March 23, 2020 / 4:00 AM / 17 days ago

SE Asia Stocks-Tumble as virus-led lockdowns fan recession fears; Singapore falls most

    * Singapore sees worst day since Oct 2008
    * Singapore enforces ban on short-term visitors
    * Thailand custom-cleared exports for Feb set to show
decline

    By Arpit Nayak
    March 23 (Reuters) - Southeast Asian stock markets fell on
Monday and Singapore marked its worst day in over 11 years as
lockdowns and travel curbs to stem the spread of the coronavirus
pandemic stoked fears of a likely recession.
    While nations imposed stricter restrictions on movement,
central banks in the region have adopted a range of measures to
boost liquidity and spur growth in markets but their efforts
have paled in comparison to the speed of the virus' spread and
the economic toll.
    Meanwhile, following Wall Street's worst week since 2008,
E-Mini futures for the S&P 500 dived 5% at the open to
hit their downlimit.
    "Markets are beginning to price in recession scenarios as
aggressive fiscal and monetary stimulus misfire," analysts at
ING said in a note.
    "The futures are pointing to (the) start of yet another week
of market sell-off."
    Singaporean shares plunged 8.4% to hit their lowest
since May 2009.
    The country sealed off its borders from short-term visitors
in a bid to conserve resources for citizens returning from other
countries, a day after reporting its first deaths from the
virus.
    Adding to woes, Malaysia's ongoing travel ban could cause
labour shortages for Singapore with daily commuters barred from
the city-state.
    Malaysian stocks fell as much as 4.7%, amid a
two-week partial lockdown in the country.
    Malaysia deployed its army to enforce curbs on travel after
the country recorded the region's highest number of coronavirus
cases.
    The Philippine index tumbled 5.6% after seeing its
worst week since the 2008 financial crisis last week.
    Property developer SM Prime Holdings and lender
BDO Unibank eased 10% and 9%, respectively.
    The energy-heavy Thai bourse lost 7.5% as oil prices
suffered a steep decline.
    The trade reliant nation is set to release data for
customs-based exports later in the day which will likely take a
hit due to the virus.
    
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SOUTHEAST ASIAN STOCK MARKETS as at 0337 GMT
  Change on the                                    
 day                                       
  Market          Current      Previous    Pct Move
                               close       
  Singapore       2,234.08     2,410.74    -7.33
  Bangkok         1,060.66     1,127.24    -5.91
  Manila          4,631.06     4,778.76    -3.09
  Jakarta         4,047.782    4,194.944   -3.51
  Kuala Lumpur    1,270.87     1,303.28    -2.49
  Ho Chi Minh     671.1        709.73      -5.44
                                           
  Change so far                            
 in 2020                                   
  Market          Current      End 2019    Pct Move
  Singapore       2,234.08     3,222.83    -30.68
  Bangkok         1,060.66     1,579.84    -32.86
  Manila          4,631.06     7,815.26    -40.74
  Jakarta         4,047.782    6,299.54    -35.74
  Kuala Lumpur    1,270.87     1,588.76    -20.01
  Ho Chi Minh     671.1        960.99      -30.17
 


 (Reporting by Arpit Nayak; Editing by Shailesh Kuber)
  
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