EMERGING MARKETS-Indonesia, S. Korea stocks drop over 1% as virus threatens recovery

By Anushka Trivedi

Sept 22 (Reuters)Stock markets in Indonesia, Philippines and South Korea declined more than 1% on Tuesday as rises in coronavirus cases locally and globally dampened hopes of a swift economic recovery.

South Korean stocks .KS11, dropped 1.7% to lead falls across Asia’s emerging markets, while Jakarta’s main index .JKSE slid as much as 1.6% to its lowest level in almost two weeks.

The number of infections in the Philippines rose another 3,500 to top 290,000 on Monday, while Indonesia reported a record jump in cases despite moves to lock down parts of its capital.

Sentiment on stock markets globally worsened on Monday as the imposition of curbs in a number of European countries, along with a possible delay in fresh U.S. fiscal stimulus, weakened the prospects for recovery, said Margaret Yang, a strategist at retail trading platform IG.

Banking stocks weighed

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