* Singapore slashes 2020 GDP forecast again
* Vietnam hits highest level since early March
* Jollibee Foods plunges 12% on dire forecast
By Arundhati Dutta
May 26 (Reuters) - Most Southeast Asian stock markets rose
on Tuesday as reopening economies and China stimulus
expectations lifted investor sentiment, while Philippine shares
dipped on sharp falls in a top restaurant operator after a dire
earnings forecast.
Japan lifted a state of emergency for Tokyo and four
remaining areas on Monday, while many major European economies
including France and Spain were also coming back to life after
coronavirus-induced curbs. Adding to positive sentiment, the central bank of the
region's biggest trading partner, China, said it would
strengthen economic policy and push for lower interest rates on
loans. That helped most markets in Southeast Asia eke out gains as
many of them returned after a long holiday weekend.
Singapore stocks .STI rose up to 1.5%, with investors
looking past a bleak economic outlook to the latest
multi-billion dollar economic package expected to be announced
later in the day.
The city-state downgraded its 2020 gross domestic product
forecast for the third time, signalling the deepest recession on
record for the bellwether economy.
Indonesian equities .JKSE jumped as much as 1.6%.
Financials were the top performers, with PT Bank Central Asia
Tbk BBCA.JK adding nearly 5%.
Vietnam shares .VNI hit their highest since early March
amid plans of a 15.84 trillion dong ($679 million) cut in
corporate income tax for small-sized enterprises this year to
help them sail through the impact from the coronavirus pandemic.
Thai stocks .SETI advanced 1.8% to their highest in nearly
three months, with financials leading the gains.
Thailand plans to boost domestic tourism in the third
quarter as the pandemic hits global travel and domestic
consumption, the state planning agency said. Philippine stocks .PSI fell as much as 2.6% to their
lowest level in a month.
Jollibee Foods Corp JFC.PS slumped as much as 12% after
the restaurant operator flagged significantly lower sales in the
next few months in an earnings update on Friday. The company's chief financial officer said profit in 2020
"will not be good at all" and that sales would continue at much
lower levels despite many countries lifting lockdowns in the
next few months.
The Malaysian market .KLSE was closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0443 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2534.22 2499.83 1.38
Bangkok 1340.88 1320.98 1.51
Manila 5417.97 5539.19 -2.19
Jakarta 4609.282 4545.952 1.39
Ho Chi Minh 863.93 859.04 0.57
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2534.22 3222.83 -21.37
Bangkok 1340.88 1579.84 -15.13
Manila 5417.97 7,815.26 -30.67
Jakarta 4609.282 6,299.54 -26.83
Ho Chi Minh 863.93 960.99 -10.10