* Indonesia gains for third session, up 1.6%
* Thailand erases early gains, snaps 3-day winning streak
* Philippines rises as task force backs easing Manila
lockdown
By Arundhati Dutta
May 28 (Reuters) - Most Southeast Asian markets ended higher
on Thursday, led by Indonesia, as optimism over economies
reopening from coronavirus-induced lockdowns overshadowed
concerns about flaring Sino-U.S. tensions over Hong Kong.
China's parliament approved a decision earlier in the day to
go forward with a national security legislation for Hong Kong.
U.S. Secretary of State Mike Pompeo said on Wednesday that
Hong Kong no longer qualifies for its special status under U.S.
law - potentially worsening relations between the world's two
biggest economies.
There is a "sense of disbelief" that the two countries would
enact another trade war in the current circumstances, according
to Jeffrey Halley, senior market analyst at OANDA.
In Indonesia, local media https://www.thejakartapost.com/news/2020/05/28/indonesia-says-only-regions-with-zero-declining-cases-can-brace-for-new-normal.html
reported that the country was bracing to gradually reopen the
economy in certain regions amid its "new normal" coronavirus
restrictions.
Extending its rally to a third day, the benchmark index
.JKSE led gains in the region and rose 1.6% to its highest
closing level in nearly a month.
Financials contributed to nearly three-fourths of the
index's gains, with PT Bank Central Asia Tbk BBCA.JK up 6.7%.
In the Philippines, the coronavirus task force recommended
easing the lockdown in the capital Manila, which has so far been
one of the toughest and longest lockdowns in the world.
The local benchmark .PSI ended 0.8% higher, aided by gains
in big cap financials such as Security Bank Corp SECB.PS and
BDO Unibank Inc BDO.PS .
Vietnamese stocks .VNI rose on financials, while
Singaporean equities .STI were subdued throughout the session.
Meanwhile, Thai shares .SETI erased early gains and closed
0.6% lower, after the country's planning agency said that
Thailand may lose up to 2 million jobs this year due to the
pandemic.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2515.24 2519.48 -0.17
Bangkok 1337.51 1345.11 -0.57
Manila 5570.22 5523.78 0.84
Jakarta 4716.185 4641.555 1.61
Kuala Lumpur 1457.5 1451.73 0.40
Ho Chi Minh 861.39 857.48 0.46
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2515.24 3222.83 -21.96
Bangkok 1337.51 1579.84 -15.34
Manila 5570.22 7,815.26 -28.73
Jakarta 4716.185 6,299.54 -25.13
Kuala Lumpur 1457.5 1588.76 -8.26
Ho Chi Minh 861.39 960.99 -10.36