* OPEC+ output cut below expectations - analyst
* Philippines up on hopes of policy easing
* Singapore, Malaysia flat
By Arundhati Dutta
April 13 (Reuters) - Most Southeast Asian markets wavered
between small gains and losses on Monday, as lingering concerns
about the coronavirus pandemic outweighed a landmark output cut
by OPEC+, while the Philippines rose on hopes of monetary
easing.
OPEC and allies led by Russia agreed on Sunday to a record
cut in output to prop up oil prices, though global demand
concerns remained amid large-scale virus-related lockdowns
around the world.
However, the oil output cut of about 9.7 million barrels per
day (bpd) was below expectations of a 20 million bpd cut,
according to Suria Dharma, Head of Equity Research at Samuel
Sekuritas Indonesia.
"People are still concerned with COVID-19, which has not
been slowing down," Dharma said.
Indonesia on Monday announced 316 new cases of the
coronavirus, while Malaysia reported 284 fresh infections.
Indonesian stocks .JKSE closed down 0.5%, with financials
the top drag on the index. PT Bank Central Asia Tbk BBCA.JK
shed 1.3%
On the upside, the Philippine index .PSI climbed 1.8%,
with conglomerates Ayala Land and Ayala Corp gaining 4.5% and 2%
respectively.
Monday's gains could be attributed to investors' favourable
perception of local COVID-19 containment measures in the
Philippines, as well as expectations of further monetary easing,
according to Ruben Carlo O. Asuncion, chief economist at the
Union Bank of the Philippines.
The Philippines' central bank governor had said on Sunday
that another 200 basis point cut in the bank's reserve
requirement ratio is "forthcoming" and signalled more cuts in
its policy interest rate.
Vietnamese equities ended up 1%, with financials the top
gainers.
Thai shares .SETI see-sawed throughout the day and closed
0.7% higher, helped by gains in the real estate sector. Central
Pattana Pcl CPN.BK rose 2%.
Shares in Singapore .STI and Malaysia .KLSE were little
changed throughout the session.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2567.25 2571.32 -0.16
Bangkok 1236.78 1228.03 0.71
Manila 5610.98 5510.83 1.82
Jakarta 4623.894 4649.079 -0.54
Kuala Lumpur 1356.03 1357.5 -0.11
Ho Chi Minh 765.79 757.94 1.04
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2567.25 3222.83 -20.34
Bangkok 1236.78 1579.84 -21.71
Manila 5610.98 7,815.26 -28.20
Jakarta 4623.894 6,299.54 -26.60
Kuala Lumpur 1356.03 1588.76 -14.65
Ho Chi Minh 765.79 960.99 -20.31