SE Asia Stocks-Most markets slip as virus resurgence fears deepen, Indonesia leads losses
* Malaysia Q1 GDP expands more than expected * Philippine and Singapore stocks extend losses * Indonesia reports biggest daily rise in COVID-19 cases By Pranav A K May 13 (Reuters) - Most Southeast Asian stock markets slipped on Wednesday as investors worried that lifting of coronavirus lockdowns could lead to a second wave of infections and set back economic recovery, while Malaysian market was boosted by a better-than-expected quarterly GDP growth. Investor sentiment was hit after a leading U.S. infectious disease expert warned on Tuesday that a premature lifting of restrictions could lead to additional outbreaks of the novel coronavirus. The Indonesian index was the worst performer in the region, slipping 0.8%, with all major sectors in the red on broad-based selling. Indonesia's Rupiah firmed against the dollar on Wednesday, "which implies that the move lower in equities in Jakarta is part of a general Asian pull-back," said Jeffrey Halley, market analyst at OANDA. Real estate company Roda Vivatex dropped 7%, while media conglomerate Elang Mahkota Teknologi lost 6.9%. Indonesia also reported its biggest daily rise in coronavirus infections with 689 new cases on Wednesday. In Singapore, the benchmark index fell 0.6%, extending losses to a second consecutive session. Consumer services and utility stocks largely underpinned losses. Philippine stocks extended losses and closed nearly 0.5% lower after the government said the economy's contraction this year could be greater than earlier predicted. At odds with the regional trend, Malaysian stocks jumped 1.3% to their highest level in nearly two weeks as the economic growth in the first quarter beat expectations. However, it will likely contract in April-June as the COVID-19 pandemic hits exports and domestic demand. The rise in gross domestic product of 0.7% was below the 3.6% growth in the fourth quarter, and this drop "sets the economy on the path of a recession, probably deeper than the GFC," said Prakash Sakpal, Asia economist at ING. The Malaysian index was lifted by healthcare stocks due to a rise in demand for medical supplies owed to the pandemic, with the world's biggest medical gloves maker, Top Glove Corp Bhd , surging up to 17% to hit an all-time high. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 2,572.01 2,587.81 -0.61 Bangkok 1,294.55 1,299.69 -0.40 Manila 5,626.25 5,651.67 -0.45 Jakarta 4,554.35 4,588.734 -0.75 9 Kuala Lumpur 1,397.13 1,379.93 1.25 Ho Chi Minh 834.21 835.32 -0.13 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2,572.01 3,222.83 -20.19 Bangkok 1,294.55 1,579.84 -18.06 Manila 5,626.25 7,815.26 -28.01 Jakarta 4,554.35 6,299.54 -27.70 9 Kuala Lumpur 1,397.13 1,588.76 -12.06 Ho Chi Minh 834.21 960.99 -13.19 (Reporting by A K Pranav in Bengaluru; Editing by Vinay Dwivedi)
