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SE Asia Stocks-Markets track overnight gains on Wall Street

By Nikhil Subba
·2 mins read

* 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. For Asian Companies click; 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)