* Chinese benchmark ends 1.3% higher on Tuesday
* Rise in Dec. exports boost Malaysian shares
* Philippine index gains on rate cut prospects
By Shruti Sonal
Feb 4 (Reuters) - Southeast Asian stock markets ended higher
on Tuesday as China's central bank made a concerted effort to
prop up the economy to calm virus fears, while upbeat economic
data further lifted Singapore and Malaysian shares.
The Shanghai Composite index .SSEC recovered some lost
ground, rising 1.3% after China said it would welcome assistance
from the United States to fight the outbreak, even as it
injected cash into markets and eased a key lending rate.
"Stimulus measures from the Chinese central bank may have
also helped sentiment as well, with other central banks possibly
conducting their own measures to cushion the impending economic
impact," ING senior economist Nicholas Mapa said.
Investors' sentiment was also aided by a surprisingly solid
reading of U.S. manufacturing, which rebounded in January after
contracting for five straight months amid a surge in new orders.
Singapore shares .STI bounced back from sharp losses in
the previous session to end 1.3% higher, boosted by solid
manufacturing data.
The city-state's manufacturing data https://www.businesstimes.com.sg/government-economy/singapore-electronics-mood-brightens-in-jan-but-supply-chain-break-looms
improved in January from the previous month, its second month
of expansion after six straight months of contraction.
Financials and industrials led gains in the index, with
United Overseas Bank Ltd UOBH.SI rising 1.9%.
Malaysian shares .KLSE snapped 10 straight sessions of
losses as data showed exports in the country rose for the first
time in five months in December. Index heavyweights Petronas Gas Bhd PGAS.KL and Tenaga
Nasional Bhd TENA.KL rose 3.4% and 2.1%, respectively.
The Philippine benchmark .PSI closed 1.3% higher, as
prospects of a rate cut buoyed financial stocks.
The country's central bank is expected to cut interest rates
on Thursday, taking advantage of benign inflation to support the
economy against the negative impact of the spreading virus
outbreak, a Reuters poll showed. BDO Unibank Inc BDO.PS and Security Bank Corp SECB.PS
gained 4.3% and 2%, respectively.
Indonesian equities .JKSE gained 0.7% after an official of
the country's central bank said its economy will suffer little
impact from a virus outbreak in China.
He further added that Bank Indonesia maintains its 2020
outlook for economic growth of 5.1% to 5.5%. Bank Central Asia Tbk PT BBCA.JK gained over 2% in its
best session since Dec. 18, 2019.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3156.57 3116.31 1.29
Bangkok 1519.38 1496.06 1.56
Manila 7226.9 7137.03 1.26
Jakarta 5922.339 5884.17 0.65
Kuala Lumpur 1535.8 1521.95 0.91
Ho Chi Minh 929.09 928.14 0.10
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3156.57 3222.83 -2.06
Bangkok 1519.38 1579.84 -3.83
Manila 7226.9 7,815.26 -7.53
Jakarta 5922.339 6,299.54 -5.99
Kuala Lumpur 1535.8 1588.76 -3.33
Ho Chi Minh 929.09 960.99 -3.32