* Asia's economy likely to suffer zero growth in 2020-IMF
* Indonesia down 3.1%, financials weigh
* Singapore & Vietnam recover, close higher
By Arundhati Dutta
April 16 (Reuters) - Most Southeast Asian stock markets
ended lower on Thursday, with the Philippines index plunging 7%,
as dire prospects for the global economy due to the coronavirus
pandemic dented investor sentiment.
Data showed that U.S. retail sales suffered a record drop in
March and output at factories declined by the most in 74 years,
reinforcing fears of a deep recession. Also weighing on risk appetite was the International
Monetary Fund predicting Asia's economy is likely to suffer zero
growth this year for the first time in 60 years. Leading losses, the Philippines benchmark .PSI dove 7.1%
and nearly erased gains added over the past three days.
Real estate conglomerate Ayala Land ALI.PS dropped 11.2%
while bigger peer SM Investments SM.PS shed nearly 5%.
The benchmark's steep fall was due to profit-taking and
tracking of U.S. markets, according to Ruben Carlo O. Asuncion,
chief economist at The Union Bank of the Philippines.
The Philippine central bank cut its benchmark interest rate
by 50 basis points in an off-cycle move on Thursday, after
markets had closed.
Indonesian equities .JKSE slipped 3.1%, and closed at
their lowest level in two weeks.
The financial sector was the top drag on the index. PT Bank
Central Asia Tbk BBCA.JK and PT Bank Mandiri (Persero) Tbk
BMRI.JK lost more than 4%, each.
An overnight plunge in oil prices pushed the energy heavy
Thai index .SETI 2.9% lower. Energy sector heavyweights PTT
Pcl PTT.BK and PTT Exploration and Production Pcl PTTEP.BK
slipped 6.3% and 5.1%, respectively. O/R
On the upside, Singaporean stocks .STI rebounded from
early losses and ended 0.3% higher, helped by gains in big caps
such as Jardine Matheson Holdings JARD.SI .
Vietnamese stocks .VNI see-sawed throughout the session
and closed 0.5% higher.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2612.25 2605.56 0.26
Bangkok 1200.15 1236.1 -2.91
Manila 5525.6 5946.05 -7.07
Jakarta 4480.607 4625.905 -3.14
Kuala Lumpur 1386.53 1387.79 -0.09
Ho Chi Minh 780.7 777.22 0.45
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2612.25 3222.83 -18.95
Bangkok 1200.15 1579.84 -24.03
Manila 5525.6 7,815.26 -29.30
Jakarta 4480.607 6,299.54 -28.87
Kuala Lumpur 1386.53 1588.76 -12.73
Ho Chi Minh 780.7 960.99 -18.76