SE Asian stocks rise on cautious US response to HK law; Singapore leads

TheEdge Mon, Jun 01, 2020 02:01pm - 3 years View Original


BENGALURU (June 1): Southeast Asian markets rose today as US 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-US 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 US law.

Southeast Asian stock markets have been led over the past year by the ups and downs of US-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.

In Thailand, Indonesia and the Philippines, it was also the first day of relaxed mobility restrictions after a weeks-long lockdown. Leading the pack, Singaporean stocks climbed up to 1.8%, with big-cap conglomerates Jardine Matheson Holdings Ltd and Jardine Cycle & Carriage Ltd gaining over 2% each. In Thailand, Parliament yesterday passed a 1.9 trillion baht (US$58 billion or RM258.23 billion) support package to counter the Covid-19 pandemic's economic fallout. The local benchmark added as much as 1.2% and hit its highest since March 6, with the financial sector as its top gainer. The Indonesian index hit its highest since early April. The consumer discretionary sector led gains, with conglomerate PT Astra International Tbk adding over 5%.

Malaysia touched its highest level in almost three months. Rubber Glove maker Top Glove Corp Bhd, up over 20%, was the biggest gainer. Philippine shares hit a seven-week high, while gains in financials pushed the Vietnamese benchmark higher for a third day. The Indonesian, Malaysian and Philippine indices extended their rally to a fourth session.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

ASTRA 0.370
TOPGLOV 0.800

Comments

Login to comment.