South-East Asia, Stocks On The Rise, Covid-19 Openings

South-East Asia, Stocks On The Rise

South-East Asia Stocks extend rally on economic rebound hopes, Indonesia jumps over 2%

South-East Asia Stocks extend rally on economic rebound hopes, Indonesia jumps over 2%

2/6/2020 11:42:00 AM

South-East Asia Stocks extend rally on economic rebound hopes, Indonesia jumps over 2%

JAKARTA (Reuters): South-East Asia n markets extended multi-day rallies on Tuesday (June 2) 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 US cities.

4:26 PM MYTA bull statue stands in front of an electronic board displaying stock prices at the lobby of the Indonesia Stock Exchange (IDX) in Jakarta. South-East Asian markets extended multi-day rallies on Tuesday (June 2) on optimism over an economic rebound from the Covid-19 (coronavirus) crisis. - Bloomberg

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JAKARTA (Reuters): South-East Asian markets extended multi-day rallies on Tuesday (June 2) on optimism over an economic rebound from the Covid-19 (coronavirus) crisis, but caution prevailed globally due to simmering Sino-U.S. tensions and violent protests in many US 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-US 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 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 up 6%.Singapore's index touched a two-week peak, led by blue chips such as Jardine Cycle & Carriage Holdings Ltd and DBS Group Holdings Ltd.

The Philippine benchmark rose 1.5% to hit its highest level since mid-March. SM Investments Corp jumped 3% while Security Bank Corp added 7.6%.Thai stocks hit a near three-month peak buoyed by utilities, while Vietnam 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 were flat. - Reuters

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