* Banking and industrial stocks drag Singapore
* Industrial and utility stocks weigh on Thailand
By Soumyajit Saha
Jan 21 (Reuters) - Singapore stocks .STI dropped over 1%
tracking broader Asia, as investors were spooked by an
escalating coronavirus outbreak in China, while Philippines
.PSI slid under the 1% mark for the second consecutive session
on concerns of regulatory incursions into private contracts.
The outbreak of a new coronavirus has spread to more Chinese
cities, including Shanghai and the capital Beijing, authorities
said on Monday. "Concerns over the spread of the virus is affecting market
sentiments. Unfortunately, it's coming at a bad time because
it's the travel season in China ahead of the New Year
celebrations," said Linus Loo, head of research at Lim & Tan
Securities.
Losses in the banking and industrial sectors weighed on the
city-state's benchmark as it fell to its lowest in nearly two
weeks.
Lender DBS Group Holdings DBSM.SI lost nearly 1%, while
conglomerate Jardine Strategic Holdings JSH.SI was down over
2%.
Philippine shares were dragged down by heavy losses in the
financial sector, with conglomerate Ayala Corp AC.PS and real
estate developer Ayala Land ALI.PS shedding 5.1% and 2.8%
respectively.
Regulatory scrutiny on certain projects related to the Ayala
group had led to "possible regulatory risks involved in private
sector's contracts with the government," Rachelle Cruz, analyst
at AP Securities said.
Foreign investors seem to have concerns about other
companies that have similar contracts, and the possibility of
probes into such contracts, Cruz added.
President Rodrigo Duterte on Friday said he would review a
government rail transit contract https://www.manilatimes.net/2020/01/19/news/headlines/duterte-to-review-lrt-contract-next/675652
with Ayala and Metro Pacific Investment Corp MPI.PS , while
the presidential spokesperson had separately hinted at
investigations into an Ayala IT park https://www.manilatimes.net/2020/01/20/news/top-stories/palace-isnt-done-with-ayala-targets-technohub/675908,
on Sunday, The Manila Times reported.
Thai stocks .SETI were also lower, hurt by losses in the
industrial and utility sectors.
Airport operator Airports of Thailand PCL AOT.BK dropped
3.7%, while chemical maker PTT Global Chemical PCL PTTGC.BK
plunged 6%.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0318 GMT
STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 3243.93 3280.09 -1.10
Bangkok 1585.34 1589.11 -0.24
Manila 7481.12 7552.6 -0.95
Jakarta 6252.105 6245.043 0.11
Kuala Lumpur 1589.74 1588.88 0.05
Ho Chi Minh 982.09 978.63 0.35
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 3243.93 3222.83 0.65
Bangkok 1585.34 1579.84 0.35
Manila 7481.12 7,815.26 -4.28
Jakarta 6252.105 6,299.54 -0.75
Kuala Lumpur 1589.74 1588.76 0.06
Ho Chi Minh 982.09 960.99 2.20