* Trump vows to take "major" steps to shield economy
* Singapore sees best session since June 2016
* Recovery in oil prices boosts energy stocks
By Shruti Sonal
March 10 (Reuters) - Southeast Asian stocks ended higher on
Tuesday, rebounding from steep losses in the previous session,
on rising hopes that stimulus measures from global policymakers
would help shield economies from the impact of the coronavirus.
U.S. Treasury yields edged higher and oil prices recovered
some losses after U.S. President Donald Trump vowed to take
"major" steps to blunt the economic impact of the coronavirus
outbreak, while speculation of more rate cuts and fiscal
stimulus measures by central banks across the world also rose.
"A combination of bargain hunting after previous session's
sharp declines and hopes of more stimulus measures have led to
some respite for markets in the region," said Joel Ng, a
Singapore-based analyst at KGI Securities.
Falling domestic virus cases in China, the region's biggest
trading partner, and President Xi Jinping's visit to the
epicentre of the epidemic further lifted sentiment in Southeast
Asia. Singapore shares .STI , which had fallen the most in 11
years on Monday, closed 1.8% higher in their best session since
June 2016.
Bourse-operator Singapore Exchange Ltd SGXL.SI rose 6.4%
and boosted the benchmark after reporting record February
derivatives trading volumes a day earlier. Selling pressure eased in other markets as well, although
investors remained cautious.
Any moves made by monetary and fiscal authorities "will not
be a magical panacea to the ills sweeping the globe", said
Jeffrey Halley, a senior market analyst at OANDA.
"They can only mitigate the situation, not make it go away",
he added.
On the coronavirus front, Italy announced a lockdown of the
entire country until next month to combat the epidemic, while
the World Health Organization warned that the threat of a
pandemic had become very real. Indonesian shares .JKSE , which have slumped over 18% so
far this year, rose 1.6% on strength in financials.
The country's finance minister said authorities would use
measures including buying back government bonds to stabilise
markets. Bank Central Asia Tbk PT BBCA.JK and Bank Mega Tbk PT
MEGA.JK climbed 2.4% and 3.4%, respectively.
Energy sector boosted Thai stocks .SETI , which inched 1.2%
higher. Oil and gas giant PTT PCL PTT.BK , which had slumped
over 25% a day earlier, gained 5.4% in its best session since
August 2019.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2832.54 2782.37 1.80
Bangkok 1271.25 1255.94 1.22
Manila 6318.38 6312.61 0.09
Jakarta 5220.826 5136.809 1.64
Kuala Lumpur 1430.47 1424.16 0.44
Ho Chi Minh 837.5 835.49 0.24
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2832.54 3222.83 -12.11
Bangkok 1271.25 1579.84 -19.53
Manila 6318.38 7,815.26 -19.15
Jakarta 5220.826 6,299.54 -17.12
Kuala Lumpur 1430.47 1588.76 -9.96
Ho Chi Minh 837.5 960.99 -12.85