SE Asia Stocks-Most fall on bleak economic outlook; Philippines sinks 7%
* Asia's economy likely to suffer zero growth in 2020-IMF * Indonesia down 3.1%, financials weigh * Singapore & Vietnam recover, close higher By Arundhati Dutta April 16 (Reuters) - Most Southeast Asian stock markets ended lower on Thursday, with the Philippines index plunging 7%, as dire prospects for the global economy due to the coronavirus pandemic dented investor sentiment. Data showed that U.S. retail sales suffered a record drop in March and output at factories declined by the most in 74 years, reinforcing fears of a deep recession. Also weighing on risk appetite was the International Monetary Fund predicting Asia's economy is likely to suffer zero growth this year for the first time in 60 years. Leading losses, the Philippines benchmark dove 7.1% and nearly erased gains added over the past three days. Real estate conglomerate Ayala Land dropped 11.2% while bigger peer SM Investments shed nearly 5%. The benchmark's steep fall was due to profit-taking and tracking of U.S. markets, according to Ruben Carlo O. Asuncion, chief economist at The Union Bank of the Philippines. The Philippine central bank cut its benchmark interest rate by 50 basis points in an off-cycle move on Thursday, after markets had closed. Indonesian equities slipped 3.1%, and closed at their lowest level in two weeks. The financial sector was the top drag on the index. PT Bank Central Asia Tbk and PT Bank Mandiri (Persero) Tbk lost more than 4%, each. An overnight plunge in oil prices pushed the energy heavy Thai index 2.9% lower. Energy sector heavyweights PTT Pcl and PTT Exploration and Production Pcl slipped 6.3% and 5.1%, respectively. On the upside, Singaporean stocks rebounded from early losses and ended 0.3% higher, helped by gains in big caps such as Jardine Matheson Holdings. Vietnamese stocks see-sawed throughout the session and closed 0.5% higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous Pct Move close Singapore 2612.25 2605.56 0.26 Bangkok 1200.15 1236.1 -2.91 Manila 5525.6 5946.05 -7.07 Jakarta 4480.607 4625.905 -3.14 Kuala Lumpur 1386.53 1387.79 -0.09 Ho Chi Minh 780.7 777.22 0.45 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2612.25 3222.83 -18.95 Bangkok 1200.15 1579.84 -24.03 Manila 5525.6 7,815.26 -29.30 Jakarta 4480.607 6,299.54 -28.87 Kuala Lumpur 1386.53 1588.76 -12.73 Ho Chi Minh 780.7 960.99 -18.76 (Reporting by Arundhati Dutta; Editing by Ramakrishnan M.)
