Markets across the region struggled to hold on to gains as a rising number of virus cases forced lockdowns and travel bans in a bid to restrict the spread of the virus. [MKTS/GLOB]
"Financial markets have been volatile these past few days, to say the least," said Venkateswaran Lavanya, analyst at Mizuho Bank, in a note.
"We still think that financial market contagion resulting in a self-perpetuating financial crisis remains a real and present danger."
Singapore stocks ended 1.2% lower, after rising more than 3% earlier, as worries emerged that the country may be headed towards its first full-year recession in nearly 20 years as Malaysia's travel ban robs the city-state of a key source of labour.
The index ended lower for a sixth straight session.
Conglomerate Jardine Strategic Holdings dropped 3.6%, while real estate firm Capitaland eased 2.8%.
Malaysia's bourse fell as much as 1.4%, as the country went into a two-week partial lockdown after a spike in coronavirus cases.
The Indonesian index ended 2.8% lower as financial and consumer sectors took the biggest hits, with Bank Mandiri (Persero) falling 6.8% and household goods maker Unilever Indonesia dropping 6.9%.
Indonesia said it would reallocate 17.17 trillion rupiah ($1.13 billion) from its 2020 state budget in a bid to blunt the economic impact of the virus.
The stimulus comes ahead of an expected cut to the central bank's key policy rate at a meeting on Thursday.
Thai equities bucked the trend to rise 1.3% after the central bank said it had bought bonds worth $1 billion to boost liquidity.
The telecom and financial sectors were the biggest gainers, as mobile phone operator Advanced Info Service and Kasikornbank added 4.4% and 1.5%, respectively.
Trading remained suspended on the Philippine bourse but was set to resume on Thursday, despite a lockdown across the island of Luzon where capital Manila is located.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the
Market Current Previous Pct Move
Singapore 2425.62 2454.53 -1.18
Bangkok 1048.15 1035.17 1.25
Jakarta 4330.674 4456.749 -2.83
Kuala Lumpur 1239.01 1256.58 -1.40
Ho Chi Minh 747.66 745.78 0.25
Change so far
Market Current End 2019 Pct Move
Singapore 2425.62 3222.83 -24.74
Bangkok 1048.15 1579.84 -33.65
Manila 5335.37 7,815.26 -31.73
Jakarta 4330.674 6,299.54 -31.25
Kuala Lumpur 1239.01 1588.76 -22.01
Ho Chi Minh 747.66 960.99 -22.20
By Arpit Nayak