March 3, 2020 / 10:40 AM / a month ago

SE Asia Stocks-Rebound on hopes of global monetary stimulus, focus on G7

    * Thailand, Indonesia leads gains
    * Indonesia snaps 7-day losing streak
    * Malaysia c.bank cuts interest rate by 25 bps

    By Anushka Trivedi
    March 3 (Reuters) - Southeast Asian stock markets rebounded
on Tuesday, with Thailand posting its best session in at least
three years, as expectations that central banks would step in to
blunt the economic blow from the coronavirus epidemic spurred a
risk rally.
    Central banks from Japan, Britain and France followed the
U.S. Federal Reserve in saying said they stood ready to support
the global economy.
    The Reserve Bank of Australia was among the first to slash
interest rates on Tuesday, with Bank Negara Malaysia following
close behind.
    "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, in a note.
    Meanwhile, investors are looking ahead to a conference call,
where G7 finance ministers are expected to discuss measures to
deal with the economic impact of the virus outbreak, sources
told Reuters.
    Most Southeast Asian markets pulled back from session highs,
but Indonesia and Thailand held on to their gains and ended
about 3% higher.
    Thai stocks surged 2.9% to post their best day since
Oct. 14, 2016, as climbing oil prices boosted energy firms.

    State-run oil and gas explorers PTT Pcl gained 3.8%
and PTT Exploration and Production Pcl rose 4.7%.
    Indonesian shares jumped 2.9% to mark its biggest
intraday gain in over four years and snap a seven-session losing
streak.
    The government is set to announce a second policy package
aimed at reducing trade barriers as virus continues to hamper
supply chains in Southeast Asia's largest economy.
    Bank Central Asia Tbk PT rose 4% and heavyweight
Telekomunikasi Indonesia Tbk PT gained 5.2%.    
    Malaysian equities rose 0.8% after its central bank
cut key interest rates to a ten-year low amid a political crisis
at home and coronavirus outbreak disrupting exports.  
    Banks helped Singapore's main index gain 0.4% after
it shed nearly 5% in the past four sessions. 

    
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SOUTHEAST ASIAN STOCK MARKETS    
    
 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3019.56   3007.72         0.39
 Bangkok                1375.02   1335.72         2.94
 Manila                 6790.54   6749.28         0.61
 Jakarta                5518.628  5361.246        2.94
 Kuala Lumpur           1478.64   1466.94         0.80
 Ho Chi Minh            890.61    884.43          0.70
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3019.56   3222.83         -6.31
 Bangkok                1375.02   1579.84         -12.96
 Manila                 6790.54   7,815.26        -13.11
 Jakarta                5518.628  6,299.54        -12.40
 Kuala Lumpur           1478.64   1588.76         -6.93
 Ho Chi Minh            890.61    960.99          -7.32
 
    

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Amy
Caren Daniel)
  
Nuestros Estándares:Los principios Thomson Reuters
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