Virus fears return to spook regional bourses

The mood on trading floors across the Asia-Pacific yesterday suggested strongly that anxiety has returned after three sessions of gains.

The mid-week focus on encouraging regional economic data and stimulus measures by China's central bank all but evaporated once it became clearer that the unrelenting pace of the coronavirus spread would have a significant impact on the global economy.

Oanda Asia-Pacific senior market analyst Jeffrey Halley noted that investors were also booking profits and reducing risk ahead of crucial United States non-farm payroll data for last month.

The edgy mood left Singapore's Straits Times Index at 3,181.48, down 50.07 points or 1.55 per cent - making it the second-largest single-day drop this year, after the 1.8 per cent skid on Jan 28.

At least the blue-chip index advanced for the week, rising 0.9 per cent.

Elsewhere in the Asia-Pacific, Australia, China, Japan, Hong Kong, Malaysia, South Korea and Taiwan all closed with losses.

Trading volumes here stood at 1.69 billion shares worth $1.47 billion, with losers trumping gainers 302 to 151.

With investors back to worrying about the coronavirus, so did plays by punters on Singapore-listed medical groups and rubber glove makers.

After spending most of the week cooling off, Medtecs International commenced what could be the beginning of a second red-hot run. The manufacturer and distributor of medical consumables jumped 35.5 per cent to 10.3 cents, with 288.6 million shares changing hands.

Other active sector plays included Singapore Medical Group, which added 6.8 per cent to 31.5 cents. UG Healthcare, a manufacturer of rubber gloves, climbed 19.1 per cent to 25 cents.

It was a different story for tourism-and leisure-related listings. Singapore Airlines fell 1.8 per cent to $8.58, while CDL Hospitality Trusts, which traded ex-dividend of 1.05 cents, closed 2 per cent lower at $1.50.

The focus may be on the virus but the corporate earnings season continues to roll on.

Singapore Post saw a 39.3 per cent slump in net profit to $30.5 million for its third quarter. After the announcement, its shares dipped 1.1 per cent to 89 cents.

Meanwhile, CapitaLand Retail China Trust slipped 1.3 per cent to $1.52 after posting a 3.3 per cent decline in fourth-quarter distribution.

Sembcorp Industries shares were sold off ahead of its earnings release on Feb 21. It shed 6 per cent to $2.03 after issuing a profit guidance.