April 27, 2020 / 10:11 AM / a month ago

SE Asia Stocks-Most gain on new stimulus in Japan; Philippines slips

    * Singapore closes at highest since April 20
    * Extended lockdown in Singapore to help Singtel - analyst
    * Philippines cenbank warns of annual GDP contraction 

    By Nikhil Subba
    April 27 (Reuters) - Most Southeast Asian stock markets
closed higher on Monday, led by Singapore, after Japan announced
further measures to blunt the economic damage caused by the
coronavirus pandemic.
     The Bank of Japan (BOJ) expanded monetary stimulus on
Monday and pledged to buy unlimited amount of bonds to keep
borrowing costs low, thus cancelling its previous target of 80
trillion yen per year.  
    "Markets are bolstered today by central banks who can
support risk sentiment this week by signaling a willingness to
expand existing asset-purchase schemes," said Stephen Innes,
chief global market strategist at AxiCorp, in a note. 
    Investors will also be watching out for further stimulus
actions from the U.S. Federal Reserve and European Central Bank
when they have their monetary policy meetings later this week.
    Putting a damper on sentiment, Philippine stocks fell
0.3%, after the central bank warned of the economy's first
annual contraction in over two decades due to the coronavirus
pandemic.
    "We have likened COVID-19 to kryptonite to the once robust
economy and we now expect a deep drop in performance," analysts
at ING said in a note, forecasting negative growth in the
Philippines for the second and third quarter of 2020.
    Singapore stocks closed 1.2% higher, its highest
close since April 20, boosted by gains in DBS Bank,
up 2%, and Singapore Telecommunications, up 3%.
    "With Singapore locked down for another month, Singtel
(Singapore Telecommunications) should be a beneficiary, both
from a defensive investing point of view and a revenue one as
internet and mobile usage climb," said Jeffrey Halley, senior
market analyst at OANDA.    
    Thailand closed up 0.7% and Indonesia
settled about 0.4% higher.
    Indonesian Pharmaceutical company Kalbe Farma
ended 6% up, while Thai food conglomerate Charoen Pokphand Foods
 rose about 1%.  
    
    
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2549.4    2518.16         1.24
 Bangkok                1267.41   1258.78         0.69
 Manila                 5450.45   5464.98         -0.27
 Jakarta                4513.141  4496.064        0.38
 Kuala Lumpur           1370.16   1369.85         0.02
 Ho Chi Minh            770.77    776.66          -0.76
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2549.4    3222.83         -20.90
 Bangkok                1267.41   1579.84         -19.78
 Manila                 5450.45   7,815.26        -30.26
 Jakarta                4513.141  6,299.54        -28.36
 Kuala Lumpur           1370.16   1588.76         -13.76
 Ho Chi Minh            770.77    960.99          -19.79
 
 (Reporting by Nikhil Subba in Bengaluru; Editing by Amy Caren
Daniel)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below