April 29, 2020 / 10:20 AM / 3 months ago

SE Asia Stocks-Gain as easing global lockdowns signal economic recovery

    * Thailand closes at highest since March 6
    * Philippines leads gains
    * Markets await U.S. Fed policy decision

    By Nikhil Subba
    April 29 (Reuters) - Southeast Asian stock markets closed
higher on Wednesday, with the Philippines leading gains, as
easing coronavirus restrictions in parts of the world fed hopes
of a recovery in global economic activity.
    Oil prices gained as U.S. stockpiles rose less than expected
and on expectations that demand would pick up as some COVID-19
hotspots in Europe and within the United States moved to ease
    "Southeast Asian equity markets have rallied as the
'peak-virus' trade picks up momentum. Markets are pricing that
the partial reopening of economies around the world will spark
an immediate spurt of growth," said Jeffrey Halley, a senior
market analyst at OANDA.
    "The MSCI Asia climbed 20% of its March lows today,
triggering an official bull market and boosting sentiment in the
region further," Halley added.
    Broader Asia shares minus Japan were 0.5%
higher on Wednesday. 
    Market participants are now awaiting a policy statement from
the U.S. Federal Reserve, due to be issued at the close of the
central bank's two-day meeting later in the day. The European
Central Bank meets on Thursday.
    In Southeast Asia, the Philippines index closed 1.2%
higher, with financials and consumer companies boosting the
    Property developer SM Prime Holdings and
restaurant chain owner Jollibee Foods both finished
above 4%.
    Indonesia stocks settled 0.8% higher, with telecom
conglomerate Telekomunikasi Indonesia (Persero)
jumping 6% and cement producer Indocement Tunggal Prakarsa
 rising 4.7%.
    Based on the central bank's calculation, the Indonesian
government said it may sell around 425 trillion rupiah of bonds
to the market in the rest of 2020 to cover its widening fiscal
    Singapore stocks finished about 0.5% higher and
Thailand rose 0.6%, marking their highest close since
April 20 and March 6, respectively.
    Thai electronic components maker Hana Microelectronics
 firmed 2.8% and Singapore's DBS Group closed
0.6% higher.    
For Asian Companies click;  

  Change on the day                                       
  Market              Current     Previous close  Pct Move
  Singapore           2574.73     2562.95         0.46
  Bangkok             1282.68     1274.99         0.60
  Manila              5643.97     5574.98         1.24
  Jakarta             4567.323    4529.554        0.83
  Kuala Lumpur        1380.3      1372.2          0.59
 Ho Chi Minh          769.11      767.21          0.25
  Change so far in                                
  Market              Current     End 2019        Pct Move
  Singapore           2574.73     3222.83         -20.11
  Bangkok             1282.68     1579.84         -18.81
  Manila              5643.97     7,815.26        -27.78
  Jakarta             4567.323    6,299.54        -27.50
  Kuala Lumpur        1380.3      1588.76         -13.12
  Ho Chi Minh         769.11      960.99          -19.97
 (Reporting by Nikhil Subba in Bengaluru; Editing by Devika
Nuestros Estándares:Los principios Thomson Reuters
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