* Indonesia falls as Q1 FDI shrinks
* Thailand, Malaysia close higher
By Nikhil Subba
April 20 (Reuters) - Thai stocks settled 2.2% higher on
Monday, after the country's monarch approved a massive stimulus
package to cushion the impact of the coronavirus on the economy,
while most other markets in the Southeast Asian region slipped.
The Thai index .SETI closed at its highest level since
March 10, after the King Maha Vajiralongkorn, over the weekend,
approved laws to implement spending measures worth 1.9 trillion
baht ($58.55 billion), which allows the government to borrow 1
trillion baht to be used for public health spending and job
creation. Otherwise, a general cautious tone echoed through the region
as investors stepped into a busy U.S. corporate earnings week,
which is set to reveal the degree of damage COVID-19 has
inflicted on businesses.
The United States, which has by far the world's largest
number of confirmed coronavirus cases, with more than 750,000
infections and over 40,500 deaths, kicked off earnings season
last week with the Wall Street banks. "The significant amount of uncertainties and the lack of
comparative incidents to assess the Covid-19 impact limits the
visibility with earnings," Jingyi Pan, market strategist at
financial services firm IG, said in a note.
In Asian markets, "caution can likewise be seen setting in
awaiting the series of U.S. earnings updates," Pan added.
Indonesia's benchmark index .JKSE led declines in the
region, closing 1.3% lower after data on Monday showed that
incoming foreign direct investment (FDI) in the first quarter
shrank 9.2% from a year earlier, as investors delayed business
decisions due to the pandemic. Wires and cables maker Kabelindo Murni KBLM.JK and
construction services provider Surya Semesta SSIA.JK each
closed about 7% down.
Philippine stocks .PSI settled about 1% weaker, weighed
down by financials and telecom sectors.
Globe Telecom GLO.PS fell 2.2%, while BDO Unibank BDO.PS
ended 2.4% lower.
Singapore's Straits Times Index .STI finished 0.6% lower,
dragged by industrial stocks.
Jardine Matheson Holdings JARD.SI tumbled 4.1%, and
Venture Corp VENM.SI closed the session 1.3% lower.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2599.4 2614.6 -0.64
Bangkok 1268.15 1239.24 2.19
Manila 5733.65 5789.97 -0.97
Jakarta 4575.905 4634.821 -1.27
Kuala Lumpur 1413.12 1407.34 0.41
Ho Chi Minh 794.97 789.6 0.68
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2599.4 3222.83 -19.39
Bangkok 1268.15 1579.84 -19.84
Manila 5733.65 7,815.26 -26.64
Jakarta 4575.905 6,299.54 -27.36
Kuala Lumpur 1413.12 1588.76 -11.06
Ho Chi Minh 794.97 960.99 -17.28
($1 = 32.4500 baht)