REFILE-SE Asia Stocks-Collapse as virus grips markets; Thailand, Singapore sink
(Refiles to add dropped article in lede) * Nations on 3 continents report first cases of coronavirus * Thailand shares posted their worst weekly drop since 2008 * Malaysia's c.bank expected to cut interest rate - Reuters poll By Pranav A K Feb 28 (Reuters) - Southeast Asian stock markets dived on Friday and Thailand's stocks recorded their worst week since the 2008 financial crisis, as the fast-spreading coronavirus raised fears of a global economic crisis. Countries on three continents reported their first cases of the coronavirus on Friday as the world prepared for a pandemic and investors dumped equities. The Thai benchmark was the worst hit in the region, shedding 3.9%, with heavyweights PTT PCL sliding 6.6% and Airports of Thailand down 4.8%. Thailand's central bank said a prolonged outbreak may see economic growth of less than 1% in 2020. Last year, the economy grew 2.4%, which was its slowest rate in five years. Stock markets in Singapore and the Philippines recorded their worst weeks since 2011, down 3.2% and 2.6%, respectively. In Singapore, banking majors DBS Group Holdings fell 2.9% and Oversea-Chinese Banking Corporation 2.8%. Malaysian stocks posted their worst weekly drop since 2015, further pressured by days of political turmoil after the surprise resignation of the prime minister. The royal palace rejected on Friday Mahathir Mohamad's plan for a vote to choose a new prime minister. The Bank Negara Malaysia is also expected to cut its benchmark interest rate at a policy review on Tuesday, a Reuters poll showed. 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% lower. Siantar Top TBK slumped 20%, while Mega Perintis tumbled to a record low. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3011.08 3111.7 -3.23 Bangkok 1341.76 1395.08 -3.82 Manila 6787.91 6967.84 -2.58 Jakarta 5452.704 5535.694 -1.50 Kuala Lumpur 1482.64 1505.59 -1.52 Ho Chi Minh 882.19 898.44 -1.81 Change so far in 2020 Market Current End 2019 Pct Move Singapore 3011.08 3222.83 -6.57 Bangkok 1341.76 1579.84 -15.07 Manila 6787.91 7,815.26 -13.15 Jakarta 5452.704 6,299.54 -13.44 Kuala Lumpur 1482.64 1588.76 -6.68 Ho Chi Minh 882.19 960.99 -8.20 (Reporting by A K Pranav; Editing by Arun Koyyur)
