Reuters | Apr 22, 2020 12:40
* Philippines hits lowest since April 6
* Malaysia's March CPI falls 0.2% y/y
* Singapore benchmark hits two-week low
By Nikhil Subba
April 22 (Reuters) - Most Southeast Asian stock markets fell
for a second session on Wednesday as the collapse of oil prices
earlier this week underscored supply glut worries and exposed
the severity of the damage to demand from the coronavirus
The week so far has seen some of the most volatile days in
the history of oil trading, with prices for U.S. crude turning
negative, as inventories swelled and finding storage spaces
became difficult, prompting investors to digest that demand
worries could last for several months.
"The tone from yesterday's sell-off will likely be carried
over to today, with expectations for a deep and lasting economic
downturn likely to dominate trading," analysts at ING said in a
The Philippine benchmark .PSI fell as much as 2.3% to its
lowest level since April 6, as consumer stocks weighed.
Restaurant chain owner Jollibee Foods JFC.PS shed as much
as 3.8% and Robinsons Retail RRHI.PS tumbled nearly 3%.
Singapore's Straits Times Index .STI declined 1.5% to hit
its lowest in two weeks.
Keppel Corp KPLM.SI tumbled as much as nearly 2%, while
Genting Singapore GENS.SI hit a two-week low.
Malaysian stocks .KLSE shed as much as 1.6% to touch its
lowest since April 14.
CIMB Group CIMB.KL slid as much as 3.6% to a low of over
two weeks, while IOI Corp IOIB.KL fell 3.4% to its lowest
since March 26.
Malaysia's consumer prices in March fell for the first time
in more than a year, declining 0.2% from a year earlier amid
lower transport costs, government data showed on Wednesday.
Thai stocks .SETI shed as much as nearly 1%, with LH
Financial LHFG.BK hitting a near two-week low and G J Steel
GJS.BK falling around 16.7%.
Meanwhile, Indonesia .JKSE firmed as much as 0.9%.
Pelayaran Nelly NELY.JK rose about 34%, while Grand Kartech
KRAH.JK advanced 24.8%.
The country's finance ministry said on Tuesday nearly 10
trillion rupiah ($644.33 million) was raised from a biweekly
Islamic bonds auction, above the indicative target of 7 trillion
rupiah. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0348 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2515.6 2551.92 -1.42
Bangkok 1233.78 1252.92 -1.53
Manila 5511.07 5592.25 -1.45
Jakarta 4525.268 4501.919 0.52
Kuala Lumpur 1366.48 1381.73 -1.10
Ho Chi Minh 760.63 766.84 -0.81
Change so far in
Market Current End 2019 Pct Move
Singapore 2515.6 3222.83 -21.94
Bangkok 1233.78 1579.84 -21.90
Manila 5511.07 7,815.26 -29.48
Jakarta 4525.268 6,299.54 -28.17
Kuala Lumpur 1366.48 1588.76 -13.99
Ho Chi Minh 760.63 960.99 -20.85
($1 = 15,520.0000 rupiah)
Written By: Reuters
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