March 3, 2020 / 4:44 AM / 3 months ago

SE Asia Stocks-Rise on global stimulus hopes; Indonesia jumps 3.5%

    * Indonesia posts best intraday gain since Aug 2015
    * Malaysia central bank decision due later in day
    * Philippines marks best session in nearly 4 weeks

    By Anushka Trivedi
    March 3 (Reuters) - Southeast Asian stock markets rose
sharply on Tuesday, with Indonesia posting its biggest intraday
gain in over 4 years, as expectations grew global central banks
will ease policies to cushion the economic impact from a
fast-spreading coronavirus.
    Equities worldwide took a beating last week as fears mounted
that the epidemic could develop into a pandemic and cause
    Markets regained some lost ground this week after major
central banks indicated readiness to roll out stimulus measures
to help cushion the economic blow, with the Reserve Bank of
Australia delivering a quarter-point cut on Tuesday.

    Investors now await a likely conference call of the Group of
Seven finance ministers to discuss measures to deal with the
economic impact. 
    "What we needed was a reason to buy and central banks have
been that reason - nothing has really changed in the coronavirus
stakes from a global standpoint," said Chris Weston, head of
research at brokerage Pepperstone.
    Leading the gains in Southeast Asia, Indonesian equities
 rose 3.4%, and were on track to end a seven-session
losing streak.
    Consumer and financial stocks led the rally, with Bank
Central Asia Tbk PT and agri-business firm Charoen
Pokphand Indonesia Tbk PT climbing 4.1% and 7.1%,
    Philippine shares advanced as much as 2% in their
best intraday session in nearly four weeks, boosted by
    Singapore shares rose after losing close to 5% in the
past four sessions, with banks leading the recovery.    
    Malaysian shares climbed slightly ahead of a central
bank meeting.
    A Reuters poll showed six of the 11 economists contacted saw
the Bank Negara Malaysia cutting its overnight policy rate by 25
basis points to 2.50%. The remaining five did not expect any
change to the benchmark rate.    
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 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3038.45   3007.72         1.02
 Bangkok                1359.85   1335.72         1.81
 Manila                 6817.44   6749.28         1.01
 Jakarta                5542.715  5361.246        3.38
 Kuala Lumpur           1471.06   1466.94         0.28
 Ho Chi Minh            891.79    884.43          0.83
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3038.45   3222.83         -5.72
 Bangkok                1359.85   1579.84         -13.92
 Manila                 6817.44   7,815.26        -12.77
 Jakarta                5542.715  6,299.54        -12.01
 Kuala Lumpur           1471.06   1588.76         -7.41
 Ho Chi Minh            891.79    960.99          -7.20
 (Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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