* Singapore shares drop to the lowest level since April-end
* Sime Darby Plantations top loser in Malaysian index
By Pranav A K
May 14 (Reuters) - Most Southeast Asian stock markets fell
on Thursday as fears of a delay in economic recovery due to
rising coronavirus cases in countries easing lockdowns were
exacerbated by dour outlook from the U.S. Federal Reserve
chairman.
All three major U.S. stock indexes ended lower overnight
after Fed Chair Jerome Powell warned of an "extended period" of
weak economic growth, pointing to uncertainty over how well
future outbreaks of the virus can be controlled. .N
"Warnings of prolonged economic weakness by Fed chair Jerome
Powell further dampened sentiment this week, weighing on Wall
Street and likewise to drag Asia markets lower into the end of
week," said Jingyi Pan, market strategist at IG.
Shares in Singapore .STI , a bellwether for global trade,
fell 1.4% to their lowest level since April 27. Consumer stocks dominated the losses, with agri-business
group Wilmar International WLIL.SI falling 2.3%, while Resort
operator Genting Singapore GENS.SI slipped 2% after quarterly
earnings tumbled.
Adding to worries over the pandemic, the World Health
Organization said the coronavirus may never go away.
The Philippine index .PSI dropped 0.8%, set for a third
straight session of losses.
The country's government said on Wednesday gross domestic
product is expected to decline 2% to 3.4% this year, the first
contraction in more than two decades. Shares of conglomerate GT Capital GTCAP.PS dropped 3.1%,
while those of Ayala Corp AC.PS were trading 2.8% lower after
it posted a 17% drop in first-quarter profit.
In Malaysia, the benchmark .KLSE edged 0.3% lower after
data showed on Wednesday the economy will contract in the second
quarter as the coronavirus hits exports and domestic demand.
Among top losers were palm oil planter Sime Darby Plantation
Bhd SIPL.KL , which slid 3.1%, and Malaysia Airports MAHB.KL
down 2.8%.
For Asian Companies click; MARKETS AS AT
0340 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2537.23 2572.01 -1.35
Bangkok 1281.75 1294.55 -0.99
Manila 5578.72 5626.25 -0.84
Jakarta 4556.198 4554.359 0.04
Kuala Lumpur 1392.85 1397.13 -0.31
Ho Chi Minh 830.02 834.21 -0.50
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2537.23 3222.83 -21.27
Bangkok 1281.75 1579.84 -18.87
Manila 5578.72 7,815.26 -28.62
Jakarta 4556.198 6,299.54 -27.67
Kuala Lumpur 1392.85 1588.76 -12.33
Ho Chi Minh 830.02 960.99 -13.63