* Singapore slashes 2020 growth forecast due to virus
* Thai Q4 GDP expands 1.6% y/y, slowest pace in 5 years
* China lowers key interest rate
By Arundhati Dutta
Feb 17 (Reuters) - Most Southeast Asian stock markets were
subdued in thin trading on Monday, as stimulus measures from
China helped cushion the impact from the coronavirus epidemic on
regional economies.
As governments unleash more monetary loosening to protect
their economies, China's central bank lowered one of its key
interest rates, paving the way for a cut in its benchmark loan
prime rate, which will be announced on Thursday. The number of reported new virus cases in China's Hubei
province rose on Monday after two days of falls, while across
mainland China, the total number of cases rose by 2,048 to
70,548, with 1,770 deaths. "COVID-19 should remain a major trading theme for the
session with investors looking out for the size and scope of
stimulus from governments," Prakash Sakpal and Nicholas Mapa,
economists at ING, wrote in a note.
Singapore is set to roll out a hefty package of measures to
counter the blow from the epidemic at its annual budget on
Tuesday, while Malaysia and Thailand have also pledged to
implement measures to support their
economies. Singaporean stocks .STI were flat, as the impact of a
weakened 2020 growth outlook was softened by data which showed
that its exports rose 4.6% in January on a month-on-month basis,
versus analysts' forecasts for a contraction. The city-state has cut its growth and exports forecasts for
this year and flagged the possibility of recession in 2020, due
to an expected hit from the virus outbreak. Singapore has reported 75 cases of infections to date, one
of the highest tallies outside China.
The Philippine index .PSI was boosted by gains in big cap
conglomerates such as Ayala Land ALI.PS and SM Investments
SM.PS .
Thailand .SETI rose on communication services, with
Advanced Info Service Pcl ADVANC.BK adding up to 3.4%.
Thailand's trade-dependent economy grew at its slowest pace
in five years in the fourth quarter of 2019, and less than
expected, as exports declined and public spending slumped.
Shares in Indonesia .JKSE Malaysia .KLSE were little
changed.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0323 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3221.09 3220.03 0.03
Bangkok 1529.07 1526.3 0.18
Manila 7298.53 7282 0.23
Jakarta 5873.218 5866.945 0.11
Kuala Lumpur 1542.75 1544.46 -0.11
Ho Chi Minh 936.06 937.45 -0.15
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3221.09 3222.83 -0.05
Bangkok 1529.07 1579.84 -3.21
Manila 7298.53 7,815.26 -6.61
Jakarta 5873.218 6,299.54 -6.77
Kuala Lumpur 1542.75 1588.76 -2.90
Ho Chi Minh 936.06 960.99 -2.59