January 21, 2020 / 4:04 AM / 3 months ago

SE Asia Stocks-Singapore falls on China virus fears, Philippines extends losses

    * Banking and industrial stocks drag Singapore
    * Industrial and utility stocks weigh on Thailand

    By Soumyajit Saha
    Jan 21 (Reuters) - Singapore stocks dropped over 1%
tracking broader Asia, as investors were spooked by an
escalating coronavirus outbreak in China, while Philippines
 slid under the 1% mark for the second consecutive session
on concerns of regulatory incursions into private contracts.
    The outbreak of a new coronavirus has spread to more Chinese
cities, including Shanghai and the capital Beijing, authorities
said on Monday.
    "Concerns over the spread of the virus is affecting market
sentiments. Unfortunately, it's coming at a bad time because
it's the travel season in China ahead of the New Year
celebrations," said Linus Loo, head of research at Lim & Tan
Securities.
    Losses in the banking and industrial sectors weighed on the
city-state's benchmark as it fell to its lowest in nearly two
weeks.  
    Lender DBS Group Holdings lost nearly 1%, while
conglomerate Jardine Strategic Holdings was down over
2%.
    Philippine shares were dragged down by heavy losses in the
financial sector, with conglomerate Ayala Corp and real
estate developer Ayala Land shedding 5.1% and 2.8%
respectively.
    Regulatory scrutiny on certain projects related to the Ayala
group had led to "possible regulatory risks involved in private
sector's contracts with the government," Rachelle Cruz, analyst
at AP Securities said.
    Foreign investors seem to have concerns about other
companies that have similar contracts, and the possibility of
probes into such contracts, Cruz added.
    President Rodrigo Duterte on Friday said he would review a
government rail transit contract here
 with Ayala and Metro Pacific Investment Corp, while
the presidential spokesperson had separately hinted at
investigations into an Ayala IT park here
 on Sunday, The Manila Times reported.
    Thai stocks were also lower, hurt by losses in the
industrial and utility sectors.
    Airport operator Airports of Thailand PCL dropped
3.7%, while chemical maker PTT Global Chemical PCL
plunged 6%. 
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0318 GMT
  STOCK MARKETS                                              
  Change on the day                                          
  Market               Current     Previous       Pct Move
                                   close          
  Singapore            3243.93     3280.09        -1.10
  Bangkok              1585.34     1589.11        -0.24
  Manila               7481.12     7552.6         -0.95
  Jakarta              6252.105    6245.043       0.11
  Kuala Lumpur         1589.74     1588.88        0.05
 Ho Chi Minh           982.09      978.63         0.35
                                                  
  Change so far in                                
 2020                                             
  Market               Current     End 2019       Pct Move
  Singapore            3243.93     3222.83        0.65
  Bangkok              1585.34     1579.84        0.35
  Manila               7481.12     7,815.26       -4.28
  Jakarta              6252.105    6,299.54       -0.75
  Kuala Lumpur         1589.74     1588.76        0.06
  Ho Chi Minh          982.09      960.99         2.20
 

 (Reporting by Soumyajit Saha in Bengaluru; Editing by Shailesh
Kuber)
  
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