* Thailand, Indonesia leads gains
* Indonesia snaps 7-day losing streak
* Malaysia c.bank cuts interest rate by 25 bps
By Anushka Trivedi
March 3 (Reuters) - Southeast Asian stock markets rebounded
on Tuesday, with Thailand posting its best session in at least
three years, as expectations that central banks would step in to
blunt the economic blow from the coronavirus epidemic spurred a
risk rally.
Central banks from Japan, Britain and France followed the
U.S. Federal Reserve in saying said they stood ready to support
the global economy. The Reserve Bank of Australia was among the first to slash
interest rates on Tuesday, with Bank Negara Malaysia following
close behind. "What we needed was a reason to buy and central banks have
been that reason - nothing has really changed in the coronavirus
stakes from a global standpoint," said Chris Weston, head of
research at brokerage Pepperstone, in a note.
Meanwhile, investors are looking ahead to a conference call,
where G7 finance ministers are expected to discuss measures to
deal with the economic impact of the virus outbreak, sources
told Reuters. Most Southeast Asian markets pulled back from session highs,
but Indonesia and Thailand held on to their gains and ended
about 3% higher.
Thai stocks .SETI surged 2.9% to post their best day since
Oct. 14, 2016, as climbing oil prices boosted energy firms.
O/R
State-run oil and gas explorers PTT Pcl PTT.BK gained 3.8%
and PTT Exploration and Production Pcl PTTEP.BK rose 4.7%.
Indonesian shares .JSKE jumped 2.9% to mark its biggest
intraday gain in over four years and snap a seven-session losing
streak.
The government is set to announce a second policy package
aimed at reducing trade barriers as virus continues to hamper
supply chains in Southeast Asia's largest economy. Bank Central Asia Tbk PT BBCA.JK rose 4% and heavyweight
Telekomunikasi Indonesia Tbk PT TLKM.JK gained 5.2%.
Malaysian equities .KLSE rose 0.8% after its central bank
cut key interest rates to a ten-year low amid a political crisis
at home and coronavirus outbreak disrupting exports.
Banks helped Singapore's main index .STI gain 0.4% after
it shed nearly 5% in the past four sessions.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3019.56 3007.72 0.39
Bangkok 1375.02 1335.72 2.94
Manila 6790.54 6749.28 0.61
Jakarta 5518.628 5361.246 2.94
Kuala Lumpur 1478.64 1466.94 0.80
Ho Chi Minh 890.61 884.43 0.70
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3019.56 3222.83 -6.31
Bangkok 1375.02 1579.84 -12.96
Manila 6790.54 7,815.26 -13.11
Jakarta 5518.628 6,299.54 -12.40
Kuala Lumpur 1478.64 1588.76 -6.93
Ho Chi Minh 890.61 960.99 -7.32