February 25, 2020 / 4:22 AM / a month ago

SE Asia Stocks-Steady as markets look for respite from coronavirus fears

    * Italy reports seventh coronavirus death
    * Singapore on track to snap three sessions of losses
    * Bank, telecom stocks hurt Thailand

    By Soumyajit Saha
    Feb 25 (Reuters) - Southeast Asian stock markets stabilised
on Tuesday, after a steep sell-off in the previous session, as
fears of the coronavirus rapidly spreading beyond China kept
gains in check.
    Several Middle East countries were faced with their first
coronavirus cases, while Italy reported its seventh death,
feeding worries it could turn into a pandemic.

    Outside mainland China, the outbreak has spread to some 29
countries and territories, with a death toll of about two dozen,
according to a Reuters tally. 
    "Today's movement? It's what I call a dead cat bounce," said
Jeffrey Halley, senior market analyst at OANDA.
    "To me these moves look more temporary than structural and I
think they're quite fragile, so these are bounces that I think
will run out of steam very quickly against the bigger global
backdrop."
    Singapore stocks advanced nearly 1% and are on track
to snap three straight sessions of losses.
     Benchmark heavyweights Oversea-Chinese Banking Corporation
 rose 0.8% and Jardine Matheson Holdings
gained 0.4% .
    Banking and healthcare sectors helped prop-up the Malaysian
benchmark index, up 0.7%, after it ended 2.7% lower the
previous day.
    Lender Malayan Banking rose 1.1% and hospitals
operator IHH Healthcare gained 1%.
    Thai shares fell 0.6% to their lowest level in over
three years, hurt by losses among banking and telecom stocks.
    Lender Kasikornbank lost 1.2% and telecom company
Intouch Holdings dropped 3.9%.
    The Philippine bourse was closed on account of a public
holiday.

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS as at 0358 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3168.36   3142.2          0.83
 Bangkok                1427.85   1435.56         -0.54
 Jakarta                5801.516  5807.05         -0.10
 Kuala Lumpur           1500.44   1490.06         0.70
 Ho Chi Minh            895.59    903.34          -0.86
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3168.36   3222.83         -1.69
 Bangkok                1427.85   1579.84         -9.62
 Manila                 7187.44   7,815.26        -8.03
 Jakarta                5801.516  6,299.54        -7.91
 Kuala Lumpur           1500.44   1588.76         -5.56
 Ho Chi Minh            895.59    960.99          -6.81
 
 (Reporting by Soumyajit Saha in Bengaluru; Editing by Amy Caren
Daniel)
  
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