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

03-Jun-2020 Intellasia | Reuters | 6:02 AM Print This Post

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-US tensions and violent

protests in many US 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 percent from a late March


Markets shrugged off escalating protests in the United

States, as well as an on-going Sino-US 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 percent 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 percent 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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Change on the


Market Current Previous percent Move


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 percent 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


Category: FinanceAsia

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