Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Southeast Asia stocks: Most markets fall as risk-off from oil rout persists

04/22/2020 | 12:41am EST
A trader reacts during trading at the Philippine Stock Exchange in Makati city, Metro Manila

Most Southeast Asian stock markets fell for a second session on Wednesday as the collapse of oil prices earlier this week underscored supply glut worries and exposed the severity of the damage to demand from the coronavirus pandemic.

The week so far has seen some of the most volatile days in the history of oil trading, with prices for U.S. crude turning negative, as inventories swelled and finding storage spaces became difficult, prompting investors to digest that demand worries could last for several months.

"The tone from yesterday's sell-off will likely be carried over to today, with expectations for a deep and lasting economic downturn likely to dominate trading," analysts at ING said in a note.

The Philippine benchmark fell as much as 2.3% to its lowest level since April 6, as consumer stocks weighed.

Restaurant chain owner Jollibee Foods shed as much as 3.8% and Robinsons Retail tumbled nearly 3%.

Singapore's Straits Times Index declined 1.5% to hit its lowest in two weeks.

Keppel Corp tumbled as much as nearly 2%, while Genting Singapore hit a two-week low.

Malaysian stocks shed as much as 1.6% to touch its lowest since April 14.

CIMB Group slid as much as 3.6% to a low of over two weeks, while IOI Corp fell 3.4% to its lowest since March 26.

Malaysia's consumer prices in March fell for the first time in more than a year, declining 0.2% from a year earlier amid lower transport costs, government data showed on Wednesday.

Thai stocks shed as much as nearly 1%, with LH Financial hitting a near two-week low and G J Steel falling around 16.7%.

Meanwhile, Indonesia firmed as much as 0.9%. Pelayaran Nelly rose about 34%, while Grand Kartech advanced 24.8%.

The country's finance ministry said on Tuesday nearly 10 trillion rupiah ($644.33 million) was raised from a biweekly Islamic bonds auction, above the indicative target of 7 trillion rupiah.

(Reporting by Nikhil Subba in Bengaluru; editing by Uttaresh.V)

By Nikhil Subba

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.14% 17.25 Delayed Quote.204.36%
CIMB GROUP HOLDINGS 0.00% 3.64 End-of-day quote.-29.32%
G J STEEL PUBLIC COMPANY LIMITED 0.00% 0.11 End-of-day quote.-15.38%
GENTING SINGAPORE LIMITED 2.44% 0.84 End-of-day quote.-8.70%
ING GROEP N.V. 3.10% 7.95 Delayed Quote.-27.85%
IOI CORPORATION 0.66% 4.55 End-of-day quote.-1.30%
JOLLIBEE FOODS CORPORATION 0.62% 195 End-of-day quote.-9.72%
JUST GROUP PLC -1.33% 59.2 Delayed Quote.-24.05%
KEPPEL CORPORATION LIMITED 1.58% 5.15 End-of-day quote.-23.93%
LH FINANCIAL GROUP PUBLIC COMPANY LIMITED 1.01% 1 End-of-day quote.-26.47%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
LONDON BRENT OIL 1.46% 45.78 Delayed Quote.-33.12%
PT GRAND KARTECH TBK -0.46% 436 End-of-day quote.-73.58%
PT PELAYARAN NELLY DWI PUTRI TBK -4.20% 137 End-of-day quote.-2.84%
ROBINSONS RETAIL HOLDINGS, INC. -0.64% 69.4 End-of-day quote.-13.25%
WILL GROUP, INC. 2.79% 920 End-of-day quote.-26.52%
Latest news "Economy & Forex"
11:40aBlackrock ups U.S. equities to overweight, cuts Europe
11:37aU.S. holiday sales expected to rise up to 5.2% - NRF
11:37aIvory Coast to sell first pandemic-era Eurobond in sub-Saharan Africa
11:37aAirline body IATA develops mobile apps for COVID-era travel
11:32aIrish COVID-19 jobless claims level off ahead of reopening
11:32aFarm & Biofuel Leaders Urge Courts to Hold EPA Accountable on Improper 2016 Waiver
11:32aUMWA UNITED MINE WORKERS OF AMERICA : OIG report on lack of MSHA silica standard “right on the money”
11:32aIbex Investors Closes $100 Million for Israeli Venture Fund
11:31aCYNERGISTEK : With Growing Cyber Threats to Educational Institutions, CynergisTek Identifies New Opportunities
11:23aAlaska Airlines to lease 13 new Boeing 737-9 MAX aircraft
Latest news "Economy & Forex"