SE Asia Stocks-Rise on cautious U.S. response to Hong Kong law, Singapore leads

Jardine Cycle & Carriage

01/06/2020 05:27

* Singapore leads gains, up as much as 1.8%
    * Thailand approves $58 bln package to ease virus impact
    * Indonesian, Malaysian and the Philippines up for 4th day 

    By Arundhati Dutta
    June 1 (Reuters) - Southeast Asian markets rose on Monday as
U.S. President Donald Trump steered clear of threatening his
existing trade deal with China over Hong Kong, while signs of a
gradual recovery in China's economy supported sentiment. 
    Trump's announcement, which was widely feared for its effect
on Sino-U.S. relations, stopped short of calling for an
immediate end to Hong Kong's privileges, though he warned of
starting the process of ending its special status under U.S.
law.  urn:newsml:reuters.com:*:nL4N2DB0H6    
    Southeast Asian stock markets have been led over the past
year by the ups and downs of U.S.-China relations, with their
economies all closely tied to China, the region's biggest
trading partner. 
    An official survey from China, which showed increased
momentum in its services and construction sectors in May, also
boosted investor sentiment. urn:newsml:reuters.com:*:nL4N2DD0NG 
    In Thailand, Indonesia and the Philippines, it was also the
first day of relaxed mobility restrictions after a weeks-long
lockdown.  urn:newsml:reuters.com:*:nL4N2DA0BX  urn:newsml:reuters.com:*:nL4N2DB1BM
    Leading the pack, Singaporean stocks  .STI  climbed up to
1.8%, with big-cap conglomerates Jardine Matheson Holdings Ltd
 JARD.SI  and Jardine Cycle & Carriage Ltd  JCYC.SI  gaining
over 2% each.  
    In Thailand, the parliament on Sunday passed a 1.9 trillion
baht ($58 billion) support package to counter the COVID-19
pandemic's economic fallout.  urn:newsml:reuters.com:*:nL4N2DD07R
    The local benchmark  .SETI  added as much as 1.2% and hit
its highest since March 6, with the financial sector as its top
gainer.  
    The Indonesian index  .JKSE  hit its highest since early
April. The consumer discretionary sector led gains, with
conglomerate PT Astra International Tbk  ASII.JK  adding over
5%. 
    Malaysia  .KLSE  touched its highest level in almost three
months. Rubber Glove maker Top Glove Corp  TPGC.KL , up over
20%, was the biggest gainer.
    Philippine shares  .PSI  hit a seven-week high while gains
in financials pushed the Vietnamese benchmark  .VNI  higher for
a third day. 
    The Indonesian, Malaysian and Philippine indexes extended
their rally to a fourth session. 

        
For Asian Companies click;  urn:newsml:reuters.com:*:nTOPEQA  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0338 GMT 
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2,554.52      2,510.75     1.74
  Bangkok          1,354.96      1,342.85     0.90
  Manila           5,885.04      5,838.84     0.79
  Jakarta          4,753.612     4,716.185    0.79
  Kuala Lumpur     1,489.11      1,473.25     1.08
 Ho Chi Minh       874.31        864.47       1.14
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2,554.52      3,222.83     -20.74
  Bangkok          1,354.96      1,579.84     -14.23
  Manila           5,885.04      7,815.26     -24.70
  Jakarta          4,753.612     6,299.54     -24.54
  Kuala Lumpur     1,489.11      1,588.76     -6.27
  Ho Chi Minh      874.31        960.99       -9.02
 


 (Reporting by Arundhati Dutta; 
Editing by Vinay Dwivedi)
 ((arundhati.dutta@thomsonreuters.com;))