* Singapore stocks set for third straight session of gains
* BI expected to cut benchmark rate by 25 bps - Reuters poll
* Thai shares hit near 2-1/2 month high
By Pranav A K
May 19 (Reuters) - Southeast Asian stock markets rose on
Tuesday, tracking Wall Street's gains overnight, on hopes of
economic recovery after a successful early-stage trial of a
coronavirus vaccine boosted sentiment.
Indexes across Wall Street posted gains on Monday, following
encouraging data from drugmaker Moderna Inc's MRNA.O
experimental COVID-19 vaccine, which showed promising results in
a small early-stage trial. .N "This (potential vaccine) had no doubt been the biggest mood
booster for markets given the fact that the lingering
coronavirus implications remain the single biggest issue holding
back the market from recovery and a contributor to other risk
factors including U.S.-China tensions," said Jingyi Pan, a
market strategist with financial services firm IG.
Leading gains in the region, Singapore and Indonesian shares
were both on track for their biggest intraday percentage gain
since April 30.
Indonesian shares .JKSE jumped 2%, boosted by financial
stocks, with PT Victoria Investama VICO.JK surging 19.1% and
investment manager PT Lippo Securities LPPS.JK jumping 15.2%.
The country's central bank is set to hold its policy
meeting and is expected to deliver this year's third rate cut as
it steps up efforts to revive an economy hit by the coronavirus
crisis, a Reuters poll found. Singapore stocks .STI climbed for a third straight
session, up 1.9%, with transport services provider SATS Ltd
SATS.SI adding 5.2% and large-cap Jardine Cycle & Carriage
JCYC.SI gaining 2.9%.
Philippine stocks .PSI traded 1.5% higher and were set to
snap two straight sessions of losses. Lender BDO Unibank
BDO.PS rose 3.7%, while conglomerate Ayala Corp AC.PS
advanced 3.3%.
In Thailand, the benchmark .SETI gained 1.8% to its
highest level since March 6 and is on course for its third
straight session of gains.
Energy stocks propped up the index, helped by rising oil
prices. O/R
Thai Oil TOP.BK and Star Petroleum SPRC.BK gained 5.1%
and 5.8%, respectively.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS OF 0340 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2587.37 2539.28 1.89
Bangkok 1309.48 1286.53 1.78
Manila 5560.22 5479.35 1.48
Jakarta 4601.526 4511.058 2.01
Kuala Lumpur 1419.79 1410.16 0.68
Ho Chi Minh 850.51 837.01 1.61
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2587.37 3222.83 -19.72
Bangkok 1309.48 1579.84 -17.11
Manila 5560.22 7,815.26 -28.85
Jakarta 4601.526 6,299.54 -26.95
Kuala Lumpur 1419.79 1588.76 -10.64
Ho Chi Minh 850.51 960.99 -11.50