June 3, 2020 / 10:29 AM / a month ago

SE Asia Stocks-Indonesia, Malaysia, Philippines up for sixth day on recovery hopes

    * Singapore, the Philippines up over 3%
    * All indices hit multi-month closing highs
    * Financials lead gains in most regions

    By Arundhati Dutta
    June 3 (Reuters) - Southeast Asian stocks extended their
recovery rallies on Wednesday, with banks leading gains in most
regions as prospects of local stimulus along with optimism
around re-opening of businesses drove markets to multi-month
closing highs. 
    Governments in Indonesia and the Philippines stepped up to
support their coronavirus-ravaged economies through stimulus
packages and raised fiscal spending, while hopes of recovery as
countries across the region lifted lockdowns spurred a risk
rally. 
    Leading the pack, the Philippine stocks closed up
3.7%, with blue chips Bank of the Philippine Islands,
Security Bank Corp and Ayala Land adding
between 5.6% and 8.1%.
    The local market was defying the Sino-U.S. uncertainties due
to a 1.3 trillion peso ($26.08 billion) stimulus package here
 according to Ruben Carlo O. Asuncion, chief economist at the
UnionBank of the Philippines. 
    China and the United States have been engaged in a scuffle
over the autonomy of Hong Kong, which could throw into doubt
their long-drawn trade deal.   
    Singaporean stocks added 3.4%, with big cap
financials DBS Group Holdings Ltd and United Overseas
Bank Ltd gaining the most. 
    In Indonesia, the financial sector contributed to more than
80% to its benchmark's gains.   
    The country's 2020 budget deficit is expected to widen
further as the government steps up fiscal spending to keep the
economy from shrinking.
    Financials were the winners in Malaysia as well, where the
index hit its highest close since mid-February. Hong
Leong Financial Group rose 13.8% and Public Bank
 climbed 11.1%. 
    For Indonesia, Malaysia and the Philippines, it was a sixth
straight day of gains, while Singapore was up for a third
session. All indices hit their highest closing levels since
mid-March, except Malaysia, which touched its highest close
since Feb 14.  
    Markets in Thailand were closed for a holiday. 
        
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SOUTHEAST ASIAN STOCK MARKETS
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2700.39       2611.63      3.40
  Manila           6245.65       6025.17      3.66
  Jakarta          4941.006      4847.507     1.93
  Kuala Lumpur     1538.53       1507.69      2.05
 Ho Chi Minh       881.17        874.8        0.73
                                              
  Change so far                               
 in 2019                                      
  Market           Current       End 2018     Pct Move
  Singapore        2700.39       3222.83      -16.21
  Manila           6245.65       7,466.02     -16.35
  Jakarta          4941.006      6,194.50     -20.24
  Kuala Lumpur     1538.53       1588.76      -3.16
  Ho Chi Minh      881.17        892.54       -1.27
 
 (Reporting by Arundhati Dutta; Editing by Shinjini Ganguli)
  
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