* Malaysia top performing regional market
* Philippines bucks trend with 1.5% drop
By Nikhil Subba
April 20 (Reuters) - Most Southeast Asian stock markets rose
on Monday, with Malaysia leading gains, as China, the region's
prime trading partner, cut a key interest rate and promised more
measures to prop up an economy battered by the cornonavirus
pandemic.
China cut its benchmark lending rate by 20 basis points to
3.85% on expected lines and said it would roll out additional
policies to prevent short-term economic shocks from becoming
long-term stagnation trends. Data on Friday showed that the world's second largest
economy shrank 6.8% in the first quarter from a year earlier,
its first contraction since at least 1992, due to the tough
measures put in place to contain the outbreak. "We expect further rate declines in the coming months...As
employment conditions remain weak and external demand is being
held back by lockdowns elsewhere in the world, we think the
People's Bank of China will take further steps to prop up
activity," analysts at Capital Economics said in a note.
Malaysian stocks .KLSE were the best performers, rising as
much as 1.54% to their highest since March 12.
Malaysia Airports Holdings MAHB.KL climbed as much as 7.8%
to hit a five-week peak, with Genting Bhd GENT.KL on track for
its best session this month.
Singapore's Straits Times Index .STI edged 0.5% higher,
buoyed by telecommunications and oil stocks.
Singapore Telecommunications STEL.SI climbed as much as
1.5%, while Keppel Corp KPLM.SI gained over 1%.
Thai stocks .SETI rose as much as 0.88%, helped by
Electronics Industry's EIC.BK 33.3% jump and Thai-German
Products PCL's TGPRO.BK 25% leap.
Philippines index .PSI bucked the trend, tumbling as much
as 1.5% due to declines in financials and telecom stocks.
Globe Telecom GLO.PS fell as much as 3.05%, while BDO
Unibank BDO.PS shed over 1%.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0402 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2618.94 2614.6 0.17
Bangkok 1252.44 1239.24 1.07
Manila 5729.85 5789.97 -1.04
Jakarta 4653.448 4634.821 0.40
Kuala Lumpur 1427.06 1407.34 1.40
Ho Chi Minh 789.8 789.6 0.03
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2618.94 3222.83 -18.74
Bangkok 1252.44 1579.84 -20.72
Manila 5729.85 7,815.26 -26.68
Jakarta 4653.448 6,299.54 -26.13
Kuala Lumpur 1427.06 1588.76 -10.18
Ho Chi Minh 789.8 960.99 -17.81