* Philippines, Indonesia up for fifth day
* Singapore hits 2-week high
* Thailand hits 3-month peak
By Arundhati Dutta
June 2 (Reuters) - 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-U.S. tensions and violent
protests in many U.S. 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% from a late March
trough. Markets shrugged off escalating protests in the United
States, as well as an on-going Sino-U.S. 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 .JKSE climbed
up to 2.5% 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 BBCA.JK up 6%.
Singapore's index .STI touched a two-week peak, led by
blue chips such as Jardine Cycle & Carriage Holdings Ltd and DBS
Group Holdings Ltd DBSM.SI .
The Philippine benchmark .PSI rose 1.5% to hit its highest
level since mid-March. SM Investments Corp SM.PS jumped 3%
while Security Bank Corp SECB.PS added 7.6%.
Thai stocks .SETI hit a near three-month peak buoyed by
utilities, while Vietnam .VNI 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 .KLSE were flat.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0422 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
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 Pct 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