* Thailand closes at highest since March 6
* Philippines leads gains
* Markets await U.S. Fed policy decision
By Nikhil Subba
April 29 (Reuters) - Southeast Asian stock markets closed
higher on Wednesday, with the Philippines leading gains, as
easing coronavirus restrictions in parts of the world fed hopes
of a recovery in global economic activity.
Oil prices gained as U.S. stockpiles rose less than expected
and on expectations that demand would pick up as some COVID-19
hotspots in Europe and within the United States moved to ease
lockdowns.
"Southeast Asian equity markets have rallied as the
'peak-virus' trade picks up momentum. Markets are pricing that
the partial reopening of economies around the world will spark
an immediate spurt of growth," said Jeffrey Halley, a senior
market analyst at OANDA.
"The MSCI Asia climbed 20% of its March lows today,
triggering an official bull market and boosting sentiment in the
region further," Halley added.
Broader Asia shares minus Japan .MIAPJ0000PUS were 0.5%
higher on Wednesday.
Market participants are now awaiting a policy statement from
the U.S. Federal Reserve, due to be issued at the close of the
central bank's two-day meeting later in the day. The European
Central Bank meets on Thursday.
In Southeast Asia, the Philippines index .PSI closed 1.2%
higher, with financials and consumer companies boosting the
benchmark.
Property developer SM Prime Holdings SMPH.PS and
restaurant chain owner Jollibee Foods JFC.PS both finished
above 4%.
Indonesia stocks .JKSE settled 0.8% higher, with telecom
conglomerate Telekomunikasi Indonesia (Persero) TLKM.JK
jumping 6% and cement producer Indocement Tunggal Prakarsa
INTP.JK rising 4.7%.
Based on the central bank's calculation, the Indonesian
government said it may sell around 425 trillion rupiah of bonds
to the market in the rest of 2020 to cover its widening fiscal
deficit. Singapore .STI stocks finished about 0.5% higher and
Thailand .STI rose 0.6%, marking their highest close since
April 20 and March 6, respectively.
Thai electronic components maker Hana Microelectronics
HANA.BK firmed 2.8% and Singapore's DBS Group DBSM.SI closed
0.6% higher.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2574.73 2562.95 0.46
Bangkok 1282.68 1274.99 0.60
Manila 5643.97 5574.98 1.24
Jakarta 4567.323 4529.554 0.83
Kuala Lumpur 1380.3 1372.2 0.59
Ho Chi Minh 769.11 767.21 0.25
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2574.73 3222.83 -20.11
Bangkok 1282.68 1579.84 -18.81
Manila 5643.97 7,815.26 -27.78
Jakarta 4567.323 6,299.54 -27.50
Kuala Lumpur 1380.3 1588.76 -13.12
Ho Chi Minh 769.11 960.99 -19.97