* Philippines adds nearly 20% in 7 days
* Singapore & Vietnam hit highest close since early March
* Indonesia sole loser, dragged by energy stocks
By Arundhati Dutta
June 4 (Reuters) - Philippine stocks gained for a seventh
straight session on Thursday to close over 4% higher, with most
other Southeast Asian markets also extending rallies, as easing
lockdowns and expectations of government stimulus helped boost
hopes of economic recovery.
As of Thursday, Philippine equities have added nearly 20% in
the last seven days of trading and climbed 61.4% since hitting a
near-decade low in March, while other regional indices have
recovered between 25%-45% from their March troughs.
To cushion the blow from the COVID-19 pandemic, the
Philippines' House of Representatives on Tuesday approved a
multi-billion dollar stimulus package, which includes a budget
for massive testing, according to a local media report https://newsinfo.inquirer.net/1284789/house-oks-p1-3-economic-stimulus-package-on-2nd-reading.
The benchmark index .PSI was lifted by industrial stocks,
with top gainer GT Capital Holdings GTCAP.PS adding over 15%.
Thai shares .SETI gained for a fourth straight session to
hit their highest close since late February, with investors
looking past a bleak 2020 outlook projected by the central bank.
The country will also draw up a stimulus plan for domestic
tourism to be rolled out for four months starting in July, a
senior official said on Thursday. Financials accounted for a fifth of the benchmark's gains,
with top gainers Siam Commercial Bank SCB.BK and Kasikornbank
KBANK.BK surging around 15%, each.
Malaysian equities .KLSE extended gains in their seventh
session to hit the highest closing levels since Jan. 24, with
top index gainer Hap Seng Consolidated HAPS.KL surging 15.7%.
Shares in Singapore .STI and Vietnam .VNI hit their
highest close since early March.
Bucking the trend, Indonesia .JKSE erased early gains and
closed lower, snapping a six-day winning streak as a drop in oil
prices drove the country's energy sector sharply lower. O/R
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2707.2 2700.39 0.25
Bangkok 1411.01 1374.18 2.68
Manila 6517.49 6245.65 4.35
Jakarta 4916.704 4941.006 -0.49
Kuala Lumpur 1561.84 1538.53 1.52
Ho Chi Minh 883.9 881.17 0.31
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2707.2 3222.83 -16.00
Bangkok 1411.01 1579.84 -10.69
Manila 6517.49 7,815.26 -16.61
Jakarta 4916.704 6,299.54 -21.95
Kuala Lumpur 1561.84 1588.76 -1.69
Ho Chi Minh 883.9 960.99 -8.02