June 10, 2020 / 6:49 AM / a month ago

SE Asia Stocks-Philippines, Indonesia plunge as stimulus, COVID concerns weigh

    By Arundhati Dutta
    June 10 (Reuters) - Philippine stocks sank more than 3% on
Wednesday as investors worried a proposed $26 billion stimulus
package was running into political trouble, while Indonesian
markets plunged after a surge in the number of new coronavirus
cases. 
    The Philippines main index fell to its lowest in
nearly a decade in March, as it joined dozens of countries in
imposing a strict lockdown. It has gained back about 60% since
as the measures were eased and markets globally recovered.
    The latest signs on the domestic economy showed imports and
exports both sinking by more than 50% in April, an indication of
the scale of the collapse in output under the lockdowns.
    Local media here
 also reported that the Department of Finance (DOF) had judged a
proposed 1.3 trillion peso ($26.09 billion) stimulus package
which has already been passed by the House of Representatives
was "unconstitutional".
    "This (selling) is healthy. Everyone is waiting for the
correction. We need a breather," said Luis Limlingan of Regina
Capital, referring to Philippine markets.
    Financial stocks such as Security Bank Corp and
BDO Unibank Inc were among the top losers on the index.
    In Indonesia, the daily coronavirus case count breached the
1,000 mark for the first time, sending the benchmark
down more than 2.4%, with financials accounting for over half
the losses. PT Bank Central Asia Tbk fell
2%. 
    "There are some concern that Indonesia could face a second
wave in number of cases, " said Andry E. Taneli, a portfolio
manager at Ciptadana Asset Management in Jakarta. 
    "Indonesian stocks have gained around 13% in the past two
weeks, so I expect to see some correction."
    Singapore, Thai and Vietnamese markets
all tracked bigger global markets to trade in positive territory
for the day, up by between 0.2% and 0.7%.
       
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SOUTHEAST ASIAN STOCK MARKETS AS T 0605 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2799.52       2794.17      0.19
  Bangkok          1417.84       1408.37      0.67
  Manila           6439.37       6583.84      -2.19
  Jakarta          4912.748      5035.055     -2.43
  Kuala Lumpur     1573.38       1575.16      -0.11
 Ho Chi Minh       901.09        899.43       0.18
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2799.52       3222.83      -13.13
  Bangkok          1417.84       1579.84      -10.25
  Manila           6439.37       7,815.26     -17.61
  Jakarta          4912.748      6,299.54     -22.01
  Kuala Lumpur     1573.38       1588.76      -0.97
  Ho Chi Minh      901.09        960.99       -6.23
 

 (Reporting by Arundhati Dutta in BENGALURU; Editing by Patrick
Graham)
  
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