Southeast Asia stocks: Tumble on coronavirus fears, oil price crash

Singapore shares fell the most in more than 11 years on Monday, leading a broad tumble in Southeast Asian stocks, as fears over the economic impact of the coronavirus epidemic and a crash in oil prices triggered a steep sell-off.

Oil prices plunged as much as 31.5% - the most since 1991 - after Saudi Arabia started a price war following Russia's refusal to agree to a further steep cut in oil output. [O/R]

Broader Asian markets <.MIAPJ0000PUS> fell 4.4% in their worst day since August 2015 as the number of people infected with the coronavirus topped 110,000 across the world, with the outbreak reaching more countries and causing more economic damage.

"The market continues to be fear- and headline-driven, and it is difficult to imagine a durable and broad-based recovery in risk sentiments soon," Vishnu Varathan, a senior economist at Mizuho Bank, said in a note to clients.

Oil- and coronavirus-driven risks are likely to deepen the sell-off in Asian markets, he added.

Denting sentiment further, exports in China - the region's biggest trading partner - contracted sharply in the first two months of the year and it ran a trade deficit for the period.

Singapore, Thailand, Philippines, Indonesia and Vietnam ended the day more than 6% lower.

Thai stocks dived 8% in their worst intraday session since December 2014, with oil and gas giant PTT PCL plunging nearly 30%.

Singapore bourse ended 6% down in its worst session since October 2008. Petrochemical firm Sembcorp Industries tumbled nearly 10% to hit a more than 15-year low.

Malaysian equities fell 4.1% to hit a more than eight-year low. Petronas Chemicals Group, unit of Malaysia's state-owned energy firm Petroliam Nasional, dropped more than 22% to a record low.

Financial stocks across the region fell, as the double shock from the virus and slide in oil prices meant more stimulus measures from global central banks.

Analysts are expecting another rate cut by the U.S. Federal Reserve at its scheduled policy meeting on March 18, while the European Central Bank will also be under intense pressure to act at its meeting on Thursday.

The Philippine benchmark shed over 6.8% to hit its lowest since Jan. 2016, hurt by financials and energy stocks.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Change on the day

Market Current Previous close Pct Move

Singapore 2782.37 2960.98 -6.03

Bangkok 1255.94 1364.57 -7.96

Manila 6312.61 6770.38 -6.76

Jakarta 5136.809 5498.54 -6.58

Kuala Lumpur 1424.16 1483.1 -3.97

Ho Chi Minh 835.49 891.44 -6.28

Change so far in 2020

Market Current End 2019 Pct Move

Singapore 2782.37 3222.83 -13.67

Bangkok 1255.94 1579.84 -20.50

Manila 6312.61 7,815.26 -19.23

Jakarta 5136.809 6,299.54 -18.46

Kuala Lumpur 1424.16 1588.76 -10.36

Ho Chi Minh 835.49 960.99 -13.06

(Reporting by Shruti Sonal; Editing by Anil D'Silva)

By Shruti Sonal