Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

SE Asia Stocks-Pandemic anxiety drags markets into correction territory

Published 02/28/2020, 01:42 PM
Updated 02/28/2020, 01:48 PM
SE Asia Stocks-Pandemic anxiety drags markets into correction territory

SE Asia Stocks-Pandemic anxiety drags markets into correction territory

* New infections fall in China but rise elsewhere
* The Philippine index poised for worst week since Sept 2011
* Singaporean shares set for worst week since Oct 2018
* China's Feb factory PMI seen at lowest since 2009 -
Reuters poll

By Pranav A K
Feb 28 (Reuters) - Southeast Asian stocks tumbled on Friday,
with Indonesian shares .JKSE diving nearly 4%, as investors
feared the coronavirus might develop into a pandemic and trigger
global recession.
New infections rapidly spread around the world with
countries stockpiling medical supplies and preparing emergency
responses, shattering hopes that the epidemic would be contained
to China and economic activity would return to normal.

Investors braced for an impact on economic growth with
global shares heading for the worst week since the financial
crisis in 2008.
Indonesia and Thai indexes .SETI dropped more than 10%
from their peaks hit last week, with Jakarta also on track for
its worst month since the global financial crisis.
In the Indonesian benchmark, Bank Central Asia BBCA.JK
fell 4%, while Bank Mandiri (Persero) BMRI.JK lost 7.5%.
Thai shares .SETI were on track for their worst week since
October 2008, with heavyweights Bangkok Commercial Asset
Management BAM.BK and Delta Electronics Thailand DELTA.BK
both diving nearly 10%.
"Feb data from across Asia is coming through soon ...
against that backdrop I can't see anyone wanting to be brave
enough to go: Yeah, we'll buy the dip at this stage," said
Jeffrey Halley, senior market analyst at OANDA.
Activity in China's manufacturing sector in February
probably shrank at the fastest pace since the global financial
crisis, a Reuters poll showed, as the epidemic took an
excruciating economic toll on Chinese factories. China will
release its key data this weekend.
Markets saw heaving selling regionwide, with the Manila
exchange .PSI poised for its worst week since September 2011.
Malaysian shares .KLSE fell to their weakest since
December 2011, with Petronas Chemicals PCGB.KL slumping to its
lowest in more than four years.
Energy and consumer stocks weighed on the Vietnam benchmark
.VNI , while industrials and financials pressured Singaporean
shares .STI , to set both indexes on track for their worst week
since October 2018.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS As at 0425 GMT

Change on the day
Market Current Previous close Pct Move
Singapore 3032.67 3111.7 -2.54
Bangkok 1346.88 1395.08 -3.45
Manila 6816.38 6967.84 -2.17
Jakarta 5318.415 5535.694 -3.93
Kuala Lumpur 1483.4 1505.59 -1.47
Ho Chi Minh 879.28 898.44 -2.13

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3032.67 3222.83 -5.90
Bangkok 1346.88 1579.84 -14.75
Manila 6816.38 7,815.26 -12.78
Jakarta 5318.415 6,299.54 -15.57
Kuala Lumpur 1483.4 1588.76 -6.63
Ho Chi Minh 879.28 960.99 -8.50

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.