June 10, 2020 / 4:50 AM / a month ago

SE Asia Stocks-Philippines falls as imports dive, Indonesia virus cases surge

    * Indonesia headed for biggest daily drop since May 4
    * Philippines posts record drop in April imports
    * Thailand, Singapore both up

    By Arundhati Dutta
    June 10 (Reuters) - Philippine stocks plunged more than 3%
on Wednesday as April trade data pointed to a plunge in economic
activity, while the Indonesian market dropped after a surge in
daily coronavirus cases.
    The Philippines' April imports plunged by a record 65%, and
exports by 51%, reducing the trade deficit to the lowest in five
years but pointing to a collapse in domestic economic output.

    Leading losses in South-east Asia, the Philippines benchmark
index dropped as much as 3.5%. Blue chip conglomerates SM
Investments Corp and Ayala Land Inc fell 4.7%
and 3.2%, respectively. 
    The Indonesian index slipped by up to 2.5%, and was
headed for its biggest daily drop in a month. Financials
accounted around half the benchmark's losses, with PT Bank
Central Asia Tbk skidding as much as 3.2%. 
    Indonesia's central bank said on Wednesday it was
intervening in the currency market to stabilise the rupiah.

    "There are some concerns that Indonesia could face a second
wave in number of cases," said  Andry E. Taneli, a portfolio
manager at Ciptadana Asset Management in Jakarta. 
    The country reported 1,043 new coronavirus infections on
Tuesday, its biggest daily rise yet.
    On the upside, Thai stocks added up to 0.9% in early
trade, with consumer discretionary and utilities sectors leading
the gains. 
    Singaporean equities edged higher, with United
Overseas Bank Ltd UOBH.SI> up 1%. 
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0404 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2796.82       2794.17      0.09
  Bangkok          1414.01       1408.37      0.40
  Manila           6365.75       6583.84      -3.31
  Jakarta          4907.403      5035.055     -2.54
  Kuala Lumpur     1574.56       1575.16      -0.04
 Ho Chi Minh       895.1         899.43       -0.48
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2796.82       3222.83      -13.22
  Bangkok          1414.01       1579.84      -10.50
  Manila           6365.75       7,815.26     -18.55
  Jakarta          4907.403      6,299.54     -22.10
  Kuala Lumpur     1574.56       1588.76      -0.89
  Ho Chi Minh      895.1         960.99       -6.86
 

 (Reporting by Arundhati Dutta; Editing by Rashmi Aich)
  
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