* Thai shares set for fifth straight session of gains
* Malaysia's Top Glove Corp hits all-time high
* Indonesian markets closed for holiday
By Pranav A K
May 21 (Reuters) - Southeast Asian stock markets rose on
Thursday, tracking gains in Asia and Wall Street equities, as
investors again bet on hopes of quicker economic recovery from
the coronavirus-led lockdowns ahead of a key policy meeting in
China.
Hopes of an economic rebound grew in the U.S. as states
across the country began to loosen restrictions, while Australia
and New Zealand also announced a raft of plans to restart public
life, with the latter reopening bars and pubs for the first time
in months. "Shrugging off signs of deteriorating U.S.-China relations,
Asia markets followed in Wall Street's footstep edging higher on
the sights and sounds of reopening," said Jingyi Pan, a market
strategist with financial services firm IG.
China, the region's largest trading partner, is expected to
unveil stimulus measures at its annual parliament session on
Friday to spur an economy battered by the coronavirus as leaders
grapple with problems from surging unemployment to worsening
U.S. ties. Malaysian stocks .KLSE extended gains into a seventh
session and rose 1% to their highest level since March 11, with
healthcare and utilities weighing the most.
The world's biggest medical gloves maker, Top Glove Corp Bhd
TPGC.KL surged as much as 12.6% to an all-time high, helped by
rising demand for medical supplies due to the pandemic.
Trade-reliant Singapore equities .STI were higher in
choppy trade after falling in the previous session.
"I think even with easing of restrictions, the outcome is
still very uncertain... There is also a wait-and-see attitude
ahead of China's two biggest meetings this Thursday and Friday,"
said Joel Ng, a Singapore-based analyst at KGI Securities.
Thai shares .SETI added 0.6% and were on course for a
fifth straight session in the green, a day after the country's
central bank cut its benchmark interest rate to a record low.
Utilities accounted for most of the gains on the Thai index.
Gulf Energy Development GULF.BK rose 4.5% after acquiring an
LNG shipper license from the Energy Regulatory Commission, while
B.Grimm Power BGRIM.BK added 2%.
Vietnam's benchmark .VNI edged half a percent higher,
boosted by consumer staples and financials. The benchmark was
set to extend gains into a fourth session.
Financial markets in Indonesia were closed for a public
holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS OF 0335 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2565.42 2561.94 0.14
Bangkok 1330.62 1322.2 0.64
Manila 5589.45 5581.96 0.13
Kuala Lumpur 1448.84 1435.12 0.96
Ho Chi Minh 857.51 852.91 0.54
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2565.42 3222.83 -20.40
Bangkok 1330.62 1579.84 -15.78
Manila 5589.45 7,815.26 -28.48
Kuala Lumpur 1448.84 1588.76 -8.81
Ho Chi Minh 857.51 960.99 -10.77