May 11, 2020 / 10:09 AM / 3 months ago

SE Asia Stocks-Vietnam leads gains as countries aim to ease lockdowns

    * Thailand posts best intraday session since April 20
    * Vietnam extends gains into fifth session
    * Malaysian markets closed for a public holiday

    By Pranav A K
    May 11 (Reuters) - Southeast Asian stock markets closed
higher on Monday, with Vietnam leading gains, as several
countries looked to restart their economies and largest regional
trading partner China signaled more policy measures to support a
virus-hit economy.
    Markets in Asia-Pacific cheered further loosening of
coronavirus restrictions in the region, with New Zealand easing
some curbs from Thursday, while Japan plans to end a state of
emergency for areas where infections have stabilised.

    The People's Bank of China (PBOC) vowed 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, and said it lowered interest rates on its
standing lending facility (SLF) in April.    
    "We think the bar for large further rate cuts, particularly
in short-end rates, is high in China," analysts at Goldman Sachs
said in a note.
    Trade-dependent Thailand's index surged 1.7% in its
best intraday session in three weeks, on hopes of lockdown
restrictions being eased further.
    "Upward bias in trading is on hopes that the Center for
COVID-19 Situation Administration will propose a further easing
of the country's coronavirus lockdown to the cabinet for
approval tomorrow," analysts at Phillip Securities said in a
note.
    Vietnamese stocks closed at their highest levels
since March 11, helped by financials and consumer staples.
    The International Monetary Fund (IMF) said on Monday
Vietnam's economic growth is seen slowing down to 2.7% this year
due to the COVID-19 pandemic, but may pick up to 7% next year.

    In Indonesia, the main stock index closed 0.9%
higher, marking its best session since April 30, as the country
considers plans for a phased resumption of businesses.

    The benchmark also received a boost from the central bank
governor's statement that Bank Indonesia was ready to cut
interest rates if the financial market would stabilize, said
Hariyanto Wijaya, head of research at Mirae Asset Sekuritas
Indonesia.
    Shares of courier services provider Satria Antaran Prima
 and Matahari Department Store surged 24.3%
and 22%, respectively. 
    Markets in Malaysia were closed for a public
holiday.
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2611.31   2591.88         0.75
 Bangkok                1287.33   1266.02         1.68
 Manila                 5667.93   5621.94         0.82
 Jakarta                4639.105  4597.43         0.91
 Ho Chi Minh            828.33    813.73          1.79
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2611.31   3222.83         -18.97
 Bangkok                1287.33   1579.84         -18.52
 Manila                 5667.93   7,815.26        -27.48
 Jakarta                4639.105  6,299.54        -26.36
 Ho Chi Minh            828.33    960.99          -13.80
 


 (Reporting by A K Pranav in Bengaluru; Editing by Ramakrishnan
M.)
  
Nuestros Estándares:Los principios Thomson Reuters
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