April 24, 2020 / 10:26 AM / a month ago

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. 

    
    
        
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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)
  
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