SE Asia Stocks-Most fall on lockdown extensions, concerns over COVID-19 drug
* Philippines posts biggest weekly fall since March 20 * Malaysia, Indonesia, Philippines extend restrictions By Nikhil Subba April 24 (Reuters) - Most Southeast Asian stock markets ended lower on Friday, logging weekly losses, as governments in the region extended lockdowns and a report raised concerns about progress in developing a treatment for COVID-19. Gilead Sciences Inc's experimental coronavirus drug, remdesivir, failed its first randomized clinical trial, according to a report on Thursday, hammering risk sentiment globally. "There's a lot of hope riding on a cure, and with optimism around remdesivir as top view on the healthcare section, it's a bit of blow for the market at weeks end," Stephen Innes, chief global market strategist at AxiCorp, said in a note to clients. Gilead said the findings were inconclusive because the study conducted in China was terminated early. The Philippines' benchmark index dropped 2.4% and led losses in the region, as President Duterte extended a lockdown in the capital until May 15. Analysts said the move would likely cripple the country's second-quarter economic growth further. The index posted a weekly loss of 5.6%, its biggest since March 20. Stocks in Indonesia, the region's largest economy, closed 2.1% lower and were down 3% for the week, the second straight weekly loss. Indonesia's transport ministry said domestic and international air and sea travel would be temporarily banned till end-May, with some exceptions, as the country reported its biggest daily jump in coronavirus infections on Friday. General insurer Asuransi Jasa Tania and PT Matahari Department Store each dropped about 7%. Sentiment was also weighed down by a survey that showed U.S. business activity plumbed record lows in April, while weekly unemployment claims also rose, underscoring the economic damage wrought by the pandemic. Trade-reliant Thai and Singapore stocks both settled 1% lower. However, the Thai index gained 1.6% this week, its fourth consecutive weekly gain, as oil prices staged a rebound and the country approved a massive stimulus package. Malaysian stocks shed 0.9%, after the country's government extended movement restrictions until May 12. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous Pct Move close Singapore 2518.16 2542.37 -0.95 Bangkok 1258.78 1272.53 -1.08 Manila 5464.98 5599.55 -2.40 Jakarta 4496.064 4593.554 -2.12 Kuala Lumpur 1369.85 1381.64 -0.85 Ho Chi Minh 776.66 773.91 0.36 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2518.16 3222.83 -21.86 Bangkok 1258.78 1579.84 -20.32 Manila 5464.98 7,815.26 -30.07 Jakarta 4496.064 6,299.54 -28.63 Kuala Lumpur 1369.85 1588.76 -13.78 Ho Chi Minh 776.66 960.99 -19.18 (Reporting by Nikhil Subba in Bengaluru; Editing by Aditya Soni)
