* Thai stocks hit highest since March 9
* Telecoms lift Indonesia, Singapore
By Nikhil Subba
April 29 (Reuters) - Southeast Asian stock markets edged
higher on Wednesday, as investors cheered easing coronavirus
curbs in some parts of the world while awaiting preliminary
estimate for first-quarter U.S. economic growth and the Federal
Reserve's policy decision.
Oil prices gained as U.S. stockpiles rose less than expected
and on expectations demand will pick up as some European
countries and U.S. cities moved to ease lockdowns. O/R
Market participants are now looking for any guidance from
the Fed, which is due to issue a policy statement at the close
of its two-day meeting later in the day. The advanced estimate
is expected to provide a glimpse into the impact of coronavirus.
The European Central Bank meets on Thursday.
"With the U.S. Federal Reserve meeting and the advanced Q1
U.S. GDP estimates expected during the U.S. trading day, the
Asian session will likely remain in a wait-and-see mode,' Mizuho
analysts said in a note.
In Southeast Asia, Thai shares .SETI rose as much as 0.9%
to their highest since March 9. Hana Microelectronics HANA.BK
firmed 5.6% to its highest since April 20, while Thai Oil
TOP.BK gained about 2%.
Indonesian stocks .JKSE strengthened about 0.6%, with
information technology company Metrodata Electronics MTDL.JK
jumping 7.2%, while Telekomunikasi Indonesia (Persero) TLKM.JK
advanced 4.4% to a two-week high.
The government may sell around 425 trillion rupiah ($27.71
billion) of bonds to the market in the rest of 2020 to cover its
widening fiscal deficit, the central bank governor said.
Malaysian shares .KLSE gained as much as 0.5%, helped by
consumer and basic material stocks. Genting Malaysia GENM.KL
climbed more than 4%, while Petronas Chemicals Group PCGB.KL
gained about 3%.
Singapore shares .STI climbed more than 0.5% to their
highest since April 21, helped by financial and telecom stocks.
DBS Group DBSM.SI rose 0.6%, while Singapore
Telecommunications STEL.SI advanced 1.4% to a near two-week
high.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0331 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2569.61 2562.95 0.26
Bangkok 1282.88 1274.99 0.62
Manila 5591.58 5574.98 0.30
Jakarta 4543.591 4529.554 0.31
Kuala Lumpur 1377.96 1372.2 0.42
Ho Chi Minh 771.92 767.21 0.61
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2569.61 3222.83 -20.27
Bangkok 1282.88 1579.84 -18.80
Manila 5591.58 7,815.26 -28.45
Jakarta 4543.591 6,299.54 -27.87
Kuala Lumpur 1377.96 1588.76 -13.27
Ho Chi Minh 771.92 960.99 -19.67