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Markets

Southeast Asian stocks hammered by oil price fall and coronavirus

Thailand's PTT plunges 25% while Singapore's DBS drops 8%

Data from investment bank UBS showed that foreign investors held over 40% of Thai shares in the second and third quarters of 2019.   © Reuters

SINGAPORE/BANGKOK -- Stock markets in Southeast Asia nose-dived Monday, with some energy stocks losing a third of their value after oil prices plummeted, worsening a slump already triggered by the coronavirus outbreak.

Thailand's benchmark SET index plunged 8% as energy-related shares suffered severe selling after Saudi Arabia said it would increase oil production to drive Russia and the U.S. out of the market, spurring fears of a price war. Benchmark Brent oil contract prices were off 22% Monday. 

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