SE Asian markets: Singapore, Thailand jump

Singapore and Thailand stocks rose over 1% on Wednesday on hopes that the worst of the coronavirus outbreak in China might be over, while Malaysia shares fell as data showed its fourth-quarter economic growth had slumped to a decade-low.

China reported the lowest number of new virus cases since late January on Wednesday.

Singaporean shares closed 1.5% higher, with heavyweight financial stocks United Overseas Bank and DBS Group Holdings gaining more than 1%.

Malaysian equities slipped 0.6% after data showed southeast Asia's third-largest economy grew 3.6% in October-December from the same period a year earlier, prompting the central bank to signal 'ample room' for rate cuts.

Financials were top losers, with Hong Leong Bank and Public Bank shedding 4.3% and 2.8%, respectively.

Singapore expects visitor numbers to decline by about 25-30% this year due to the virus outbreak, the city state's tourism board said on Tuesday.

Indonesian stocks dropped 0.7%, hitting its lowest level in about one week, weighed down by consumer stocks. Instant noodles maker PT Indofood CBP Sukses Makmur Tbk tumbled 6%.

The Thai index ended 1% higher, marking its best day in a week, lifted by financial companies. The Siam Commercial Bank and Kasikornbank were up 4.6% and 1.8%, respectively. Philippines closed 0.8% lower, while Vietnam ended up 0.3%.