April 30, 2020 / 10:07 AM / 3 months ago

SE Asia Stocks-Indonesia leads regional gains on reassuring growth forecast

    * All countries in the region mark best month this year
    * Thailand logs biggest monthly gain since Dec. 2003
    * Lender DBS Group boosts Singapore

    By Nikhil Subba
    April 30 (Reuters) - Indonesia's benchmark closed over 3%
higher on Thursday, posting its first monthly gain this year,
after the country signalled a positive end to the financial year
with economic growth set to recover.
    Bank Indonesia (BI) said on Thursday it expects a stronger
recovery for GDP growth in the final quarter of the year and
maintained its full-year 2020 forecast at 2.3%.
    The Indonesia benchmark rose 3.3% to close at a over
two-week high, while marking its best day since April 17. The
index ended the month nearly 4% higher, after three straight
months of losses.
    Bank Central Asia climbed 6.6%, while Bank
Tabungan Pensiunan Nasional Syariah jumped 20.4% at
close.
    Meanwhile, markets were lifted by positive early results
from a U.S government clinical trial showing that Gilead
Sciences Inc's experimental drug remdesivir helped
certain COVID-19 patients recover more quickly from the illness.
    "The vaccine is incredibly positive news for the oil market
as it suggests a quicker recovery in global demand as oil
downstream sectors would be expected to fire up," Stephen Innes,
chief market strategist at AxiCorp, said in a note.
    Oil prices rose on Thursday on signs that gasoline demand is
starting to pick up as COVID-19 restrictions begin easing in
parts of the world.]
    Singapore's Straits Times Index climbed about 2% to
settle at a peak of over two weeks, boosted by financials. The
benchmark rose 5.8% in April, its biggest monthly gain since
end-June 2019.
    DBS Group closed at seven-week peak, while logging
its best session since March 25, after the lender retained its
quarterly dividend and flagged a stable annual outlook.

    Malaysia stocks ended the session nearly 2% up,
while closing the month more than 4% higher - its best monthly
performance since July 2018.    
    Petronas Chemicals Group finished nearly 9% up,
while Press Metal Aluminium Holdings ended 4.2%
higher. 
    Thai stocks firmed 1.5% to close at its highest
since March 6. In April, the index advanced about 15.3%, its
biggest monthly gain since December 2003.
    Mobile phones supplier TWZ Corp jumped 20% at
close, while Thai Oil closed 3.2% higher.
    
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SOUTHEAST ASIAN STOCK MARKETS    
    
  Change on the day                                       
  Market              Current     Previous close  Pct Move
  Singapore           2624.23     2574.73         1.92
  Bangkok             1301.66     1282.68         1.48
  Manila              5700.71     5643.97         1.01
  Jakarta             4716.403    4567.323        3.26
  Kuala Lumpur        1407.78     1380.3          1.99
 Ho Chi Minh          769.11      767.21          0.25
                                                  
  Change so far in                                
 2020                                             
  Market              Current     End 2019        Pct Move
  Singapore           2624.23     3222.83         -18.57
  Bangkok             1301.66     1579.84         -17.61
  Manila              5700.71     7,815.26        -27.06
  Jakarta             4716.403    6,299.54        -25.13
  Kuala Lumpur        1407.78     1588.76         -11.39
  Ho Chi Minh         769.11      960.99          -19.97
 
 (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh
Kuber)
  
Nuestros Estándares:Los principios Thomson Reuters
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