Southeast Asian stocks nosedive as coronavirus keeps spreading

The Stock Exchange of Thailand experienced the worst drop among Southeast Asian bourses since the beginning of the year © Arno Maierbrugger

Southeast Asian stock markets dropped sharply on September 28, the last trading day of a week that saw some of the worst selling actions since the 2008 financial crisis as a fast-spreading coronavirus raised fears of a pandemic and a subsequent global economic crisis, Reuters reported.

The Thai benchmark SET was the worst hit in the region, shedding 3.9 per cent, with heavyweights PTT PCL sliding 6.6 per cent, Airports of Thailand down 4.8 per cent and Central Retail diving 7.35 per cent on high volume.

Thailand’s central bank said a prolonged outbreak may see economic growth of less than one per cent in 2020, with the tourism sector being particularly affected. Last year, the economy grew 2.4 per cent, which was its slowest rate in five years.

Stock markets in Singapore and the Philippines recorded their worst weeks since 2011, down 3.2 per cent and 2.6 per cent, respectively. 

In Singapore, banking majors DBS Group fell 2.9 per cent, Oversea-Chinese Banking Corporation 2.8 per cent, UOB Bank 3.1 per cent and Keppel Corporation 3.5 per cent.

In the Philippines, Del Monte Pacific dropped by 10.31 per cent and Robinsons Land by 8.97 per cent.

Malaysian stocks posted their worst weekly drop since 2015, further pressured by days of political turmoil after the surprise resignation of Prime Minister Mahathir Mohamad, even more so after the Malaysian king rejected a plan for a vote to choose a new prime minister on March 2.

Bank Negara Malaysia, the central bank,  is also expected to cut its benchmark interest rate at a policy review on March 3.

Indonesian shares posted their worst monthly fall since 2013, while the rupiah marked its steepest decline in more than eight years, prompting the central bank to intervene in the spot market. However, shares recovered from sharp losses earlier in the session to close 1.5 per cent lower. Siantar Top TBK slumped 20 per cent, while Mega Perintis tumbled to a record low.

At the Ho Chi Minh Stock Exchange mainly construction, transport companies and banks suffered losses.

Smaller exchanges in the region were less affected. The Laos stock exchange dropped by just 0.10 per cent and the Cambodia stock exchange by 0.31 per cent on February 28, while the Yangon stock exchange was even up by 0.5 per cent.

SOUTHEAST ASIAN STOCK MARKETS

Change on February 28

Market                 Close (%)
Singapore           -3.23
Bangkok              -3.82
Manila                 -2.58
Jakarta               -1.50
Kuala Lumpur    -1.52
Ho Chi Minh       -1.81

Change so far in 2020                            

Market                 Move (%)
Singapore            -6.57
Bangkok              -15.07
Manila                 -13.15
Jakarta                -13.44
Kuala Lumpur    -6.68
Ho Chi Minh       -8.20



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The Stock Exchange of Thailand experienced the worst drop among Southeast Asian bourses since the beginning of the year © Arno Maierbrugger Southeast Asian stock markets dropped sharply on September 28, the last trading day of a week that saw some of the worst selling actions since the 2008 financial crisis as a fast-spreading coronavirus raised fears of a pandemic and a subsequent global economic crisis, Reuters reported. The Thai benchmark SET was the worst hit in the region, shedding 3.9 per cent, with heavyweights PTT PCL sliding 6.6 per cent, Airports of Thailand down 4.8 per cent and Central...

The Stock Exchange of Thailand experienced the worst drop among Southeast Asian bourses since the beginning of the year © Arno Maierbrugger

Southeast Asian stock markets dropped sharply on September 28, the last trading day of a week that saw some of the worst selling actions since the 2008 financial crisis as a fast-spreading coronavirus raised fears of a pandemic and a subsequent global economic crisis, Reuters reported.

The Thai benchmark SET was the worst hit in the region, shedding 3.9 per cent, with heavyweights PTT PCL sliding 6.6 per cent, Airports of Thailand down 4.8 per cent and Central Retail diving 7.35 per cent on high volume.

Thailand’s central bank said a prolonged outbreak may see economic growth of less than one per cent in 2020, with the tourism sector being particularly affected. Last year, the economy grew 2.4 per cent, which was its slowest rate in five years.

Stock markets in Singapore and the Philippines recorded their worst weeks since 2011, down 3.2 per cent and 2.6 per cent, respectively. 

In Singapore, banking majors DBS Group fell 2.9 per cent, Oversea-Chinese Banking Corporation 2.8 per cent, UOB Bank 3.1 per cent and Keppel Corporation 3.5 per cent.

In the Philippines, Del Monte Pacific dropped by 10.31 per cent and Robinsons Land by 8.97 per cent.

Malaysian stocks posted their worst weekly drop since 2015, further pressured by days of political turmoil after the surprise resignation of Prime Minister Mahathir Mohamad, even more so after the Malaysian king rejected a plan for a vote to choose a new prime minister on March 2.

Bank Negara Malaysia, the central bank,  is also expected to cut its benchmark interest rate at a policy review on March 3.

Indonesian shares posted their worst monthly fall since 2013, while the rupiah marked its steepest decline in more than eight years, prompting the central bank to intervene in the spot market. However, shares recovered from sharp losses earlier in the session to close 1.5 per cent lower. Siantar Top TBK slumped 20 per cent, while Mega Perintis tumbled to a record low.

At the Ho Chi Minh Stock Exchange mainly construction, transport companies and banks suffered losses.

Smaller exchanges in the region were less affected. The Laos stock exchange dropped by just 0.10 per cent and the Cambodia stock exchange by 0.31 per cent on February 28, while the Yangon stock exchange was even up by 0.5 per cent.

SOUTHEAST ASIAN STOCK MARKETS

Change on February 28

Market                 Close (%)
Singapore           -3.23
Bangkok              -3.82
Manila                 -2.58
Jakarta               -1.50
Kuala Lumpur    -1.52
Ho Chi Minh       -1.81

Change so far in 2020                            

Market                 Move (%)
Singapore            -6.57
Bangkok              -15.07
Manila                 -13.15
Jakarta                -13.44
Kuala Lumpur    -6.68
Ho Chi Minh       -8.20



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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