June 10, 2020 / 10:41 AM / a month ago

SE Asia Stocks-Indonesia, Philippines sink 2% as stimulus, coronavirus worries weigh

    * Thailand considers re-opening more businesses
    * Indonesia posts biggest daily rise in coronavirus
infections
    * Malaysia, Vietnam flat

    By Arundhati Dutta
    June 10 (Reuters) - Indonesian stocks plunged on Wednesday
after it reported a record surge in coronavirus cases, while the
Philippines tumbled on worries that a multi-billion dollar
stimulus package might be running into political turmoil. 
    Last week, most countries in Southeast Asia began re-opening
their economies after months-long lockdowns, spurring a risk-on
sentiment and helping Philippines post gains of about
10%. 
    "This (selling) is healthy. Everyone is waiting for the
correction. We need a breather," said Luis Limlingan of Regina
Capital, referring to the Philippine market.
    Philippines' main index, fell 2%, after local media here
 reported Finance Secretary Carlos Dominguez III deemed a
proposed 1.3 trillion peso ($26.09 billion) stimulus package,
which has already been passed by the House of Representatives,
"unconstitutional".
    Security Bank Corp fell 5.2% and BDO Unibank Inc
 dropped 4.5% and were among the top percentage losers
on the index.
    Indonesia's benchmark index fell 2.3%, with financials
accounting for around a third of the losses. PT Bank Mandiri
(Persero) Tbk shed about 7% and was the biggest drag.
    The country said daily coronavirus cases breached 1000 for
the first time on Tuesday and it recorded its biggest daily
increase in infections for a second successive day on Wednesday.

     "There are some concerns that Indonesia could face a second
wave in number of cases, but also global markets saw some
correction overnight, which Indonesian markets track, " said
Andry E. Taneli, a portfolio manager at Ciptadana Asset
Management in Jakarta.  
    In a bright spot, Thai shares rose 0.7%, on plans to re-open
more businesses from as early as June 15, as the coronavirus
outbreak appeared to be contained.

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SOUTHEAST ASIAN STOCK MARKETS
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2800.57       2794.17      0.23
  Bangkok          1418.77       1408.37      0.74
  Manila           6439.37       6583.84      -2.19
  Jakarta          4920.682      5035.055     -2.27
  Kuala Lumpur     1575.27       1575.16      0.01
 Ho Chi Minh       900           899.43       0.06
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2800.57       3222.83      -13.10
  Bangkok          1418.77       1579.84      -10.20
  Manila           6439.37       7,815.26     -17.61
  Jakarta          4920.682      6,299.54     -21.89
  Kuala Lumpur     1575.27       1588.76      -0.85
  Ho Chi Minh      900           960.99       -6.35
 


 (Reporting by Arundhati Dutta; Editing by Amy Caren Daniel)
  
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