* Singapore, the Philippines up over 3%
* All indices hit multi-month closing highs
* Financials lead gains in most regions
By Arundhati Dutta
June 3 (Reuters) - Southeast Asian stocks extended their
recovery rallies on Wednesday, with banks leading gains in most
regions as prospects of local stimulus along with optimism
around re-opening of businesses drove markets to multi-month
closing highs.
Governments in Indonesia and the Philippines stepped up to
support their coronavirus-ravaged economies through stimulus
packages and raised fiscal spending, while hopes of recovery as
countries across the region lifted lockdowns spurred a risk
rally.
Leading the pack, the Philippine stocks .PSI closed up
3.7%, with blue chips Bank of the Philippine Islands BPI.PS ,
Security Bank Corp SECB.PS and Ayala Land ALI.PS adding
between 5.6% and 8.1%.
The local market was defying the Sino-U.S. uncertainties due
to a 1.3 trillion peso ($26.08 billion) stimulus package https://www.manilastandard.net/index.php/news/national/325123/romualdez-hails-stimulus-package-okay.html,
according to Ruben Carlo O. Asuncion, chief economist at the
UnionBank of the Philippines.
China and the United States have been engaged in a scuffle
over the autonomy of Hong Kong, which could throw into doubt
their long-drawn trade deal.
Singaporean stocks .STI added 3.4%, with big cap
financials DBS Group Holdings Ltd DBSM.SI and United Overseas
Bank Ltd UOBH.SI gaining the most.
In Indonesia, the financial sector contributed to more than
80% to its benchmark's .JKSE gains.
The country's 2020 budget deficit is expected to widen
further as the government steps up fiscal spending to keep the
economy from shrinking. Financials were the winners in Malaysia as well, where the
index .KLSE hit its highest close since mid-February. Hong
Leong Financial Group HLCB.KL rose 13.8% and Public Bank
PUBM.KL climbed 11.1%.
For Indonesia, Malaysia and the Philippines, it was a sixth
straight day of gains, while Singapore was up for a third
session. All indices hit their highest closing levels since
mid-March, except Malaysia, which touched its highest close
since Feb 14.
Markets in Thailand .SETI were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2700.39 2611.63 3.40
Manila 6245.65 6025.17 3.66
Jakarta 4941.006 4847.507 1.93
Kuala Lumpur 1538.53 1507.69 2.05
Ho Chi Minh 881.17 874.8 0.73
Change so far
in 2019
Market Current End 2018 Pct Move
Singapore 2700.39 3222.83 -16.21
Manila 6245.65 7,466.02 -16.35
Jakarta 4941.006 6,194.50 -20.24
Kuala Lumpur 1538.53 1588.76 -3.16
Ho Chi Minh 881.17 892.54 -1.27