June 2, 2020 / 10:27 AM / a month ago

SE Asia Stocks-Most extend rally to scale multi-month highs; Singapore top gainer

    * Singapore, Indonesia up 2%
    * Indonesia, Malaysia & the Philippines up for 5th day
    * Vietnam sole loser in the region

    By Arundhati Dutta
    June 2 (Reuters) - Most Southeast Asian markets extended
multi-day rallies on Tuesday, as re-opening of regional
economies overshadowed global concerns ranging from flaring
Sino-U.S. tensions to violent protests in American cities.  
    After several weeks of coronavirus-induced lockdowns which
have debilitated their economies, Singapore, Thailand and the
Philippines began returning to business under eased
restrictions.
    Regional markets shrugged off tensions arising from rapidly
escalating protests in the United States, as well as an on-going
battle of wills over Hong Kong which could threaten the
hard-fought trade deal between Beijing and Washington.

    However, "the narrative that equities are buoyed by
"re-opening" is vulnerable to sharp capitulation, if
demonstrations turn ugly," Mizuho Bank warned in a note. 
    Singaporean stocks led gains and hit their highest
close in a month. Blue-chip conglomerates Jardine Matheson
Holdings Ltd and Jardine Strategic Holdings Ltd
 rose between 3% and 4.2%. 
    Indonesian stocks, up 2%, hit their highest close
since mid-March, with the financial sector contributing to
nearly half of the index's gains. PT Bank Central Asia Tbk
 added 3.3%. 
    Philippine equities closed at their highest level in
nearly three months with gains in big caps such as SM
Investments Corp and Security Bank Corp
lifting the index. 
    Shares in Malaysia, up 1.2%, ended at their highest
since the third week of February, while Thai stocks
closed at a three-month peak. 
    Indonesia, Malaysia and the Philippines extended their
winning streak for a fifth session, Thailand was up for a third
session, while for Singapore, it was a second day of gains.
    Vietnam, the sole outlier, see-sawed throughout the
session to end lower, snapping three days of gains. 
        
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SOUTHEAST ASIAN STOCK MARKETS
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2611.63       2550.86      2.38
  Bangkok          1374.18       1352.37      1.61
  Manila           6025.17       5930.17      1.60
  Jakarta          4847.507      4753.612     1.98
  Kuala Lumpur     1507.69       1490.14      1.18
 Ho Chi Minh       874.8         878.67       -0.44
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2611.63       3222.83      -18.96
  Bangkok          1374.18       1579.84      -13.02
  Manila           6025.17       7,815.26     -22.91
  Jakarta          4847.507      6,299.54     -23.05
  Kuala Lumpur     1507.69       1588.76      -5.10
  Ho Chi Minh      874.8         960.99       -8.97
 


 (Reporting by Arundhati Dutta; Editing by Shinjini Ganguli)
  
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