SE Asia Stocks-Rise as China signals more policy measures to support economy
* Thai shares rise 1.7% * Indonesia mulls reopening plans * Malaysian markets closed for holiday By Pranav A K May 11 (Reuters) - Southeast Asian stock markets rose on Monday, with Thai stocks leading the gains, as sentiment improved after China's central bank signalled more policy measures to support a coronavirus-hit economy. Shares in trade-reliant Thailand surged 1.7% as the People's Bank of China (PBOC) said on Sunday it would step up counter-cyclical adjustments to support the Chinese economy and make monetary policy more flexible to fend off financial risks. The Chinese central bank also said it lowered interest rates on short-term loans in April. More policy support from China, Southeast Asia's region's biggest trading partner, has supercharged what would have been a positive start to Asian trading anyway, said Jeffrey Halley, a senior market analyst at OANDA. Appetite for riskier assets was also supported by a firmer finish on Wall Street on Friday and as some countries started to ease coronavirus lockdowns. Financial stocks dominated the gains on the Thai bourse, with brokerage UOB Kay Hian Securities Thailand jumping 10.4% after posting a quarterly profit, compared with a year-ago loss, while beverage maker Cabao Group added 5.5%. "It is a government holiday (in Thailand) and maybe it (the rise) is a function of reduced liquidity," Halley said. Indonesian stocks advanced 0.9% and were on course for their best session since April 30. The region's biggest economy is considering plans for a phased resumption of businesses from as early as June 1, government documents showed. The proposals come amid mounting criticism of the government's slow response to the outbreak. Indonesia's official death toll stands at 973 as of Sunday, the highest in East Asia outside China. Vietnam's index advanced 0.8%, buoyed by financials and real estate stocks. The benchmark was on course for its fifth straight session of gains. Viet Capital Securities rose 6.9%, while Ho Chi Minh City Securities Corp gained 4.4% to its highest in more than two months. Financial markets in Malaysia were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0342 GMT Change on the day Market Current Previous close Pct Move Singapore 2602.28 2591.88 0.40 Bangkok 1288.02 1266.02 1.74 Manila 5659.8 5621.94 0.67 Jakarta 4637.99 4597.43 0.88 Ho Chi Minh 820.78 813.73 0.87 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2602.28 3222.83 -19.25 Bangkok 1288.02 1579.84 -18.47 Manila 5659.8 7,815.26 -27.58 Jakarta 4637.99 6,299.54 -26.38 Ho Chi Minh 820.78 960.99 -14.59 (Reporting by A K Pranav in Bengaluru; Editing by Aditya Soni)
