* Malaysia launches $58.3 billion stimulus package
* Philippines sees best week in 11 years
* Singapore clocks biggest weekly gain in nearly four years
By Arpit Nayak
March 27 (Reuters) - Most Southeast Asian stock markets rose
on Friday on expectations of further stimulus to counter the
economic blow from the coronavirus outbreak, especially after
data showed a surge in U.S. unemployment filings.
The number of Americans filing claims for unemployment
benefits jumped to 3.28 million last week as state-wide
lockdowns brought the U.S. economy to a halt and unleashed a
wave of layoffs. LINK
Investors are now waiting for a $2 trillion stimulus package
that the U.S. House of Representatives is set to pass on Friday.
"Renewed hopes of the $2 trillion fiscal support from the
U.S. reaching the economy in a timelier manner... helped to
break the recent fall for the market," Jingyi Pan, a market
strategist at IG, said in a note.
"The market has clearly taken to the 3.28 million jobless
claims as an indication that the U.S. administration could speed
up the reach of this aid to Americans."
Across the region, governments stepped up efforts to support
their economies against the financial impact of the virus that
has infected more than half a million across the world.
Indonesian stocks .JKSE climbed 4.8% after the government
said on Thursday it was preparing to expand fiscal
stimulus. For the week, the index clocked its biggest percentage gain
since October 2015.
Singaporean shares .STI ended 1.7% higher after the
city-state said it was prepared to extend more support, a day
after it unveiled new measures worth more than $30 billion. The
index saw its best week in almost four years. Malaysia .KLSE rose 1.1% on plans to launch a stimulus
package worth about $58.3 billion. Thai stocks .SETI added 0.7% boosted by government plans
for a "big scheme" of stimulus. Vietnam's index .VNI eked out meagre gains after data
showed first quarter economic growth had slowed from a year
earlier. The country also planned to limit domestic flights and curb
public gatherings for two weeks from Saturday in an effort to
contain the virus' spread. Philippines .PSI shed 2.5%, but still clocked its biggest
weekly gains in 11 years.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2,528.76 2,487.56 1.66
Bangkok 1,099.76 1,091.96 0.71
Manila 5,266.62 5,401.58 -2.50
Jakarta 4,545.571 4,338.904 4.76
Kuala Lumpur 1,343.09 1,328.09 1.13
Ho Chi Minh 696.06 694.21 0.27
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2,528.76 3,222.83 -21.54
Bangkok 1,099.76 1,579.84 -30.39
Manila 5,266.62 7,815.26 -32.61
Jakarta 4,545.571 6,299.54 -27.84
Kuala Lumpur 1,343.09 1,588.76 -15.46
Ho Chi Minh 696.06 960.99 -27.57