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SE Asia Stocks-Most markets rally as volatile week ends, Thailand leads gains

Published 03/20/2020, 06:27 PM
Updated 03/20/2020, 06:32 PM
© Reuters.  SE Asia Stocks-Most markets rally as volatile week ends, Thailand leads gains
JKSE
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KLSE
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STI
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SETI
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PSI
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VNI
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* Philippines, Indonesia see worst weekly losses since 2008
* Singapore snaps seven-session losing streak
* Indonesia flags hit to economic growth if outbreak
persists

By Arpit Nayak
March 20 (Reuters) - Most Southeast Asian stock markets
rallied on Friday, wrapping up a volatile week that saw heavy
selling and sharp rebounds, as broad stimulus measures to
mitigate the coronavirus pandemic's impact calmed investors'
nerves.
Central banks flooded the market with U.S. dollars to ease a
global scramble for the currency, besides cutting rates to help
stem the impact of most countries moving into a lockdown.
MKTS/GLOB
Despite the support, Philippines and Indonesia posted their
biggest weekly losses since the 2008 global financial crisis,
closing down 17.5% and 14.5% respectively for the week.
"The measures taken by major world central banks and
governments appear to have restored confidence for now," said
Jeffrey Halley, senior market analyst at OANDA.
"However, the rally is fragile and should not be interpreted
as the end of the bear market, rather a small upward correction
within it."
Thailand's energy-heavy stock index .SETI surged 8%,
benefiting from a rally in oil prices. The country's central
bank bought bonds worth more than $1 billion and vowed to buy
more to ensure sufficient liquidity and calm market volatility.
Meanwhile, Singapore's benchmark .STI rose 4.3% to snap
seven straight sessions of losses after its central bank said it
had set up a $60 billion swap facility with the U.S. Federal
Reserve in a bid to shore up liquidity. Malaysian stocks .KLSE gained 6.9% in their best session
since Sept. 1998, despite a strict two-week partial shutdown
ordered by the government to stem rising cases of the virus.
The Philippine Stock Exchange Composite Index .PSI ended
3.4% higher on Friday after an eventful week that saw it return
from a two-day hiatus a day earlier to mark its worst session
ever.
In a boost to sentiment, the Philippine central bank said it
was ready to intervene in the foreign exchange market to temper
wild swings in the currency. Indonesian equities .JKSE erased early losses to end 2.2%
higher, even as the country raised its crisis protocol status,
and flagged a severe hit to economic growth if the outbreak
persisted. Bucking the trend, Vietnam's stock exchange .VNI fell
2.2%.

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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2,410.74 2,311 4.32
Bangkok 1,127.24 1,044.19 7.95
Manila 4,778.76 4,623.42 3.36
Jakarta 4,194.944 4,105.422 2.18
Kuala Lumpur 1,303.28 1,219.72 6.85
Ho Chi Minh 709.73 725.94 -2.23

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2,410.74 3,222.83 -25.20
Bangkok 1,127.24 1,579.84 -28.65
Manila 4,778.76 7,815.26 -38.85
Jakarta 4,194.944 6,299.54 -33.41
Kuala Lumpur 1,303.28 1,588.76 -17.97
Ho Chi Minh 709.73 960.99 -26.15


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