SE Asia Stocks-Pandemic anxiety drags markets into correction territory
* New infections fall in China but rise elsewhere * The Philippine index poised for worst week since Sept 2011 * Singaporean shares set for worst week since Oct 2018 * China's Feb factory PMI seen at lowest since 2009 - Reuters poll By Pranav A K Feb 28 (Reuters) - Southeast Asian stocks tumbled on Friday, with Indonesian shares diving nearly 4%, as investors feared the coronavirus might develop into a pandemic and trigger global recession. New infections rapidly spread around the world with countries stockpiling medical supplies and preparing emergency responses, shattering hopes that the epidemic would be contained to China and economic activity would return to normal. Investors braced for an impact on economic growth with global shares heading for the worst week since the financial crisis in 2008. Indonesia and Thai indexes dropped more than 10% from their peaks hit last week, with Jakarta also on track for its worst month since the global financial crisis. In the Indonesian benchmark, Bank Central Asia fell 4%, while Bank Mandiri (Persero) lost 7.5%. Thai shares were on track for their worst week since October 2008, with heavyweights Bangkok Commercial Asset Management and Delta Electronics Thailand both diving nearly 10%. "Feb data from across Asia is coming through soon ... against that backdrop I can't see anyone wanting to be brave enough to go: Yeah, we'll buy the dip at this stage," said Jeffrey Halley, senior market analyst at OANDA. Activity in China's manufacturing sector in February probably shrank at the fastest pace since the global financial crisis, a Reuters poll showed, as the epidemic took an excruciating economic toll on Chinese factories. China will release its key data this weekend. Markets saw heaving selling regionwide, with the Manila exchange poised for its worst week since September 2011. Malaysian shares fell to their weakest since December 2011, with Petronas Chemicals slumping to its lowest in more than four years. Energy and consumer stocks weighed on the Vietnam benchmark , while industrials and financials pressured Singaporean shares, to set both indexes on track for their worst week since October 2018. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0425 GMT Change on the day Market Current Previous close Pct Move Singapore 3032.67 3111.7 -2.54 Bangkok 1346.88 1395.08 -3.45 Manila 6816.38 6967.84 -2.17 Jakarta 5318.415 5535.694 -3.93 Kuala Lumpur 1483.4 1505.59 -1.47 Ho Chi Minh 879.28 898.44 -2.13 Change so far in 2020 Market Current End 2019 Pct Move Singapore 3032.67 3222.83 -5.90 Bangkok 1346.88 1579.84 -14.75 Manila 6816.38 7,815.26 -12.78 Jakarta 5318.415 6,299.54 -15.57 Kuala Lumpur 1483.4 1588.76 -6.63 Ho Chi Minh 879.28 960.99 -8.50 (Reporting by A K Pranav; Editing by Sherry Jacob-Phillips)
