SE Asia Stocks-Most up on Chinese stimulus; Jakarta rises from over 3-mo low
April 21 (Reuters) - Most Southeast Asian stock markets gained on Tuesday as China's stimulus to prop up its faltering economy boosted risky assets with Indonesian stocks recovering from a more-than-three-week closing low hit in the previous session. The Jakarta Composite Index was up 0.5 percent by midday from its lowest close since March 27 hit in the previous session, while Malaysia gained 0.4 percent to touch a near-six-month high. The People's Bank of China on Sunday announced a 100 basis points cut in the reserve requirement ratio (RRR) for major banks and a further 50 basis points RRR cut for qualified state-owned enterprises and joint stock banks. Analysts said the stimulus helped boost sentiment on hopes it would help spur the world's second largest economy. The Thai index was 0.6 percent firmer led by financials. "Following two days of profit-taking, we expect the selling force to subside," Bangkok-based KGI Securities said in a note to investors. "Charting wise, if SET stands above the 1,562 immediate resistance, it would regain momentum to test the next resistance of 1,580. We advise trading on strength. Otherwise, trading buy is advised at the 1,550 support." Singapore edged up 0.1 percent from a one-week closing low. Singapore Telecommunications Ltd, which on Tuesday said it wants to delist from the Australian stock exchange due to low trading interest, was down 1.6 percent. Vietnam's benchmark VN Index was up 0.2 percent led by some blue-chips. Bucking the trend, Philippine stocks eased 0.6 percent, with the country's biggest miner by output Philex Ming Corp rising 5.6 percent after the company said the government had cleared its $1.2 billion Silangan copper-gold mine development. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0621 GMT Market Current Prev Close Pct Move Singapore 3506.97 3503.25 +0.11 Kuala Lumpur 1856.11 1848.66 +0.40 Bangkok 1569.55 1560.32 +0.59 Jakarta 5422.75 5400.80 +0.41 Manila 7822.15 7946.89 -0.55 Ho Chi Minh 566.18 568.32 +0.20 (Reporting by Shihar Aneez in COLOMBO and Viparat Jantraprap in BANGKOK; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.