March 23, 2020 / 10:34 AM / 17 days ago

SE Asia Stocks-Tumble as curbs to fight virus take economic toll, spark recession fears

    * Singapore sees biggest one-day drop since Oct. 2008
    * Thailand falls 9%, hits circuit breaker
    * Indonesia hits fifth circuit breaker in eight sessions

    By Arpit Nayak
    March 23 (Reuters) - Southeast Asian stock markets witnessed
heavy selling on Monday as the economic impact from lockdowns
and travel curbs, meant to slow the spread of the coronavirus
pandemic, fuelled fears of a likely recession.
    Amid the rising tide of lockdowns, governments have
announced stimulus packages and central banks across the region
have eased monetary policies to shield their economies from the
impact of the virus but those measures have met with little
success so far.
    "The losses seen across Asian markets are unlikely to be
meaningfully reversed anytime soon, with investors fearing a
global recession amid the economic carnage left by Covid-19,"
said Han Tan, market analyst at FXTM.
    "... The selloff in global equities is expected to continue
amid the glaring void of risk-on catalysts, while investors'
persistent clamour for dollar should maintain the downward
pressure on Asian and emerging market currencies."
    Singapore equities lost 7.4%, their worst session in
more than 11 years, after the city-state banned short-term
visitors from entering its borders.
    Singapore's main price gauge slipped into deflation for the
first time in over a decade in February as the virus has dented
air travel and holiday spending.
    Flag-carrier Singapore Airlines plunged 11% to the
lowest in over two decades on plans to ground nearly its entire
fleet due to travel restrictions.
    The Thai index ended 9.1% lower in a low-volume
trading session after triggering a circuit breaker that halted
trading for thirty minutes.
    Indonesian stocks fell 4.9% after hitting circuit
breakers five times in eight sessions.
    Malaysian shares dropped 3.3% after the government
said it may consider extending movement restrictions by up to
two weeks, even as the army was roped in to enforce a partial
lockdown in the country.
    The Philippine bourse pared early losses but still
ended 0.7% down as the central bank unveiled a $5.8 billion
programme to blunt the economic impact of the virus.

For Asian Companies click;  

 Change on the day                                 
 Market                Current     Previous close  Pct Move
 Singapore             2,233.48    2,410.74        -7.35
 Bangkok               1,024.46    1,127.24        -9.12
 Manila                4,743.37    4,778.76        -0.74
 Jakarta               3,989.517   4,194.944       -4.90
 Kuala Lumpur          1,259.88    1,303.28        -3.33
 Ho Chi Minh           666.59      709.73          -6.08
 Change so far in                                  
 Market                Current     End 2019        Pct Move
 Singapore             2,233.48    3,222.83        -30.70
 Bangkok               1,024.46    1,579.84        -35.15
 Manila                4,743.37    7,815.26        -39.31
 Jakarta               3,989.517   6,299.54        -36.67
 Kuala Lumpur          1,259.88    1,588.76        -20.70
 Ho Chi Minh           666.59      960.99          -30.64

 (Reporting by Arpit Nayak; Editing by xxxx)
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