June 4, 2020 / 4:55 AM / a month ago

SE Asia Stocks-Philippines index hits 3-month high as rally gains steam

    * Indonesia, Malaysia and the Philippines up for 7th day
    * Thailand and Vietnam hit 3-month peaks
    * Singapore sole loser in the region

    By Arundhati Dutta
    June 4 (Reuters) - Philippine, Thai and Vietnamese shares
hit their highest in around three months on Thursday as
Southeast Asian markets extended a week-long rally, driven by
the re-opening of regional economies and prospects of fresh
stimulus to aid the recovery.
    Indonesia, Malaysia and the Philippines extended their
winning streaks to a seventh session, while Thailand saw a
fourth session of gains. 
    The Philippines' main index led the gains, rising
more than 3% to its highest level since March 11, with blue
chips SM Investments Corp and Ayala Land Inc
adding 5.2% and 2.6%, respectively. 
    Lawmakers in the islands are poised to pass billions of
dollars in aid to bolster the economy as Manila follows smaller
towns back on line after one of the world's most stringent
lockdown. 
    The regional rally reflects the broad turn in global
sentiment in the past two weeks, with investors increasingly
betting that stimulus from the world's major central banks and
governments will help most economies reboot successfully. 
    "In every sense, this looks like, walks like, and quacks
like a true-blue 'risk on' rally," analysts from Japanese bank
Mizuho said in a note. 
    Shares in Malaysia touched their highest since the
end of January. The top percentage gainer in the index was
chemicals producer Petronas Chemicals Group, which
rose 7.7%. 
    In Indonesia, the financial sector accounted for nearly a
third of the benchmark's gains, with PT Bank Central
Asia Tbk climbing as much as 3.6%.  
    Financials were the top gainers in Thailand and Vietnam as
well, where both benchmark indices and hit their
highest levels since early March. 
    Thailand's Kasikornbank and Vietnam's Vietinbank
 gained the most in their respective sectors. 
    Singaporean shares were the sole losers in the
region. 
         
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0419 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2698.94       2700.39      -0.05
  Bangkok          1398.04       1374.18      1.74
  Manila           6443.38       6245.65      3.17
  Jakarta          4987.812      4941.006     0.95
  Kuala Lumpur     1548.49       1538.53      0.65
 Ho Chi Minh       886.11        881.17       0.56
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2698.94       3222.83      -16.26
  Bangkok          1398.04       1579.84      -11.51
  Manila           6443.38       7,815.26     -17.55
  Jakarta          4987.812      6,299.54     -20.82
  Kuala Lumpur     1548.49       1588.76      -2.53
  Ho Chi Minh      886.11        960.99       -7.79
 

 (Reporting by Arundhati Dutta; Editing by Sherry
Jacob-Phillips)
  
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