Coronavirus pandemic has hit stocks hard but there are small signs of improvement.
Singapore.- Stocks in Southeast Asia recorded their worst month since 2008 as a result of the global Coronavirus pandemic.
Markets shed between 15 per cent and 32 per cent in the quarter, while most markets posted their biggest quarterly fall in over two decades.
A rise in infections and deaths from Coronavirus were reported across the region, which was the original epicentre of the outbreak.
According to Reuters though, strong factory activity from China pushed most of the indexes higher on Tuesday.
With China being the region’s biggest trading partner, it shows potential signs of a small recovery especially considering the collapse in the previous month, although analysts warn that the global pandemic would continue to pressure the region’s economy.
Singaporean equities rose to over 2 per cent, with Jardine Matheson Holdings and Jardine Strategic Holdings adding over 6 per cent each.
Thai stocks advanced 3.5 per cent, with gains underpinned by financial and energy stocks. The Siam Commercial Bank and PTT Pcl rose 7 per cent and 5.2 per cent respectively.
Thailand’s current account surplus was $5.4billion in February, up from a surplus of $3.44billionthe previous month, the central bank said on Tuesday.
The Indonesian benchmark jumped on consumer staples and healthcare stocks. President Joko Widodo also announced $25billion in spending to fight the virus.