June 2, 2020 / 4:37 AM / a month ago

SE Asia Stocks-Extend rally on economic rebound hopes, Indonesia jumps over 2%

    * Philippines, Indonesia up for fifth day
    * Singapore hits 2-week high
    * Thailand hits 3-month peak 

    By Arundhati Dutta
    June 2 (Reuters) - Southeast Asian markets extended
multi-day rallies on Tuesday on optimism over an economic
rebound from the coronavirus crisis, but caution prevailed
globally due to simmering Sino-U.S. tensions and violent
protests in many U.S. cities.
    This week began with the re-opening of several regional
economies after weeks-long lockdowns to curb the spread of the
virus were eased. Investors also cheered signs of the economy
picking up in China, the region's biggest trading partner.

    World stocks have risen 35% from a late March
trough.
    Markets shrugged off escalating protests in the United
States, as well as an on-going Sino-U.S. tensions over Hong
Kong, which could threaten the long-drawn trade deal between
Beijing and Washington.
     "The focus had instead been on catching this reopening
optimism train with confirmation bias potentially being at
works," said Jingyi Pan, a market strategist at IG.  
    Leading the pack, the Indonesian benchmark climbed
up to 2.5% in early trade to its highest level since early
April. The financial sector contributed to three-fourths of the
index's gains, with PT Bank Central Asia Tbk up 6%.  
    Singapore's index touched a two-week peak, led by
blue chips such as Jardine Cycle & Carriage Holdings Ltd and DBS
Group Holdings Ltd . 
    The Philippine benchmark rose 1.5% to hit its highest
level since mid-March. SM Investments Corp jumped 3%
while Security Bank Corp added 7.6%. 
    Thai stocks hit a near three-month peak buoyed by
utilities, while Vietnam rose on consumer staples. 
    The Philippines and Indonesia extended their winning streak
to a fifth session, Vietnam was up for a fourth session while
for Thailand, it was a third day of gains. 
    Malaysian shares were flat. 
        
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0422 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2582.72       2550.86      1.25
  Bangkok          1362.73       1352.37      0.77
  Manila           6017.4        5930.17      1.47
  Jakarta          4867.293      4753.612     2.39
  Kuala Lumpur     1490.22       1490.14      0.01
 Ho Chi Minh       881.11        878.67       0.28
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2582.72       3222.83      -19.86
  Bangkok          1362.73       1579.84      -13.74
  Manila           6017.4        7,815.26     -23.00
  Jakarta          4867.293      6,299.54     -22.74
  Kuala Lumpur     1490.22       1588.76      -6.20
  Ho Chi Minh      881.11        960.99       -8.31
 

 (Reporting by Arundhati Dutta; Editing by Rashmi Aich)
  
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