* China markets recover after a $400 bln wipeout
* Singapore index posts best session since Sept. 11, 2019
* Malaysian equities set to snap 10 sessions of losses
By Shruti Sonal
Feb 4 (Reuters) - Most Southeast Asian stock markets
rebounded on Tuesday, tracking a recovery in China stocks amid
official efforts to calm virus fears, while surprise strength in
U.S. manufacturing activity also lent support.
The Shangai Composite index .SSEC recovered some lost
ground, following a $400 billion wipeout on Monday, after China
said it would welcome assistance from the United States to fight
a coronavirus outbreak. Analysts believe that the slowing rate of new confirmed
cases outside China will help mitigate investor anxiety.
However, Hong Kong reported its first fatality on Tuesday,
marking the second death outside mainland China and taking the
total number of coronavirus deaths in China to 425, as of the
end of Monday, from 20,438 cases. "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.
Southeast Asian markets have also taken comfort in a
surprisingly solid reading of U.S. manufacturing, which
rebounded in January after contracting for five straight months
amid a surge in new orders. Domestic manufacturing data helped trade-reliant Singapore
shares .STI rebound from sharp losses in the previous session,
with the index marking its best session since Sept. 11 last
year.
The city-state's manufacturing data https://sipmm.edu.sg/about-sipmm-academy/singapore-pmi
rose to 50.3 in January, its second month of expansion after
six straight months of contraction, the Singapore Institute of
Purchasing and Materials Management (SIPMM) showed.
Financials and industrials led gains in the index, with
Jardine Matheson Holdings Ltd JARD.SI jumping nearly 3%.
Leading gains in the region, the Philippine benchmark .PSI
climbed 1.8%, buoyed by index heavyweight Globe Telecom Inc
GLO.PS that jumped more than 4% after posting an increase in
full-year net income. Malaysian shares .KLSE were on track to snap 10 straight
sessions of losses ahead of December trade data due later in the
day.
Analysts at ING expect a continuation of moderation in the
country's exports, which contracted 5.5% in November from a
year-ago period, slower than October's fall of 6.7%.
Indonesian equities .JKSE and Thai stocks .SETI were up
as much as 1% and 0.6% respectively, while the Vietnam index
.VNI dropped nearly 0.7%.
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SOUTHEAST ASIAN STOCK MARKETS AS at 0400 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3157.07 3116.31 1.31
Bangkok 1506.41 1496.06 0.69
Manila 7249.78 7137.03 1.58
Jakarta 5930.226 5884.17 0.78
Kuala Lumpur 1542.56 1521.95 1.35
Ho Chi Minh 922.06 928.14 -0.66
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3157.07 3222.83 -2.04
Bangkok 1506.41 1579.84 -4.65
Manila 7249.78 7,815.26 -7.24
Jakarta 5930.226 6,299.54 -5.86
Kuala Lumpur 1542.56 1588.76 -2.91
Ho Chi Minh 922.06 960.99 -4.05