February 4, 2020 / 4:30 AM / 16 days ago

SE Asia Stocks-Most markets rebound on China bounce, U.S. factory strength

    * China markets recover after a $400 bln wipeout 
    * Singapore index posts best session since Sept. 11, 2019
    * Malaysian equities set to snap 10 sessions of losses

    By Shruti Sonal
    Feb 4 (Reuters) - Most Southeast Asian stock markets
rebounded on Tuesday, tracking a recovery in China stocks amid
official efforts to calm virus fears, while surprise strength in
U.S. manufacturing activity also lent support. 
    The Shangai Composite index recovered some lost
ground, following a $400 billion wipeout on Monday, after China
said it would welcome assistance from the United States to fight
a coronavirus outbreak.
    Analysts believe that the slowing rate of new confirmed
cases outside China will help mitigate investor anxiety.
    However, Hong Kong reported its first fatality on Tuesday,
marking the second death outside mainland China and taking the
total number of coronavirus deaths in China to 425, as of the
end of Monday, from 20,438 cases.
    "Stimulus measures from the Chinese central bank may have
also helped sentiment as well, with other central banks possibly
conducting their own measures to cushion the impending economic
impact," ING senior economist Nicholas Mapa said. 
    Southeast Asian markets have also taken comfort in a
surprisingly solid reading of U.S. manufacturing, which
rebounded in January after contracting for five straight months
amid a surge in new orders.
    Domestic manufacturing data helped trade-reliant Singapore
shares rebound from sharp losses in the previous session,
with the index marking its best session since Sept. 11 last
    The city-state's manufacturing data here
 rose to 50.3 in January, its second month of expansion after
six straight months of contraction, the Singapore Institute of
Purchasing and Materials Management (SIPMM) showed.
    Financials and industrials led gains in the index, with
Jardine Matheson Holdings Ltd jumping nearly 3%.
    Leading gains in the region, the Philippine benchmark
climbed 1.8%, buoyed by index heavyweight Globe Telecom Inc
 that jumped more than 4% after posting an increase in
full-year net income. 
    Malaysian shares were on track to snap 10 straight
sessions of losses ahead of December trade data due later in the
    Analysts at ING expect a continuation of moderation in the
country's exports, which contracted 5.5% in November from a
year-ago period, slower than October's fall of 6.7%. 

    Indonesian equities and Thai stocks were up
as much as 1% and 0.6% respectively, while the Vietnam index
 dropped nearly 0.7%. 

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 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3157.07   3116.31         1.31
 Bangkok                1506.41   1496.06         0.69
 Manila                 7249.78   7137.03         1.58
 Jakarta                5930.226  5884.17         0.78
 Kuala Lumpur           1542.56   1521.95         1.35
 Ho Chi Minh            922.06    928.14          -0.66
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              3157.07   3222.83         -2.04
 Bangkok                1506.41   1579.84         -4.65
 Manila                 7249.78   7,815.26        -7.24
 Jakarta                5930.226  6,299.54        -5.86
 Kuala Lumpur           1542.56   1588.76         -2.91
 Ho Chi Minh            922.06    960.99          -4.05

 (Reporting by Shruti Sonal; Editing by Sherry Jacob-Phillips)
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