* Philippines rises on hopes of policy easing
* Singapore, Malaysia little changed
By Arundhati Dutta
April 13 (Reuters) - Most Southeast Asian stock markets were
subdued on Monday, as an agreement by OPEC and its allies to
slash oil output did little to calm investors plagued by the
incessant spread of the new coronavirus, while Philippine shares
rose on hopes of policy easing.
The Organization of the Petroleum Exporting Countries and
allies led by Russia agreed on Sunday to a record cut in output
to prop up oil prices amid the pandemic. O/R
"Across market, the bigger issue remains demand as COVID-19
shocks continue to linger while the cut also takes place from a
markedly higher production level prior to the price war,"
Jingyi Pan, market strategist at IG, said in a note.
Indonesia reported the biggest daily jump in the coronavirus
infections on Friday, while the Philippines recorded its highest
single-day death toll.
Indonesian stocks .JKSE see-sawed in early trade and were
last down 0.5%. Financials were the top drags, with PT Bank
Central Asia Tbk BBCA.JK shedding 1.3%.
Indonesia on Sunday imposed curbs on public transport ahead
of the annual exodus to home villages that marks the end of the
Muslim fasting month of Ramadan. Philippine shares .PSI rose as much as 1.2%, aided by
gains in conglomerates such as Ayala Land ALI.PS and GT
Capital Holdings GTCAP.PS .
The central bank governor on Sunday said another 200 basis
point cut in the reserve requirement ratio was "forthcoming" and
signalled more cuts in its policy interest rate to counter the
impact from the pandemic. Vietnamese equities .VNI climbed as much as 1.3%, led by
financials. Vietnam Prosperity Joint Stock Commercial Bank
VPB.HM jumped 7%.
Singapore .STI and Malaysia .KLSE were little changed.
Malaysia extended movement and travel restrictions on Friday for
another two weeks until April 28. Thai shares .SETI were almost flat, with Airports of
Thailand Pcl AOT.BK falling more than 5%.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0339 GMT
Change on the day
Market Current Previous Pct Move
close
Singapore 2569.53 2571.32 -0.07
Bangkok 1228.56 1228.03 0.04
Manila 5534.7 5510.83 0.43
Jakarta 4625.67 4649.079 -0.50
Kuala Lumpur 1358.91 1357.5 0.10
Ho Chi Minh 768.04 757.94 1.33
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2569.53 3222.83 -20.27
Bangkok 1228.56 1579.84 -22.24
Manila 5534.7 7,815.26 -29.18
Jakarta 4625.67 6,299.54 -26.57
Kuala Lumpur 1358.91 1588.76 -14.47
Ho Chi Minh 768.04 960.99 -20.08