Southeast Asian stocks mixed

Southeast Asian stocks ended mixed on Wednesday, with losses led by Indonesia and Thailand, as warnings of a global recession and a sharp decline in oil prices offset a key interest rate cut by the Chinese central bank.

The global economy is expected to shrink by 3.0% this year in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression, the International Monetary Fund said on Tuesday.

However, a cut to medium-term lending rates by the People's Bank of China and reports that several states in the US are planning to reopen for business pushed benchmark indices in Malaysia, Vietnam and the Philippines higher.

The Indonesian benchmark tumbled 1.7%, with communication services and financials the top losers. PT Telekomunikasi Indonesia Tbk shed 4%. Thai shares lost 1.6%, dragged by energy stocks. PTT Pcl and PTT Exploration and Production Pcl lost 1.4% and 3.4%, respectively.

Singaporean stocks closed 1.1% lower, with losses in heavyweight financials such as the United Overseas Bank and DBS Group Holdings weighing on the index.

On the upside, Philippine equities added 2.9% and hit their highest close in over a month. The index was boosted by gains in big cap conglomerates such as Ayala Land and Ayala Corp. Shares in Vietnam closed up 1.3%, with gains underpinned by financials. The Malaysian index ended 1.2% higher.