Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Southeast Asia stocks: Most markets climb after Tuesday's selloff; virus fears linger

01/28/2020 | 11:52pm EDT
Investors monitor share market prices in Kuala Lumpur, Malaysia

Most Southeast Asian stock markets rose slightly on Wednesday after a steep selloff in the previous session, but worries over the rapid spread of the coronavirus in China and its potential economic impact continued to weigh on investor sentiment.

The death toll from the virus outbreak rose sharply to 132 with nearly 1,500 new cases, and countries continued to impose travel curbs and pull out nationals from Wuhan as fears over the virus grew.

Caution will remain in the market until China contains the outbreak, said KGI Securities analyst Joel Ng.

"Most investors are still assessing its impact on economic growth," he said, adding that Thailand, Cambodia and Hong Kong would be hit as the virus is likely to affect 50% of outgoing Chinese tourists.

Asian equities advanced in early trade, tracking Wall Street's gains and after the World Health Organisation expressed confidence in China's ability to contain the spread of the virus.

However, they lost momentum as Hong Kong played catch-up with the rest of Asia, dropping nearly 3% on opening after the Lunar New Year holiday.

Singapore shares climbed after Tuesday's near 2% drop, helped by industrial and consumer stocks.

Jardine Strategic Holdings rose nearly 1.4%, while beer manufacturer Thai Beverage tacked on 1.9%.

Philippine shares were headed for a third straight session of losses, with financials and industrials being the major drags on the index.

Conglomerates Ayala Corp and JG Summit Holdings lost 1% and 2.4%, respectively.

Malaysian shares were on track for a seventh straight session of losses, as healthcare and utilities stocks ran out of steam after a robust performance in the previous session.

Glove makers Hartalega Holdings and Top Glove Corp fell 2.9% and 3.7%, respectively, while hospital owner IHH Healthcare lost 1%.

Electricity supplier Tenaga Nasional, the third-largest stock on the index, dipped over 1.7%.

Indonesian shares added 0.7%, buoyed by a 1.8% gain in telecom giant Telekomunikasi Indonesia.

Tobacco company Hanjaya Mandala Sampoerna rose 1.4%, while petrochemical firm Chandra Asri Petrochemical added about 2%.

Thai stocks rose after seven consecutive sessions of falls, helped by financial and real estate stocks, while firm oil prices also provided some support to heavyweight energy stocks.

Meanwhile, data showed December factory output contracted for an eighth straight month but was better than a Reuters poll forecast.

Vietnam remained closed on account of the Lunar New Year holiday. Trading will resume on Thursday.

By Arpit Nayak


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AYALA CORPORATION -1.65% 806 End-of-day quote.-2.54%
HARTALEGA HOLDINGS 1.81% 8.44 End-of-day quote.-30.48%
IHH HEALTHCARE 3.17% 5.86 End-of-day quote.6.55%
JARDINE STRATEGIC HOLDINGS LIMITED -0.39% 32.9 End-of-day quote.32.23%
JG SUMMIT HOLDINGS, INC. 0.40% 63 End-of-day quote.-12.01%
LETS HOLDINGS GROUP CO., LTD. -1.79% 7.12 End-of-day quote.-8.48%
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.42.82%
LOOK HOLDINGS INCORPORATED -3.23% 1497 End-of-day quote.56.43%
PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK 0.00% 3350 End-of-day quote.1.21%
PT HANJAYA MANDALA SAMPOERNA TBK -3.02% 1125 End-of-day quote.-25.25%
PT. CHANDRA ASRI PETROCHEMICAL TBK -1.31% 9450 End-of-day quote.4.13%
SET -0.29% 1612.98 Real-time Quote.11.29%
TENAGA NASIONAL 4.92% 10.44 End-of-day quote.0.19%
THAI BEVERAGE 2.16% 0.71 End-of-day quote.-3.40%
TOP GLOVE CORPORATION BHD. 1.51% 4.7 End-of-day quote.-23.20%
WTI 0.78% 71.41 Delayed Quote.48.31%
Latest news "Economy & Forex"
05:55pExxon, union try new approach to resolve increasingly bitter dispute
RE
05:39pFitch raises UK outlook on economic resilience to pandemic shock
RE
05:36pUtilities Down Sharply On Treasury Yield Increase Fears -- Utilities Roundup
DJ
05:34pEuro Lost 2.04% to $1.1864 -- Data Talk
DJ
05:34pSterling Lost 2.15% to $1.3803 -- Data Talk
DJ
05:34pDollar Gains 0.50% to 110.23 Yen -- Data Talk
DJ
05:33pCommunications Services Down Amid Growth Bias -- Communications Services Roundup
DJ
05:29pTech Down On Rotation Out Of Value Sectors -- Tech Roundup
DJ
05:25pFinancials Down As Volatility Washes Through Global Markets -- Financials Roundup
DJ
05:22pConsumer Cos Down As Traders Hedge On Rate Implications -- Consumer Roundup
DJ
Latest news "Economy & Forex"