Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Southeast Asia stocks - Philippines rises; most others subdued amid China stimulus

share with twitter share with LinkedIn share with facebook
share via e-mail
02/17/2020 | 05:50am EDT
FILE PHOTO: Investors monitor share market prices in Kuala Lumpur, Malaysia

Philippine shares ended higher on Monday, helped by last-minute buying in large caps after a sharp decline last week, while most other Southeast Asian markets were subdued as China's stimulus measures countered weak economic data from the region.

The Philippine benchmark closed 0.6% higher and led gains in the region, having lost 3% last week.

Gains were dominated by index heavyweights such as Ayala Corp and SM Investments, which gained 0.7% and 2.3%, respectively.

In a move to cushion the economic fallout from the epidemic, China's central bank lowered the interest rate on its medium-term loans, paving the way for a cut in the country's benchmark loan prime rate, set to be announced on Thursday.

The number of reported new virus cases in China's Hubei province rose on Monday, after two days of falls, while the death toll across mainland China reached 1,770.

Singaporean stocks closed slightly lower after the city-state cut its 2020 growth outlook and flagged the possibility of recession on the likely impact from the outbreak. Singapore is expected to roll out a hefty stimulus package at its annual budget on Tuesday.

"A strong fiscal response is expected to mitigate the impact of the virus outbreak," Irvin Seah, a senior economist at DBS Group Research wrote in a note, adding that the city-state could further loosen monetary policy if growth prospects worsen.

Malaysian shares fell 0.5%, pulled lower by a drop in telecom stocks.

The Thai index was little changed after data showed the economy grew at its weakest pace in five years in 2019, adding pressure on its central bank to cut rates.

However, Advanced Info Service Pcl gained nearly 5% after it emerged as the biggest winner at Thailand's 5G spectrum auctions on Sunday, with 23 licences.

Indonesian equities were flat. The country's trade gap widened sharply in January as falling metals prices weighed on exports, data showed on Monday.

By Arundhati Dutta

Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED INFO SERVICE 1.58% 192.5 End-of-day quote.-9.62%
AYALA CORPORATION 8.81% 747.5 End-of-day quote.-4.84%
DBS GROUP HOLDINGS LTD -0.87% 19.47 End-of-day quote.-24.77%
SM INVESTMENTS CORPORATION 9.45% 915 End-of-day quote.-12.27%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
06:05aMikhail Mishustin signs resolution on reimbursement of self-emlpoyed tax
06:05aPRIME MINISTER OF RUSSIAN FEDERATION : Government broadens agrarians' access to soft loans
05:45aDemocrats Stick With Tax-Rise Policies as They Make Plans for 2021 Majority
05:40aCENTRAL BANK OF KUWAIT : CBK Bonds and Related Tawarruq
05:36aGerman economic stimulus plan could be worth 75 billion-80 billion - paper
05:09aCanada to promote holidays at home because of COVID-19 border closures
04:46aCongo suspends board and management of state diamond miner MIBA
04:20aCENTRAL BANK OF KUWAIT : CBK Role in Anti-Money Laundering and Combating the Financing of Terrorism
04:15aPRESIDENCY OF REPUBLIC OF SOUTH AFRICA : President Ramaphosa engages with SANEF
03:48aEgyptian hotels reopened with reduced occupancy are nearly full - official
Latest news "Economy & Forex"