April 23, 2020 / 4:20 AM / a month ago

SE Asia Stocks-Markets track overnight gains on Wall Street

    * Thai stocks at highest level since March 11
    * Singapore shares trade flat

    By Nikhil Subba
    April 23 (Reuters) - Southeast Asian shares rose on
Thursday, taking cues from Wall Street that rose overnight after
oil prices recovered and the U.S. Congress looked set to approve
a fresh fiscal package.
    The House of Representatives is expected to clear a relief
package worth $484 billion later on Thursday, which would take
the overall U.S. federal financial response to the coronavirus
pandemic to almost $3 trillion.
    Aiding sentiment was a gain in oil prices amid signs that
producers are cutting output to cope with a collapse in demand
for fuel. 
    "Asia is showing no inclination this week to follow its own
path and looks to be following Wall Street's lead again and
marking stocks higher ...With so many moving and unpredictable
parts in the world, this is a sensible strategy," said Jeffrey
Halley, senior market analyst at OANDA.
    In the region, the Philippines index climbed as much
as 1.8% as consumer and financial stocks rallied.
    Metropolitan Bank and Trust Co gained as much as
4.1%, while Jollibee Foods advanced about 4.5% to be on
track for its best day since April 14.
    The energy and industrial sectors helped Vietnam's benchmark
 rise as much as 2.2% — its best session since April 13.
    Petroleum Equipment and Metal was up more than 6%,
while Hoa Binh Rubber jumped as much as about 7%.
    In Indonesia, the benchmark firmed as much as 1.2%,
boosted by consumer stocks. Unilever Indonesia climbed
almost 2.5% to its highest since April 7, while Indofood
 rose as much as 1.5%.
    Thai stocks rose as much as 1.1% to hit their
highest since March 11, as energy stocks helped.
    Thai Oil gained as much as 2.5%, its highest in
nearly seven weeks, while PTG Energy rose 4.6% to a six
week peak.
    Singapore's Straits Times Index was little changed.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0347 GMT
  Change on the day                                        
  Market              Current      Previous close  Pct Move
  Singapore           2551.37      2550.04         0.05
  Bangkok             1269.62      1261.81         0.62
  Manila              5616.88      5573.75         0.77
  Jakarta             4611.566     4567.562        0.96
  Kuala Lumpur        1385.4       1381.89         0.25
 Ho Chi Minh          773.1        768.92          0.54
                                                   
  Change so far in                                 
 2020                                              
  Market              Current      End 2019        Pct Move
  Singapore           2551.37      3222.83         -20.83
  Bangkok             1269.62      1579.84         -19.64
  Manila              5616.88      7,815.26        -28.13
  Jakarta             4611.566     6,299.54        -26.80
  Kuala Lumpur        1385.4       1588.76         -12.80
  Ho Chi Minh         773.1        960.99          -19.55
 
 (Reporting by Nikhil Subba in Bengaluru; editing by Uttaresh.V)
  
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