* 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 .PSI 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 .STI closed 1.2% higher, its highest
close since April 20, boosted by gains in DBS Bank DBSM_pc.SI ,
up 2%, and Singapore Telecommunications STEL.SI , 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 .SETI closed up 0.7% and Indonesia .JKSE
settled about 0.4% higher.
Indonesian Pharmaceutical company Kalbe Farma KLBF.JK
ended 6% up, while Thai food conglomerate Charoen Pokphand Foods
CPF.BK rose about 1%.
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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