* Singapore shares hit near 3-week low
* Singapore Airlines tumbles to more than two-decade low
* Philippine shares snap two days of gains
By Pranav A K
May 14 (Reuters) - Most Southeast Asian stock markets fell
on Thursday as worries over a prolonged global economic recovery
from the damages caused by COVID-19 pandemic were exacerbated by
the World Health Organization's warning that the virus may never
go away.
The World Health Organization said on Wednesday the new
coronavirus that causes the COVID-19 disease could become an
endemic like HIV and may never go away. "Asia today is a sea of red, although like yesterday, it is
not reflecting the extent of the Wall Street retreat," said
Jeffrey Halley, Senior Market Analyst at OANDA.
In trade bellwether Singapore, stocks .STI fell 1.9% to
their lowest level since April 24.
The benchmark extended losses for a third session, dragged
down by national carrier Singapore Airlines SIAL.SI , which
tumbled as much as 7.5% in heavy volume to its lowest since
October, 1998 ahead of results.
The national carrier later on Thursday reported its
first-ever annual loss. Thai index .SETI fell for a second straight session on
Wednesday, closing down 1.1%.
Optimism over the second phase of easing the country's
lockdown seems to be fading after much of the news has already
been priced in, while fears about a second wave of virus
infections grow after a resurgence of new cases in many
countries, analysts at Phillip Securities said in a note.
"Further adding to the market's bearish tone is a weak
first-quarter earnings season as earnings results from most of
the companies that have reported so far look dismal."
Thai hotel operator Central Plaza Hotel CENTEL.BK fell
3.1% after reporting a quarterly loss, compared with a year-ago
profit, while Pruksa Holding PSH.BK slipped up to 2.8%, a day
after profit dropped in the first quarter.
Philippine stocks .PSI snapped two straight sessions of
losses to close half a percent higher.
Investors parked funds into the Philippine market as they
grappled with regional downbeat remarks from the U.S. Fed Chair,
along with worries over the market's valuation, Luis Limlingan,
managing director at Regina Capital Development Corp, said.
The biggest boosts to the index SM Prime Holdings SMPH.PS
and Globe Telecom GLO.PS jumped 7.2% and 3.1%, respectively.
The Indonesian benchmark .JKSE also closed lower, dented
by financials.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2522.31 2572.01 -1.93
Bangkok 1280.4 1294.55 -1.09
Manila 5654.7 5626.25 0.51
Jakarta 4513.834 4554.359 -0.89
Kuala Lumpur 1397.25 1397.13 0.01
Ho Chi Minh 832.4 834.21 -0.22
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2522.31 3222.83 -21.74
Bangkok 1280.4 1579.84 -18.95
Manila 5654.7 7,815.26 -27.65
Jakarta 4513.834 6,299.54 -28.35
Kuala Lumpur 1397.25 1588.76 -12.05
Ho Chi Minh 832.4 960.99 -13.38