As the number of daily deaths in New York steadied and fatalities slowed across western Europe, all three U.S. main indexes closed more than 7% higher on Monday, lifting Asian equities to their second straight day of gains on Tuesday. [.N] [MKTS/GLOB]
However, fresh infections rose in Singapore and Indonesia saw the biggest daily jump in new cases.
"Upsides to risk-on moves may still be capped at some point, given that the eventual economic impact of the crisis (firm closures, job losses) is still expected to be massive even if contagion curves are successfully flattened, " analysts at Maybank wrote in a note.
The Thai index rose as much as 4.4%, with energy stocks leading gains. PTT and PTT Exploration and Production climbed as much as 8.5% and 7.9%, respectively.
Singaporean shares jumped 2.7%, with United Overseas Bank Ltd gaining 3% and DBS Group Holdings Ltd 2.7%.
In the Philippines, shares advanced for a third straight session and hit a near four-week high. The benchmark index was boosted by gains in big-cap conglomerates SM Investments and Ayala Land.
The country's President Rodrigo Duterte approved the extension of a lockdown and home quarantine measures covering more than half of the population.
The Indonesian benchmark fell, with financials dragging the most. PT Bank Central Asia Tbk shed up to 1.9%.
The Indonesian health ministry approved a request by the government of Jakarta to impose large-scale social restrictions in the city.
(Reporting by Arundhati Dutta; editing by Uttaresh.V)
By Arundhati Dutta