Virus fears push Southeast Asia markets closer to bear levelsSoutheast 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 main Philippine gauge entered into a correction after its president cracked down on some of the nation’s biggest businesses. Southeast Asian equity markets have seen a net foreign outflow of $2.4 billion over the last 12 months, on withdrawals from these three countries. The retreat contrasts with broader regional and global markets, which had surged on global trade hopes from late summer until the health concerns in China became pronounced. “Southeast Asian markets could continue to underperform their north Asian peers as they benefit less from global cyclical recovery,” he said.

Source: Bangkok Post January 29, 2020 09:45 UTC