Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Southeast Asia stocks post heavy losses as virus toll passes 200, rattles sentiment

01/31/2020 | 06:40am EDT
A trader reacts during trading at the Philippine Stock Exchange in Makati city, Metro Manila

The Philippine and Vietnam indexes slumped over 2% on Friday, while other Southeast Asian stock markets also extended losses to close lower as fears about the spread of coronavirus triggered sell-offs across the region.

The World Health Organisation on Thursday declared the virus a global health emergency, as the death toll surpassed the 200-mark in China while at least 22 other countries reported infections.

Economists fear the hit to China's economy from the virus could result in a greater economic impact to the world's economy than that of the 2002/2003 Severe Acute Respiratory (SARS) epidemic, since China's share of the global economy is now far greater.

Fears of the spreading coronavirus in China - the region's largest trading partner - have knocked global stock markets over the past week. Transport, tourism, retail and luxury stocks have been at the frontline.

The Philippine index tumbled for a fifth consecutive session to close at its lowest since Nov 2018, with financial and consumer sectors being the biggest drags. BDO Unibank shed about 4%, while conglomerate SM Investments lost 2.4%.

Malaysian shares extended their losing streak to nine sessions and closed at an eight-year low.

Thai stocks also ended weaker, with utilities and consumer sectors accounting for bulk of the losses, while the index posted its seventh monthly decline.

Thailand's economy is expected to grow less than forecast this year due to coronavirus' impact on tourism, said a country official, after the trade-reliant economy reported a contraction in December exports earlier in the day.

The Singapore index posted its biggest monthly drop since August, and recorded a weekly decline of 2.7%.

Lender DBS Group Holdings ended 1.3% lower, while heavyweight Singapore Telecommunications shed 2.1%.

Vietnam stocks came under pressure by a drop in financial and consumer sectors. The bourse lost 5.5% this week.

Indonesia shares eased to an eight-month low, with Bank Central Asia and household goods maker Unilever Indonesia losing over 3% each.

(Reporting by Arpit Nayak in Bengaluru; Editing by Sherry Jacob-Phillips)

By Arpit Nayak


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
BDO UNIBANK, INC. 2.59% 114.8 End-of-day quote.7.49%
DBS GROUP HOLDINGS LTD 0.57% 30.25 End-of-day quote.20.81%
FRONTLINE LTD. 0.25% 7.95 Delayed Quote.27.81%
LETS HOLDINGS GROUP CO., LTD. -2.84% 6.5 End-of-day quote.-16.45%
LOOK HOLDINGS INCORPORATED 1.79% 1425 End-of-day quote.48.90%
PT BANK CENTRAL ASIA TBK 0.31% 32600 End-of-day quote.-3.69%
PT UNILEVER INDONESIA TBK -1.50% 3950 End-of-day quote.-46.26%
SINGAPORE TELECOMMUNICATIONS LIMITED 1.25% 2.43 End-of-day quote.-37.21%
SM INVESTMENTS CORPORATION -1.09% 994 End-of-day quote.-5.24%
Latest news "Economy & Forex"
02:10pU.s. cdc says 181,382,976 individuals have been fully vaccinated against covid-19 as of sept 19 versus 181,035,022 individuals as of sept 18
RE
02:10pU.s. cdc says 2.16 mln people received an additional covid-19 vaccine dose since august 13, 2021
RE
02:09pU.s. cdc says administered 385,586,012 doses of covid-19 vaccine as of sept 19 vs 384,911,290 doses administered as of sept 18
RE
02:09pU.s. cdc says 211,776,515 individuals have received at least one dose of covid-19 vaccine as of sept 19 versus 211,489,242 individuals as of sept 18
RE
02:08pU.s. cdc says delivered 466,561,785 doses of covid-19 vaccine as of sept 19 versus 466,569,635 doses delivered as of sept 18
RE
01:59pDEUTSCHE LUFTHANSA : Lufthansa launches $2.5 billion capital increase to repay state bailout
RE
01:42pWorld leaders return to U.N. with focus on pandemic, climate
RE
01:32pNigeria brings in custody rules to guard $9.7 billion funds industry
RE
01:32pARGUS MEDIA : Baker Hughes agrees new Iraq gas capture project
PU
12:30pUK has plans to protect consumers from soaring gas prices -business minister
RE
Latest news "Economy & Forex"