading U.S. infectious
disease expert warned on Tuesday that a premature lifting of
restrictions could lead to additional outbreaks of the novel
     The Indonesian index was the worst performer in the
region, slipping 0.8%, with all major sectors in the red on
broad-based selling.
    Indonesia's Rupiah firmed against the dollar on
Wednesday, "which implies that the move lower in equities in
Jakarta is part of a general Asian pull-back," said Jeffrey
Halley, market analyst at OANDA.
    Real estate company Roda Vivatex dropped 7%, while
media conglomerate Elang Mahkota Teknologi lost 6.9%.
    Indonesia also reported its biggest daily rise in
coronavirus infections with 689 new cases on Wednesday.

    In Singapore, the benchmark index fell 0.6%, 
extending losses to a second consecutive session. Consumer
services and utility stocks largely underpinned losses.
    Philippine stocks extended losses and closed nearly
0.5% lower after the government said the economy's contraction
this year could be greater than earlier predicted.
    At odds with the regional trend, Malaysian stocks
jumped 1.3% to their highest level in nearly two weeks as the
economic growth in the first quarter beat expectations. However,
it will likely contract in April-June as the COVID-19 pandemic
hits exports and domestic demand.
    The rise in gross domestic product of 0.7% was below the
3.6% growth in the fourth quarter, and this drop "sets the
economy on the path of a recession, probably deeper than the
GFC," said Prakash Sakpal, Asia economist at ING.
    The Malaysian index was lifted by healthcare stocks due to a
rise in demand for medical supplies owed to the pandemic, with
the world's biggest medical gloves maker, Top Glove Corp Bhd
, surging up to 17% to hit an all-time high.
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 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2,572.01  2,587.81        -0.61
 Bangkok                1,294.55  1,299.69        -0.40
 Manila                 5,626.25  5,651.67        -0.45
 Jakarta                4,554.35  4,588.734       -0.75
 Kuala Lumpur           1,397.13  1,379.93        1.25
 Ho Chi Minh            834.21    835.32          -0.13
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2,572.01  3,222.83        -20.19
 Bangkok                1,294.55  1,579.84        -18.06
 Manila                 5,626.25  7,815.26        -28.01
 Jakarta                4,554.35  6,299.54        -27.70
 Kuala Lumpur           1,397.13  1,588.76        -12.06
 Ho Chi Minh            834.21    960.99          -13.19

 (Reporting by A K Pranav in Bengaluru; Editing by Vinay
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