* Malaysia sees best week since Oct. 2015
* Indonesia sole weekly loser
* Philippines leads gains, up 4.8%
By Arundhati Dutta
April 17 (Reuters) - Southeast Asian stock markets closed up
on Friday and all bar one logged weekly gains, as reports
emerged that U.S. President Donald Trump was planning to
gradually reopen the country's economy.
Reports that patients with severe COVID-19 symptoms had
responded positively to a drug made by U.S. company Gilead
Sciences GILD.O also helped boost investor sentiment
Markets appeared to shrug off data showing that China's
economy shrank in the March quarter for the first time on
record, although the country expects performance in the second
quarter to be much better as pent up demand is unleashed.
"A potential treatment for COVID-19 that is a proven
compound and available immediately is clearly the bigger story
and rightly so," said Jeffrey Halley, market analyst at OANDA,
in a note.
Leading gains, the Philippines index .PSI rebounded from
steep falls in the previous session and closed up 4.8%.
Heavyweight conglomerates SM Investments SM.PS and Ayala
Land ALI.PS each advanced nearly 5%.
The Philippine central bank cut its benchmark interest rate
by 50 basis points on Thursday after market close in an
off-cycle move to support its virus-hit economy. Indonesian stocks .JKSE ended 3.4% higher, with financials
boosting the benchmark. PT Bank Central Asia Tbk BBCA.JK and
PT Bank Rakyat Indonesia (Persero) Tbk BBRI.JK gained 3.5% and
8.4%, respectively. However, the index was the region's sole
weekly loser.
Malaysian equities .KLSE closed up 1.5%, and had their
best week since October 2015.
The Thai index .SETI jumped 3.3%, underpinned by gains in
industrials. Airports of Thailand AOT.BK added over 8%.
Shares in Vietnam .VNI climbed 1.1%, with gains led by the
consumer staples.
Shares in Singapore .STI were subdued during the session
but posted gains for the week.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2,614.6 2,612.25 0.09
Bangkok 1,239.24 1,200.15 3.26
Manila 5,789.97 5,525.6 4.78
Jakarta 4,634.821 4,480.607 3.44
Kuala Lumpur 1,407.34 1,386.53 1.50
Ho Chi Minh 789.6 780.7 1.14
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2,614.6 3,222.83 -18.87
Bangkok 1,239.24 1,579.84 -21.56
Manila 5,789.97 7,815.26 -25.91
Jakarta 4,634.821 6,299.54 -26.43
Kuala Lumpur 1,407.34 1,588.76 -11.42
Ho Chi Minh 789.6 960.99 -17.83