March 10, 2020 / 4:25 AM / a month ago

SE Asia Stocks-Most rise on stimulus hopes, bargain hunting

    * Trump vows to take "major steps" to shield economy 
    * Singapore shares see best session since Dec. 2018
    * Philippine stocks fall for third straight session 

    By Shruti Sonal
    March 10 (Reuters) - Most Southeast Asian stock markets
bounced back on Tuesday from steep falls in the previous
session, as investors picked up beaten-down stocks amid
speculation of coordinated stimulus measures from central banks.
    U.S. President Donald Trump vowed to take "major" steps to
shield the economy against the impact of the coronavirus
outbreak, while speculation of more central bank rate cuts and
fiscal stimulus measures also rose.

    U.S. Treasury yields edged higher from historic lows and oil
prices clawed back some gains after an overnight rout in U.S.
shares triggered trading halts for the first time since 1997,
with the S&P 500 index closing down 7.6%.
    Selling pressure eased in most Southeast Asian markets, in
line with their broader Asian peers, but investors remained
cautious. 
    "A combination of bargain hunting after previous session's
sharp declines and hopes of more stimulus measures have led to
some respite for markets in the region," said Joel Ng, a
Singapore-based analyst at KGI Securities.
    He, however, expects volatility to continue in the next few
months. 
    On the coronavirus front, Italy announced a lockdown of the
entire country until next month to combat the epidemic, while
the World Health Organization warned that the threat of a
pandemic had become very real.
    Singapore shares, which had fallen most in 11 years
on Monday, gained as much as 2.2% in their best session since
December 2018.
    Bourse-operator Singapore Exchange Ltd rose over
5% and boosted the benchmark after reporting record February
derivatives trading volumes a day earlier.
    Indonesian shares, which have slumped over 18% so
far this year, rose as much as 2.8% on strength in financials.
    Bank Central Asia Tbk PT and Bank Mega Tbk PT
 climbed about 3% and 4%, respectively.
    The country's finance minister said authorities would use
measures including buying back government bonds to stabilise
financial markets.
    The Philippine benchmark fell for a third straight
session, hurt by weakness in utilities and industrials.
    Index-heavyweight Aboitiz Equity Ventures shed over
7% and hit its lowest since November 2011 after posting a fall
in its core net income for 2019.
    
    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS as at 0343 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2811.69   2782.37         1.05
 Bangkok                1270.61   1255.94         1.17
 Manila                 6246.26   6312.61         -1.05
 Jakarta                5219.478  5136.809        1.61
 Kuala Lumpur           1433.63   1424.16         0.66
 Ho Chi Minh            828.3     835.49          -0.86
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2811.69   3222.83         -12.76
 Bangkok                1270.61   1579.84         -19.57
 Manila                 6246.26   7,815.26        -20.08
 Jakarta                5219.478  6,299.54        -17.15
 Kuala Lumpur           1433.63   1588.76         -9.76
 Ho Chi Minh            828.3     960.99          -13.81
 


 (Reporting by Shruti Sonal; Editing by Editing by Anil D'Silva)
  
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