SE Asia Stocks-Most rise on U.S. stimulus boost; Singapore falls on recession signal

SE Asia Stocks-Most rise on U.S. stimulus boost; Singapore falls on recession signal

Reuters  | Mar 26, 2020 18:20

SE Asia Stocks-Most rise on U.S. stimulus boost; Singapore falls on recession signal

* Singapore announces $30 bln package as GDP contracts in Q1
* Indonesia sees best day since June 1999
* Philippines sees best day since Aug. 2007

By Arpit Nayak
March 26 (Reuters) - Most Southeast Asian stock markets
posted gains on Thursday as investors cheered a massive U.S.
stimulus package to soften the coronavirus pandemic's economic
blow, although Singapore fell after signalling a severe
recession.
Singaporean equities .STI ended 0.7% lower as the
city-state cut its annual growth forecast to account for the
impact of the virus after data showed the economy's
first-quarter contraction was the worst in a decade.
The index pared some losses after the city-state unveiled
new measures worth more than $30 billion to help businesses and
households cushion the pandemic's financial hit. The new measures include a draw on national reserves for the
first time since the global financial crisis.
"The latest set of figures has confirmed our fear that a
recession is inevitable amid the impact from the Covid-19
outbreak," DBS Group Research analyst Irvin Seah wrote in a
note, referring to Singapore.
Calling the services sector a drag on growth, Seah said, "If
the services sector falls, the economy follows." The industry
accounts for the bulk of jobs and is one of the biggest
contributors to gross domestic product.
Meanwhile, the rest of the region rode a wave of optimism
after the U.S. senate passed a $2 trillion stimulus bill in a
bid to aid unemployed workers and industries hurt by the
pandemic. The Indonesian bourse .JKSE , which was closed for trading
on account of a local holiday on Wednesday, recorded its best
session in over two decades, with a 10.2% gain.
In an added boost to sentiment, the central bank said it was
ensuring the financial system had sufficient liquidity even as
it prepared to implement shorter trading hours to contain the
contagion. Philippines .PSI climbed 7.4% in its best session in
almost 13 years, with real estate and consumer stocks leading
gains.
Thai stocks .SETI gained 1.1% as the central bank pledged
liquidity support to money markets and daily fixed income funds
that are hit by a cash crunch. Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2,487.56 2,505.47 -0.71
Bangkok 1,091.96 1,080.03 1.10
Manila 5,401.58 5,027.76 7.44
Jakarta 4,338.904 3,937.632 10.19
Kuala Lumpur 1,328.09 1,324.5 0.27
Ho Chi Minh 694.21 690.25 0.57

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2,487.56 3,222.83 -22.81
Bangkok 1,091.96 1,579.84 -30.88
Manila 5,401.58 7,815.26 -30.88
Jakarta 4,338.904 6,299.54 -31.12
Kuala Lumpur 1,328.09 1,588.76 -16.41
Ho Chi Minh 694.21 960.99 -27.76

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (UK) English (India) English (Canada) English (Australia) English (South Africa) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 中文 香港 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the App

More markets insights, more alerts, more ways to customize assets watchlists only on the App

Download the App

More markets insights, more alerts, more ways to customize assets watchlists only on the App