February 28, 2020 / 5:43 AM / a month ago

SE Asia Stocks-Pandemic anxiety drags markets into correction territory

    * New infections fall in China but rise elsewhere 
    * The Philippine index poised for worst week since Sept 2011
    * Singaporean shares set for worst week since Oct 2018 
    * China's Feb factory PMI seen at lowest since 2009 -
Reuters poll

    By Pranav A K
    Feb 28 (Reuters) - Southeast Asian stocks tumbled on Friday,
with Indonesian shares diving nearly 4%, as investors
feared the coronavirus might develop into a pandemic and trigger
global recession. 
    New infections rapidly spread around the world with
countries stockpiling medical supplies and preparing emergency
responses, shattering hopes that the epidemic would be contained
to China and economic activity would return to normal.
   
    Investors braced for an impact on economic growth with
global shares heading for the worst week since the financial
crisis in 2008.   
    Indonesia and Thai indexes dropped more than 10%
from their peaks hit last week, with Jakarta also on track for
its worst month since the global financial crisis. 
    In the Indonesian benchmark, Bank Central Asia
fell 4%, while Bank Mandiri (Persero) lost 7.5%.    
    Thai shares were on track for their worst week since
October 2008, with heavyweights Bangkok Commercial Asset
Management and Delta Electronics Thailand
both diving nearly 10%.     
    "Feb data from across Asia is coming through soon ...
against that backdrop I can't see anyone wanting to be brave
enough to go: Yeah, we'll buy the dip at this stage," said
Jeffrey Halley, senior market analyst at OANDA.     
    Activity in China's manufacturing sector in February
probably shrank at the fastest pace since the global financial
crisis, a Reuters poll showed, as the epidemic took an
excruciating economic toll on Chinese factories. China will
release its key data this weekend.   
    Markets saw heaving selling regionwide, with the Manila
exchange poised for its worst week since September 2011.
    Malaysian shares fell to their weakest since
December 2011, with Petronas Chemicals slumping to its
lowest in more than four years.
    Energy and consumer stocks weighed on the Vietnam benchmark
, while industrials and financials pressured Singaporean
shares, to set both indexes on track for their worst week
since October 2018. 
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As at 0425 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3032.67   3111.7          -2.54
 Bangkok                1346.88   1395.08         -3.45
 Manila                 6816.38   6967.84         -2.17
 Jakarta                5318.415  5535.694        -3.93
 Kuala Lumpur           1483.4    1505.59         -1.47
 Ho Chi Minh            879.28    898.44          -2.13
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3032.67   3222.83         -5.90
 Bangkok                1346.88   1579.84         -14.75
 Manila                 6816.38   7,815.26        -12.78
 Jakarta                5318.415  6,299.54        -15.57
 Kuala Lumpur           1483.4    1588.76         -6.63
 Ho Chi Minh            879.28    960.99          -8.50
 
 (Reporting by A K Pranav; Editing by Sherry Jacob-Phillips)
  
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