“The outbreak of Wuhan virus is a shock that is adding to the pains of Southeast Asia equities due to the region’s trade and tourism linkages with China,” Nirgunan Tiruchelvam, head of consumer equity research at Tellimer, said by phone from Dubai. “Asean stocks may see more pain before any relief,” he said.
SINGAPORE (Jan 30): Southeast Asian equity markets, already suffering from foreign outflows, are now at the brink of witnessing bear markets for some of its members as the coronavirus-induced sell-off continues.
The risk aversion caused by the deadly virus has pushed the main equity benchmarks of Thailand and Malaysia to within 3% of what would mark a 20% fall from their peaks. The main Philippine gauge entered into a correction after its president cracked down on some of the nation’s biggest businesses.
