* Philippines marks best day since April 17
* Thailand's highest close since March 6
* S&P affirms stable outlook for Singapore
By Nikhil Subba
April 28 (Reuters) - Most Southeast Asian stock markets
recouped losses from early trade to close higher on Tuesday, as
optimism from the easing of lockdown measures in some
coronavirus hotspots across the world outweighed gloom stemming
from a fresh decline in oil prices.
The United States, one of the major global epicenters of the
COVID-19 pandemic, has begun easing stay-at-home restrictions at
several states to revive economies and get people back to work
following crushing job losses. In Europe, Italy said it would start easing curbs from May 4
as it prepares a staged end to Europe's longest coronavirus
lockdown. "Understandably, news of reopening plans across U.S. states
and various other hard-hit economies, such as Italy, through the
COVID-19 episode has been comforting news," Jingyi Pan, market
strategist at IG said in a note.
As more countries allow businesses to reopen, following
lockdowns to contain coronavirus outbreaks, markets are hoping
the worst may be over for the world economy.
Earlier in the day, Southeast Asian markets were trading in
the red after oil prices posted fresh declines, bringing back
worries about low demand and the global economy taking longer to
recover.
The Philippines .PSI led gains in the region, rising 2.3%
at close to mark its best day since April 17. Conglomerate SM
Investments SM.PS closed 5% higher while BDO Unibank Inc
BDO.PS finished about 2% up. The lender posted a 10.2% fall in
first-quarter net income earlier in the day. Singapore's Straits Times Index .STI settled 0.5% higher,
lifted by Keppel Corp KPLM.SI which advanced 3.8% at session
end, and Singapore Telecommunications STEL.SI which rose over
1%.
S&P Global Ratings affirmed a stable credit outlook for
Singapore, saying the country's external and fiscal positions
are likely to remain intact despite the challenging domestic and
macroeconomic environment. Basic material stocks helped the Thai benchmark .SETI rise
about 0.6% to close at its highest since March 6. Chemical
company Indorama Ventures IVL.BK settled 2.8% higher, while
PTT Global Chemical PTTGC.BK advanced 1.4%.
Indonesia stocks .JKSE finished the session 0.4% up, with
petrochemical producer Barito Pacific BRPT.JK firming 11.1%,
and Chandra Asri Petrochemical TPIA.JK rising 2.3% at close.
Meanwhile, Vietnam stocks .VNI closed 0.5% down, pressured
by the consumer and energy sectors.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous Pct Move
close
Singapore 2562.95 2549.4 0.53
Bangkok 1274.99 1267.41 0.60
Manila 5574.98 5450.45 2.28
Jakarta 4529.554 4513.141 0.36
Kuala Lumpur 1372.2 1370.16 0.15
Ho Chi Minh 767.21 770.77 -0.46
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2562.95 3222.83 -20.48
Bangkok 1274.99 1579.84 -19.30
Manila 5574.98 7,815.26 -28.67
Jakarta 4529.554 6,299.54 -28.10
Kuala Lumpur 1372.2 1588.76 -13.63
Ho Chi Minh 767.21 960.99 -20.16