* Singapore and Indonesia rise over 2% in early trade
* Potential stimulus helping Philippine market - analyst
* Thailand closed for a holiday
By Arundhati Dutta
June 3 (Reuters) - Southeast Asian markets extended
multi-day rallies on Wednesday, with banks leading gains in
several markets as investors focussed on the prospect of an
economic rebound across the region.
Several regional economies have reopened this week,
mirroring restarts elsewhere that have buoyed stock markets
globally.
Some analysts also pointed to moves by the Philippines
parliament to pass billions of dollars in stimulus as lifting
markets there. Chinese companies' purchase of three cargoes of U.S.
soybeans soothed worries about the impact of the scuffle over
Hong Kong's autonomy on Beijing's trade relations with the
United States. Indonesia, Malaysia and the Philippines extended their
winning streak for a sixth session, while Singapore was up for a
third session.
Philippine stocks .PSI added as much as 1.1% and hit their
highest since mid-March, including gains for big cap financials
such as BDO Unibank Inc BDO.PS and Security Bank Corp
SECB.PS .
"This may actually be due to the potential passage into law
of government fiscal stimulus," said Ruben Carlo O. Asuncion,
chief economist at the UnionBank of the Philippines, referring
to the local market defying global uncertainties.
Both Singapore .STI and Indonesia .JKSE rose more than
2% in early trade. The indices were lifted by financials which
contributed to nearly half the latter's gains.
In Singapore, DBS Group Holdings Ltd DBSM.SI gained nearly
5%, while Indonesia's PT Bank Central Asia Tbk BBCA.JK was up
5.6%.
Shares in Malaysia .KLSE and Vietnam .VNI inched higher,
while markets in Thailand .SETI were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS 0352 GMT
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2657.32 2611.63 1.75
Manila 6110.6 6025.17 1.42
Jakarta 4896.166 4847.507 1.00
Kuala Lumpur 1510.1 1507.69 0.16
Ho Chi Minh 875.64 874.8 0.10
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2657.32 3222.83 -17.55
Manila 6110.6 7,815.26 -21.81
Jakarta 4896.166 6,299.54 -22.28
Kuala Lumpur 1510.1 1588.76 -4.95
Ho Chi Minh 875.64 960.99 -8.88