* Sentiment remains fragile due to worries about coronavirus
* Singapore set to snap four-day losing streak
* Indonesia extends gains for a third straight session
* Vietnam expects to export 6.75 mln tonnes of rice in 2020
By Arundhati Dutta
Feb 19 (Reuters) - Most Southeast Asian stock markets inched
higher on Wednesday, with Singapore leading the pack, as a
slight decline in the number of new coronavirus cases lifted
risk appetite.
Investors are also holding on to hopes that China - the
region's largest trading partner - would roll out more stimulus
to support its virus-hit economy, especially for a cut in its
benchmark loan prime rate due to be announced on Thursday.
The number of new virus cases fell for a second straight
day, even as the death toll in mainland China crossed 2,000 on
Wednesday. "Overall it appears that the equity markets are somewhat
more optimistic, and are looking through the effects of the
COVID-19 outbreak," Maybank said in a note.
Providing a fillip to sentiment was China's decision to cut
some pension contributions and insurance fees to help companies
cope with the coronavirus, while firms in Hubei province - the
epicentre of the outbreak - won't have to pay pensions, jobless
and work-injury insurance until June. The Singaporean index .STI was on track to snap a
four-session losing streak, lifted by gains in heavyweight
financials United Overseas Bank UOBH.SI and DBS Group Holdings
DBSM.SI .
The Philippine index .PSI added as much as 0.6%, with
conglomerates SM Investments SM.PS and Ayala Land ALI.PS
advancing up to 2.3% and 5.8%, respectively.
Shares in Vietnam .VNI were set to snap a three-session
losing streak, with consumer staples gaining the most. Food
processing firm Masan Group Corp MSN.HM advanced as much as
4%.
Aiding sentiment further was the statement from a government
official that the country expects to export 6.75 million tonnes
of rice this year, up 6% on-year. The Indonesian benchmark .JKSE rose for a third straight
day, with gains underpinned by the consumer discretionary
sector. Conglomerate PT Astra International Tbk ASII.JK was up
as much as 2.5%.
Investors await the central bank's rate decision due on
Thursday, while a slim majority of analysts polled by Reuters
expect the bank to resume its easing cycle to provide a cushion
for the expected economic impact from the coronavirus outbreak.
Thai shares .SETI jumped on energy stocks.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0359 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3217.5 3196.63 0.65
Bangkok 1518.87 1513.68 0.34
Manila 7366.7 7322.89 0.60
Jakarta 5915.631 5886.962 0.49
Kuala Lumpur 1532.42 1537.08 -0.30
Ho Chi Minh 929.47 927.93 0.17
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3217.5 3222.83 -0.17
Bangkok 1518.87 1579.84 -3.86
Manila 7366.7 7,815.26 -5.74
Jakarta 5915.631 6,299.54 -6.09
Kuala Lumpur 1532.42 1588.76 -3.55
Ho Chi Minh 929.47 960.99 -3.28