* Philippines leads gains, hits 1-month high
* China cuts key interest rate
* Overnight oil price drop pressuring Thai energy sector -
analyst
By Arundhati Dutta
April 15 (Reuters) - Most Southeast Asian stock markets
edged up on Wednesday after the Chinese central bank cut a key
interest rate to get its economy back on track amid fears of the
worst global economic downturn since the 1930s.
The People's Bank of China (PBOC) on Wednesday cut the
interest rate on its medium-term funding for financial
institutions to the lowest level on record and paved the way for
a similar reduction in benchmark loan rates. The global economy is expected to shrink by 3.0% during
2020, marking the steepest downturn since the Great Depression,
the International Monetary Fund said on Tuesday. Southeast Asia, Philippine equities .PSI led gains as
they rose as much as 2.3% to hit a one-month high, with big cap
financial stocks Security Bank Corporation SECB.PS and Bank of
the Philippine Islands BPI.PS gaining 5.1% and 4.8%,
respectively.
Malaysian equities .KLSE rose for a second straight
session, boosted by gains in heavyweights such as power utility
Tenaga Nasional TENA.KL and gas processing firm Petronas Gas
Bhd PGAS.KL .
The Vietnamese benchmark .VNI rose up to 0.7%, supported
by the financial sector. Joint Stock Commercial Bank for
Investment and Development of Vietnam BID.HM rose 1.8%.
The Thai index .SETI inched up, helped by materials
stocks, but losses in the country's prominent energy sector kept
a lid on gains.
An overnight drop in oil prices was pressuring the energy
sector, according to Kasikorn Securities strategist Sunthorn
Thongthip.
Moreover, Thailand's economy is expected to lose 1.3
trillion baht (nearly $40 billion), almost all of it in the
tourism sector, as a fallout of the coronavirus pandemic, a
banking association said on Tuesday. On the downside, Indonesian shares .JKSE lost up to 0.9%,
dragged by losses in communication services stocks. PT
Telekomunikasi Indonesia Tbk TLKM.JK slumped over 2%.
Shares in Singapore .STI were subdued.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0358 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2635.47 2634.57 0.03
Bangkok 1259.28 1256.35 0.23
Manila 5899.89 5780.88 2.06
Jakarta 4683.209 4706.491 -0.49
Kuala Lumpur 1387.98 1371.66 1.19
Ho Chi Minh 771.31 767.41 0.51
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2635.47 3222.83 -18.22
Bangkok 1259.28 1579.84 -20.29
Manila 5899.89 7,815.26 -24.51
Jakarta 4683.209 6,299.54 -25.66
Kuala Lumpur 1387.98 1588.76 -12.64
Ho Chi Minh 771.31 960.99 -19.74