SE Asia Stocks-Markets drop as virus fears deepen, oil prices plunge
* Oil prices fall most since 1991 * Thailand, Philippines and Vietnam dive over 5% each * Malaysian shares hit lowest since Nov. 2011 By Shruti Sonal March 9 (Reuters) - Southeast Asian stock markets tumbled on Monday as investors panicked over the economic damage from the coronavirus outbreak, and oil prices plunged after Saudi Arabia slashed selling prices and laid out a plan to increase production. The number of people infected with the coronavirus topped 107,000 across the world as the outbreak reached more countries. Oil prices dropped as much as 31.5% - the most since 1991 - after Saudi Arabia, the world's top oil exporter, started a price war after Russia balked at making further steep output cuts proposed by OPEC. "The market continues to be fear- and headline-driven, and it is difficult to imagine a durable and broad-based recovery in risk sentiments soon", Vishnu Varathan, a senior economist at Mizuho Bank, said in a note. Oil and coronavirus-driven risks are likely to deepen the sell-off in Asian markets, he added. Denting sentiment further, exports in China - the region's biggest trading partner - contracted sharply in the first two months of the year and it ran a trade deficit for the period. Thailand, Philippines and Vietnam dived over 5% each. Financials across the region fell, even as the double shock from the virus and slide in oil prices raised hopes of stimulus measures by global central banks. Analysts are expecting another rate cut by the U.S. Federal Reserve at its scheduled policy meeting on March 18, while the European Central Bank will also be under intense pressure to act at its meeting on Thursday. Thai stocks fell as much as 6.9%, their worst intraday session since December 2014, with oil and gas giant PTT PCL plunging nearly 30%. In Indonesia and Malaysia, energy stocks dragged benchmarks lower. Petronas Chemicals Group, unit of Malaysia's state-owned energy firm Petroliam Nasional , declined as much as 18.4% to hit a record low. Singapore bourse fell as much as 4.5% to hit its lowest since November 2016. Petrochemical firm Sembcorp Industries dived nearly 8% and was the biggest drag on the index. The Philippine benchmark shed over 5%, hurt by financials and energy stocks. President Rodrigo Duterte declared a public health emergency on Saturday to help contain the virus, after the country recorded its first case of community transmission. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 2838.89 2960.98 -4.12 Bangkok 1298.32 1364.57 -4.86 Manila 6397.87 6770.38 -5.50 Jakarta 5301.863 5498.54 -3.58 Kuala Lumpur 1433.61 1483.1 -3.34 Ho Chi Minh 849.78 891.44 -4.67 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2838.89 3222.83 -11.91 Bangkok 1298.32 1579.84 -17.82 Manila 6397.87 7,815.26 -18.14 Jakarta 5301.863 6,299.54 -15.84 Kuala Lumpur 1433.61 1588.76 -9.77 Ho Chi Minh 849.78 960.99 -11.57 (Reporting by Shruti Sonal; editing by Uttaresh.V)
