SE Asia Stocks-Most markets tepid as virus fears swell; Singapore dives
By Soumyajit Saha Feb 7 (Reuters) - Most Southeast Asian stock markets traded in a tight range on Friday as the mounting death toll from a coronavirus outbreak in China raised fears of economic damage, while Singapore shares dropped nearly 2% after a downgrade in growth forecast. The viral outbreak, which claimed almost 640 lives, continued to grip markets. China was confident it could defeat the epidemic with no long-term economic consequences, Xi told U.S. President Donald Trump in a telephone call, according to state television. Customs office in China - the region's biggest trading partner - said on Friday that it will not issue preliminary trade data for January but would combine it with February numbers. A Reuters poll had predicted that imports and exports are likely to fall in January. Singapore shares closed 1.7% lower after its biggest bank DBS downgraded the 2020 growth rate forecast for the city-state to 0.9% from 1.4% previously, citing an expected economic hit from the outbreak. "The concern is that the impact from the 2019-nCoV (on Singapore) could be deeper than SARS," the bank said in a note. The country was one of the worst hit after China in the Severe Acute Respiratory Syndrome (SARS) outbreak, which killed nearly 800 people globally in 2002 and 2003. Financials and industrial sectors drove losses in the Singapore benchmark index, but posted a weekly gain of nearly 1%. Heavyweights Oversea-Chinese Banking Corp and Jardine Matheson Holdings ended down 1.9% and 1.2%, respectively. Indonesian shares traded subdued through the session, but ended the week 1% firmer. Sentiment got a lift following reports that the central bank was confident of its 2020 GDP growth outlook, despite the fourth-quarter growth rate coming in at the weakest pace in three years. An index of Indonesia's 45 most liquid stocks rose 0.2%. Malaysian shares rose marginally to end 1.5% higher for the week, lifted by strength in banking stocks with Malayan Banking closing 0.7% firmer. The Philippine index ended the session flat, but posted a weekly gain of 4.3%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous Pct Move close Singapore 3181.48 3231.55 -1.55 Bangkok 1535.24 1535.79 -0.04 Manila 7507.2 7506.51 0.01 Jakarta 5999.607 5987.145 0.21 Kuala Lumpur 1554.49 1552.77 0.11 Ho Chi Minh 940.75 938.54 0.24 Change so far in 2020 Market Current End 2019 Pct Move Singapore 3181.48 3222.83 -1.28 Bangkok 1535.24 1579.84 -2.82 Manila 7507.2 7,815.26 -3.94 Jakarta 5999.607 6,299.54 -4.76 Kuala Lumpur 1554.49 1588.76 -2.16 Ho Chi Minh 940.75 960.99 -2.11 (Reporting by Soumyajit Saha in Bengaluru, Editing by Sherry Jacob-Phillips)
