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Southeast Asia stocks: Markets fall as China virus spreads

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01/30/2020 | 12:44am EDT
A Thai investor reads a newspaper in front of an electronic board displaying live market data at a stock broker's office in central Bangkok

Southeast Asian stock markets fell on Thursday as concerns over the rapid spread of a virus from China prompted the World Health Organization to reconsider the severity of the outbreak.

The WHO is due to meet later in the day to reassess if the epidemic is now a global emergency, as the death toll in China spiked by 38 to 170 overnight and more cases were reported in other countries.

"The Wuhan virus outbreak has cast a shadow on the prospects of a manufacturing and capital expenditure recovery, just as the clouds over the U.S.-China trade war were clearing," analysts at Maybank Kim Eng said in a research note.

"Countries that are more open and dependent on China trade and tourism will likely be negatively impacted."

There have been confirmed cases of the virus in Vietnam, Singapore, Malaysia and Thailand.

Vietnam shares dropped as much as 2.6%, their most since December 2018, as the market caught up on the heavy selling it missed during the Lunar New Year holiday.

The WHO on Wednesday said it was worried about the person-to-spread of the novel virus in Vietnam.

Financials and real estate stocks accounted for the bulk of losses, with Joint Stock Commercial Bank For Foreign Trade of Viet Nam and real estate developer Vinhomes JSC falling 4.4% and 2.7%, respectively.

Singapore shares lost 0.5%, with transport services provider SATS Ltd dipping 1.5% while property developer CapitaLand Mall Trust declined 2.3%.

Thai shares slipped 0.6% after the trade-reliant country on Wednesday cut growth and exports forecasts for the year, with the financial and energy sectors being the biggest losers on the index.

Export data for December is expected to be released on Friday.

Indonesian shares were 0.4% lower, with non-staple consumer stocks and financials taking the biggest hit.

Astra International slipped 2.2%, while Bank Mandiri dipped 0.6%.

Indonesia's finance minister said on Wednesday the tourism sector would take a hit due to a drop in the number of Chinese tourists, who make up a significant part of its tourist footfalls.

Malaysian shares declined 0.6% and were headed for an eighth straight session of losses.

Conglomerate IOI Corp and chemical producer Petronas Chemicals Group lost as much as 2.2% and 2.4%, respectively.

By Arpit Nayak

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
CAPITALAND LIMITED -0.37% 2.71 End-of-day quote.-27.73%
CAPITALAND MALL TRUST -0.53% 1.88 End-of-day quote.-23.58%
COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 1.04% 87500 End-of-day quote.-2.99%
IOI CORPORATION -1.59% 4.32 End-of-day quote.-6.29%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
LINE CORPORATION 0.19% 5370 End-of-day quote.0.37%
PETRONAS CHEMICALS GROUP 1.71% 5.95 End-of-day quote.-19.05%
PT ASTRA INTERNATIONAL TBK 2.86% 5400 End-of-day quote.-22.02%
PT BANK MANDIRI (PERSERO) TBK 1.83% 5550 End-of-day quote.-27.69%
SATS LTD. 0.64% 3.15 End-of-day quote.-37.75%
SET -0.24% 1213.61 Real-time Quote.-23.18%
THE GLOBAL LTD. -0.92% 216 End-of-day quote.-54.14%
VINHOMES 2.58% 79500 End-of-day quote.-6.25%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
WORLD CO., LTD. 1.31% 1397 End-of-day quote.-48.09%
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