* Philippines leads gains in the region
Singapore cuts 2020 growth forecast, flags recession risk
* Thailand 2019 economy growth falls to 5-yr low
By Arundhati Dutta
Feb 17 (Reuters) - Philippine shares ended higher on Monday,
helped by last-minute buying in large caps after a sharp decline
last week, while most other Southeast Asian markets were subdued
as China's stimulus measures countered weak economic data from
the region.
The Philippine benchmark .PSI closed 0.6% higher and led
gains in the region, having lost 3% last week.
Gains were dominated by index heavyweights such as Ayala
Corp AC.PS and SM Investments SM.PS , which gained 0.7% and
2.3%, respectively.
In a move to cushion the economic fallout from the epidemic,
China's central bank lowered the interest rate on its
medium-term loans, paving the way for a cut in the country's
benchmark loan prime rate, set to be announced on
Thursday. The number of reported new virus cases in China's Hubei
province rose on Monday, after two days of falls, while the
death toll across mainland China reached 1,770. Singaporean stocks .STI closed slightly lower after the
city-state cut its 2020 growth outlook and flagged the
possibility of recession on the likely impact from the outbreak.
Singapore is expected to roll out a hefty stimulus package at
its annual budget on Tuesday.
"A strong fiscal response is expected to mitigate the impact
of the virus outbreak," Irvin Seah, a senior economist at DBS
Group Research wrote in a note, adding that the city-state could
further loosen monetary policy if growth prospects worsen.
Malaysian shares .KLSE fell 0.5%, pulled lower by a drop
in telecom stocks.
The Thai index .SETI was little changed after data showed
the economy grew at its weakest pace in five years in 2019,
adding pressure on its central bank to cut rates. However, Advanced Info Service Pcl ADVANC.BK gained nearly
5% after it emerged as the biggest winner at Thailand's 5G
spectrum auctions on Sunday, with 23 licences. Indonesian equities .JKSE were flat. The country's trade
gap widened sharply in January as falling metals prices weighed
on exports, data showed on Monday. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3213 3220.03 -0.22
Bangkok 1527.25 1526.3 0.06
Manila 7326.85 7282 0.62
Jakarta 5867.523 5866.945 0.01
Kuala Lumpur 1537.12 1544.46 -0.48
Ho Chi Minh 934.77 937.45 -0.29
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3213 3222.83 -0.31
Bangkok 1527.25 1579.84 -3.33
Manila 7326.85 7,815.26 -6.25
Jakarta 5867.523 6,299.54 -6.86
Kuala Lumpur 1537.12 1588.76 -3.25
Ho Chi Minh 934.77 960.99 -2.73