 week high Singapore, Malaysia and Indonesia closed for holiday By Pranav A K May 7 Reuters - Philippine shares reversed course to endhigher on Thursday on hopes the country would soon ease itscoronavirus-driven restrictions, while Thailand stocks fell ongloomy outlook for its economy. The Philippine benchmark gained 0.3, recovering froma 0.7 fall earlier in the session after reporting an unexpectedslowdown in first-quarter economic growth as the coronaviruspushes the economy towards a recession. Investors brushed off the contraction in Q1 GDP with apossibility that the country may ease the lockdown after May 15as mentioned by the administration, said Luis Limlingan,managing director at Manila-based brokerage firm Regina CapitalDevelopment Corp. After eight weeks of one of the worlds strictest communityquarantines, Manila is set to reopen its economy at the end ofnext week. Shares of conglomerate Ayala Corp gained 3.1 andhelped boost the index, while real estate company Robinsons LandCorporation added 4. On the flip side, The Thai stock index closed down1.5 to clock its biggest one-day percentage loss April 16 asinvestors returned from a market holiday. A group of leading business associations in Thailand saidSoutheast Asias second largest economy may shrink 3 to 5 thisyear, sharply down from growth of 1.5 to 2.0 projected inMarch. Thai stocks have risen about 30 from its March lows onhopes that the lockdown would be lifted but these gains are indanger as first-quarter earnings are expected to plummet and Q2will likely be even worse, said Sunthorn Thongthip, strategistfor Kasikorn Securities. Financial stocks were the main laggards in Thailand, withThaire Life Assurance PCL diving 9.3 and RatchthaniLeasing falling 6.6. Helping market sentiment was data from China showing exportscame in better-than-expected in April for the first time thisyear, suggesting factory activity in Southeast Asias largesttrading partner is recovering faster than expected. Vietnam shares rose 1.8 and posted third straightsession of gains, lifted by consumer staples and financials. Shares of seafood processing company Vinh Hoan Corpand Saigon Beer Alcohol Beverage Corp leaped 7 each. Markets in Singapore, Malaysia and Indonesia were closed onThursday for a holiday.For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Bangkok 1257.98 1278.63 -1.62 Manila 5653.16 5639.27 0.25 Ho Chi Minh 796.54 782.59 1.78 Change so far in 2020 Market Current End 2019 Pct Move Bangkok 1257.98 1579.84 -20.37 Manila 5653.16 7,815.26 -27.67 Ho Chi Minh 796.54 960.99 -17.11 Reporting by A K Pranav in Bengaluru; Editing by Amy CarenDaniel 