SE Asia Stocks-Rise on global stimulus hopes; Indonesia jumps 3.5%
* Indonesia posts best intraday gain since Aug 2015 * Malaysia central bank decision due later in day * Philippines marks best session in nearly 4 weeks By Anushka Trivedi March 3 (Reuters) - Southeast Asian stock markets rose sharply on Tuesday, with Indonesia posting its biggest intraday gain in over 4 years, as expectations grew global central banks will ease policies to cushion the economic impact from a fast-spreading coronavirus. Equities worldwide took a beating last week as fears mounted that the epidemic could develop into a pandemic and cause recession. Markets regained some lost ground this week after major central banks indicated readiness to roll out stimulus measures to help cushion the economic blow, with the Reserve Bank of Australia delivering a quarter-point cut on Tuesday. Investors now await a likely conference call of the Group of Seven finance ministers to discuss measures to deal with the economic impact. "What we needed was a reason to buy and central banks have been that reason - nothing has really changed in the coronavirus stakes from a global standpoint," said Chris Weston, head of research at brokerage Pepperstone. Leading the gains in Southeast Asia, Indonesian equities rose 3.4%, and were on track to end a seven-session losing streak. Consumer and financial stocks led the rally, with Bank Central Asia Tbk PT and agri-business firm Charoen Pokphand Indonesia Tbk PT climbing 4.1% and 7.1%, respectively. Philippine shares advanced as much as 2% in their best intraday session in nearly four weeks, boosted by financials. Singapore shares rose after losing close to 5% in the past four sessions, with banks leading the recovery. Malaysian shares climbed slightly ahead of a central bank meeting. A Reuters poll showed six of the 11 economists contacted saw the Bank Negara Malaysia cutting its overnight policy rate by 25 basis points to 2.50%. The remaining five did not expect any change to the benchmark rate. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0435 GMT STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3038.45 3007.72 1.02 Bangkok 1359.85 1335.72 1.81 Manila 6817.44 6749.28 1.01 Jakarta 5542.715 5361.246 3.38 Kuala Lumpur 1471.06 1466.94 0.28 Ho Chi Minh 891.79 884.43 0.83 Change so far in 2020 Market Current End 2019 Pct Move Singapore 3038.45 3222.83 -5.72 Bangkok 1359.85 1579.84 -13.92 Manila 6817.44 7,815.26 -12.77 Jakarta 5542.715 6,299.54 -12.01 Kuala Lumpur 1471.06 1588.76 -7.41 Ho Chi Minh 891.79 960.99 -7.20 (Editing by Subhranshu Sahu)
