* Singapore snaps 4-session losing streak
* Thailand 2020 GDP growth to be lower than forecast -
c.bank
* Indonesia up for 3rd straight session
By Arundhati Dutta
Feb 19 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday as the rate of new coronavirus infections in China
slowed, while Thailand fell after its central bank projected a
bleak outlook for economic growth this year.
Chinese authorities reported the lowest daily rise in new
virus cases since Jan. 29 on Wednesday, as the number of new
infections fell for a second straight day. The mood was also lifted by expectations that China - the
region's biggest trading partner - would lower its benchmark
loan prime rate on Thursday.
Philippine stocks .PSI gained 1%, the most in the two
weeks, and led gains in the region. Conglomerates SM Investments
SM.PS and Ayala Land ALI.PS firmed more than 2.5% each.
The Indonesian benchmark .JKSE rose for the third straight
session, supported by financials. Lender PT Bank Mandiri
(Persero) Tbk BMRI.JK added 1.6%.
Bank Indonesia is also set to cut interest rates on
Thursday, according to a slim majority of analysts polled by
Reuters. "Asia seems confident that the region's governments will 'do
what it takes' to offset the coronavirus slowdown," Jeffrey
Halley, an analyst at OANDA, said in a note.
Halley added that Singapore's "blockbuster budget stimulus"
on Tuesday further added to hopes that other regions will follow
suit.
The city-state had announced around $4.5 billion in
financial packages to help contain the virus outbreak.
Singaporean equities .STI ended a four-session losing
streak, as index heavyweights United Overseas Bank UOBH.SI and
DBS Group Holdings DBSM.SI rose 0.9% and 0.2%, respectively.
However, the Thai index .SETI erased early gains to close
0.5% lower, dragged down by utilities stocks.
Thailand's central bank said the country's economy will grow
at a much slower pace than previously forecast this year and
much further below its potential, in a minutes of meeting
earlier this month when it cut interest rates to a record low.
In December, the bank had predicted growth of 2.8% for 2020,
but recently said it might be less than 2%. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3213.71 3196.63 0.53
Bangkok 1505.54 1513.68 -0.54
Manila 7396.94 7322.89 1.01
Jakarta 5928.791 5886.962 0.71
Kuala Lumpur 1534.16 1537.08 -0.19
Ho Chi Minh 928.76 927.93 0.09
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3213.71 3222.83 -0.28
Bangkok 1505.54 1579.84 -4.70
Manila 7396.94 7,815.26 -5.35
Jakarta 5928.791 6,299.54 -5.89
Kuala Lumpur 1534.16 1588.76 -3.44
Ho Chi Minh 928.76 960.99 -3.35