June 4, 2020 / 10:50 AM / a month ago

SE Asia Stocks-Philippines leads gains as recovery hopes build

    * Philippines adds nearly 20% in 7 days 
    * Singapore & Vietnam hit highest close since early March
    * Indonesia sole loser, dragged by energy stocks

    By Arundhati Dutta
    June 4 (Reuters) - Philippine stocks gained for a seventh
straight session on Thursday to close over 4% higher, with most
other Southeast Asian markets also extending rallies, as easing
lockdowns and expectations of government stimulus helped boost
hopes of economic recovery.
    As of Thursday, Philippine equities have added nearly 20% in
the last seven days of trading and climbed 61.4% since hitting a
near-decade low in March, while other regional indices have
recovered between 25%-45% from their March troughs.
    To cushion the blow from the COVID-19 pandemic, the
Philippines' House of Representatives on Tuesday approved a
multi-billion dollar stimulus package, which includes a budget
for massive testing, according to a local media report here
 
    The benchmark index was lifted by industrial stocks, 
with top gainer GT Capital Holdings adding over 15%.
    Thai shares gained for a fourth straight session to
hit their highest close since late February, with investors
looking past a bleak 2020 outlook projected by the central bank.

    The country will also draw up a stimulus plan for domestic
tourism to be rolled out for four months starting in July, a
senior official said on Thursday.
    Financials accounted for a fifth of the benchmark's gains,
with top gainers Siam Commercial Bank and Kasikornbank
 surging around 15%, each.   
    Malaysian equities extended gains in their seventh
session to hit the highest closing levels since Jan. 24, with
top index gainer Hap Seng Consolidated surging 15.7%. 
  
    Shares in Singapore and Vietnam hit their
highest close since early March. 
    Bucking the trend, Indonesia erased early gains and
closed lower, snapping a six-day winning streak as a drop in oil
prices drove the country's energy sector sharply lower.

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SOUTHEAST ASIAN STOCK MARKETS
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2707.2        2700.39      0.25
  Bangkok          1411.01       1374.18      2.68
  Manila           6517.49       6245.65      4.35
  Jakarta          4916.704      4941.006     -0.49
  Kuala Lumpur     1561.84       1538.53      1.52
 Ho Chi Minh       883.9         881.17       0.31
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2707.2        3222.83      -16.00
  Bangkok          1411.01       1579.84      -10.69
  Manila           6517.49       7,815.26     -16.61
  Jakarta          4916.704      6,299.54     -21.95
  Kuala Lumpur     1561.84       1588.76      -1.69
  Ho Chi Minh      883.9         960.99       -8.02
 


 (Reporting by Arundhati Dutta; Editing by Ramakrishnan M.)
  
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