May 11, 2020 / 4:19 AM / 20 days ago

SE Asia Stocks-Rise as China signals more policy measures to support economy

    * Thai shares rise 1.7%
    * Indonesia mulls reopening plans
    * Malaysian markets closed for holiday

    By Pranav A K
    May 11 (Reuters) - Southeast Asian stock markets rose on
Monday, with Thai stocks leading the gains, as sentiment
improved after China's central bank signalled more policy
measures to support a coronavirus-hit economy. 
    Shares in trade-reliant Thailand surged 1.7% as the
People's Bank of China (PBOC) said on Sunday it would step up
counter-cyclical adjustments to support the Chinese economy and
make monetary policy more flexible to fend off financial risks.
    The Chinese central bank also said it lowered interest rates
on short-term loans in April.
    More policy support from China, Southeast Asia's region's
biggest trading partner, has supercharged what would have been a
positive start to Asian trading anyway, said Jeffrey Halley, a
senior market analyst at OANDA.
    Appetite for riskier assets was also supported by a firmer
finish on Wall Street on Friday and as some countries started to
ease coronavirus lockdowns.
    Financial stocks dominated the gains on the Thai bourse,
with brokerage UOB Kay Hian Securities Thailand
jumping 10.4% after posting a quarterly profit, compared with a
year-ago loss, while beverage maker Cabao Group added
5.5%.
    "It is a government holiday (in Thailand) and maybe it (the
rise) is a function of reduced liquidity," Halley said.
    Indonesian stocks advanced 0.9% and were on course
for their best session since April 30.
    The region's biggest economy is considering plans for a
phased resumption of businesses from as early as June 1,
government documents showed.
    The proposals come amid mounting criticism of the
government's slow response to the outbreak. Indonesia's official
death toll stands at 973 as of Sunday, the highest in East Asia
outside China.
    Vietnam's index advanced 0.8%, buoyed by financials
and real estate stocks. The benchmark was on course for its
fifth straight session of gains.
    Viet Capital Securities rose 6.9%, while Ho Chi
Minh City Securities Corp gained 4.4% to its highest in
more than two months.
    Financial markets in Malaysia were closed for a holiday.
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0342 GMT
    
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              2602.28  2591.88         0.40
 Bangkok                1288.02  1266.02         1.74
 Manila                 5659.8   5621.94         0.67
 Jakarta                4637.99  4597.43         0.88
 Ho Chi Minh            820.78   813.73          0.87
                                                 
 Change so far in 2020                           
 Market                 Current  End 2019        Pct Move
 Singapore              2602.28  3222.83         -19.25
 Bangkok                1288.02  1579.84         -18.47
 Manila                 5659.8   7,815.26        -27.58
 Jakarta                4637.99  6,299.54        -26.38
 Ho Chi Minh            820.78   960.99          -14.59
 


 (Reporting by A K Pranav in Bengaluru; Editing by Aditya Soni)
  
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