Fears that the coronavirus outbreak could turn into a worldwide pandemic sparked panicked selling across the region yesterday.
"Yet, the extension of the sell-off we are seeing may be a bit too dramatic, even compared with the significant downshift in valuations."Stocks in Sheng Siong Group, which runs a chain of supermarkets in Singapore, have accordingly suffered.Ailing business activity and consumer spending are likely to weigh down demand for commercial and retail loans.
Travellers from China accounted for about 20 per cent of international visitor arrivals in Singapore last year. Equity benchmarks in Thailand, Indonesia and the Philippines are set to rank among the world's 10 worst-performing major markets this year. That has raised the spectre of a possible recession, with most analysts now expecting the economy to contract in the first quarter of this year. Some expect the slowdown to spill over into the second quarter as well.
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