* Singapore cuts 2020 GDP forecast, unveils stimulus package
* Philippines set to ease restrictions by June
* Thailand hits highest close since early March
By Arundhati Dutta
May 26 (Reuters) - Most Southeast Asian stock markets closed
higher on Tuesday as further moves to ease the coronavirus
lockdowns and hopes of more stimulus from China boosted
sentiment, while the Philippines ended lower even though it
pared steep early losses.
Japan lifted the state of emergency in Tokyo, while major
European economies, including France and Spain, were also
returning to business. Biggest regional trading partner China aided sentiment after
its central bank promised to strengthen economic policy and push
for lower interest rates on loans. Leading gains in Southeast Asia, Indonesian equities .JKSE
added 1.8%, with the financial sector contributing to nearly
half the index's gains. PT Bank Central Asia Tbk BBCA.JK rose
4.3%.
In Singapore, markets looked past a third economic downgrade
for 2020 which signalled its deepest-ever recession, as the
city-state unveiled its fourth multi-billion dollar economic
stimulus package to cushion the blow from the COVID-19 pandemic.
The benchmark index .STI ended 1.4% higher, with
heavyweight Jardine Cycle & Carriage Ltd JCYC.SI , up 8%, the
biggest gainer.
Thai stocks .SETI jumped 1.1%, and touched their highest
closing level since early March, helped by the industrial and
consumer discretionary sectors.
However, the Philippine index .PSI closed 0.8% lower,
after dropping more than 2% in early trade, amid expectations of
gradually easing lockdown restrictions by June.
Local media https://www.philstar.com/nation/2020/05/26/2016485/14-17-metro-manila-mayors-back-shift-gcq
reported that 14 of 17 mayors in Metro Manila are in favour of
downgrading quarantine restrictions in the National Capital
Region after May 31.
Investors were holding off on riskier assets, awaiting
updates on how business will be conducted after May, according
to analysts at Regina Capital.
Restaurant operator Jollibee Foods Corp JFC.PS , which shed
10.3%, was the top drag on the index after flagging lower sales
in the coming months in an earnings update on Friday.
Vietnam .VNI closed up 1.2% while Malaysian markets
.KLSE were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2530.3 2499.83 1.22
Bangkok 1336.09 1320.98 1.14
Manila 5496.83 5539.19 -0.76
Jakarta 4626.799 4545.952 1.78
Ho Chi Minh 869.13 859.04 1.17
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2530.3 3222.83 -21.49
Bangkok 1336.09 1579.84 -15.43
Manila 5496.83 7,815.26 -29.67
Jakarta 4626.799 6,299.54 -26.55
Ho Chi Minh 869.13 960.99 -9.56