* Indonesian shares close at highest level in a week
* Thai govt. announces $3.2 billion stimulus package
* Philippines reverses early losses to end higher
By Shruti Sonal
March 4 (Reuters) - Indonesian stocks closed up over 2% on
Wednesday as the country's central bank said foreign inflows
could be triggered by the U.S. Fed's rate cut, while the
Philippine index reversed early losses just before the bell to
end higher.
Indonesia's benchmark .JKSE closed at a week-high after
its finance minister predicted investors would pour money back
into assets in countries with good economic prospects —
including Indonesia — following the U.S. Federal Reserve's rate
cut of 50 basis points. To further reassure investors, the country's central bank
governor said it has "many instruments" to prop up economic
growth amid the risk of slowdown due to the epidemic and “more
than enough" foreign exchange reserves to maintain market
stability. Financials led the gains, with Bank Central Asia Tbk PT
BBCA.JK rising nearly 3% and Bank Permata Tbk PT BNLI.JK
gaining 6%.
Meanwhile, a late bout of buying lifted the Philippine
benchmark .PSI , with the index ending 1.1% higher after
falling as much as 1.2% earlier in the session.
"The last-minute buying doesn't quite reflect overall
sentiment and trading direction," said Nicholas Mapa, senior
economist at ING, as "market sentiment continues to be weighed
down by Covid-19 concerns despite bold monetary stimulus from
the Fed".
Investors will be largely looking to the local government's
response to stem the fallout from the virus outbreak for further
direction, Mapa added.
Robinsons Land Corp RLC.PS gained 6.5% and was the highest
percentage gainer on the benchmark.
Most other indexes managed to hold on to slim gains at close
even as sentiment remained shaky.
Thai equities .SETI pared early losses to end marginally
higher after the country's finance ministry said it will propose
a package of measures worth more than 100 billion baht ($3.2
billion) next week to alleviate the impact of the coronavirus
epidemic. Malaysian shares .KLSE climbed nearly 0.8%, lifted by
financial and telecom stocks.
Data showed January exports dropped 1.5% from a year
earlier, marginally better than the 1.6% fall forecast by
analysts surveyed in a Reuters poll. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3025.03 3019.56 0.18
Bangkok 1378.61 1375.02 0.26
Manila 6867.26 6790.54 1.13
Jakarta 5650.136 5518.628 2.38
Kuala Lumpur 1489.95 1478.64 0.76
Ho Chi Minh 889.37 890.61 -0.14
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3025.03 3222.83 -6.14
Bangkok 1378.61 1579.84 -12.74
Manila 6867.26 7,815.26 -12.13
Jakarta 5650.136 6,299.54 -10.31
Kuala Lumpur 1489.95 1588.76 -6.22
Ho Chi Minh 889.37 960.99 -7.45