* Vietnam up for fifth session
* Indonesia sole loser, down 0.7%
By Arundhati Dutta
April 7 (Reuters) - Most Southeast Asian stock markets rose
on Tuesday, tracking equities around the world, as sentiment was
aided by coronavirus infections slowing in Europe and the United
States, while Thailand surged more than 6% on rallying oil
prices.
Hardest-hit Italy and Spain have started looking ahead to
easing lockdowns after steady falls in coronavirus-related
deaths, and there were tentative signs that the outbreak was
flattening in New York - the worst hit area in the United
States.
Japan's Nikkei .N225 jumped 2%, following Wall Street's 7%
surge on Monday, while the pan-European STOXX 600 index .STOXX
rose more than 3%. MKTS/GLOB .N
"Covid death tolls tapering in global hotspots, coupled with
oil hopes from the potential reconciliation of Saudi and Russia,
appear to be supporting interim sentiments," said analysts at
Maybank, in a note.
"Upsides to risk-on moves may still be capped at some point,
given that the eventual economic impact of the crisis is still
expected to be massive even if contagion curves are successfully
flattened."
At the forefront of the rally, Thailand's energy-heavy index
.SETI rose 6.7% to hit a four week high. Energy sector leaders
PTT Pcl PTT.BK and PTT Exploration and Production PTTEP.BK
rose 7.8%% and 9.5%, respectively.
Oil rose amid hopes that the world's main oil producers
including Saudi Arabia and Russia would cut output as the
pandemic crushes demand. O/R
Singaporean stocks .STI closed 4% higher and hit their
highest in three weeks. Heavyweight financials United Overseas
Bank Ltd UOBH.SI and DBS Group Holdings Ltd DBSM.SI gained
at least 3% each.
Singapore's central bank announced further measures to
boost bank lending, including relaxing capital buffer and
liquidity requirements for lenders, to cushion virus' impact.
Vietnamese shares .VNI extended their winning streak to a
fifth straight session, with financials leading gains.
Philippine stocks .PSI jumped 1.4% and Malaysian shares
.KLSE climbed 2%.
On the downside, the Indonesian benchmark .JKSE closed
down 0.7% after the country reported the biggest daily rise in
infections, prompting large sale social restrictions in the city
of Jakarta. Financials weighed on the index, with PT Bank Central Asia
Tbk BBCA.JK and PT Bank Mandiri (Persero) Tbk BMRI.JK
falling about 1.5% each.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 2571.89 2470.59 4.10
Bangkok 1214.95 1138.84 6.68
Manila 5650.01 5570.81 1.42
Jakarta 4778.639 4811.827 -0.69
Kuala Lumpur 1369.92 1341.69 2.10
Ho Chi Minh 746.69 736.75 1.35
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2571.89 3222.83 -20.20
Bangkok 1214.95 1579.84 -23.10
Manila 5650.01 7,815.26 -27.71
Jakarta 4778.639 6,299.54 -24.14
Kuala Lumpur 1369.92 1588.76 -13.77
Ho Chi Minh 746.69 960.99 -22.30