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Southeast Asia stocks: Indonesia, Malaysia, Philippines up for sixth day on recovery hopes

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06/03/2020 | 06:30am EDT
A stockbroker speaks on the phone inside the Philippine Stock Exchange (PSE) in Makati city, metro Manila

By Arundhati Dutta

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 closed up 3.7%, with blue chips Bank of the Philippine Islands, Security Bank Corp and Ayala Land 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 added 3.4%, with big cap financials DBS Group Holdings Ltd and United Overseas Bank Ltd gaining the most.

In Indonesia, the financial sector contributed to more than 80% to its benchmark's 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 hit its highest close since mid-February. Hong Leong Financial Group rose 13.8% and Public Bank 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 were closed for a holiday.

For Asian Companies click;

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

(Reporting by Arundhati Dutta; Editing by Shinjini Ganguli)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 5.03% 6.27 Delayed Quote.14.00%
AYALA LAND, INC. -2.31% 33.9 End-of-day quote.-25.49%
BANK OF THE PHILIPPINE ISLANDS 3.47% 74.5 End-of-day quote.-15.24%
CHANGE INC. -0.87% 7960 End-of-day quote.173.73%
DBS GROUP HOLDINGS LTD 0.55% 21.79 End-of-day quote.-15.80%
GUOCO GROUP LIMITED -0.45% 109.8 End-of-day quote.-16.82%
HONG LEONG FINANCIAL GROUP 0.73% 13.8 End-of-day quote.-18.34%
JUST GROUP PLC -0.42% 47.8 Delayed Quote.-39.49%
LAND CO., LTD. -9.09% 10 End-of-day quote.-16.67%
LETS HOLDINGS GROUP CO., LTD. -1.11% 11.55 End-of-day quote.91.23%
LINE CORPORATION -1.79% 5480 End-of-day quote.2.43%
LOOK HOLDINGS INCORPORATED -1.94% 708 End-of-day quote.-43.45%
PUBLIC BANK 3.45% 18 End-of-day quote.-7.41%
SECURITY BANK CORPORATION -1.16% 102.5 End-of-day quote.-47.44%
UNITED OVERSEAS BANK LIMITED 0.77% 21.03 End-of-day quote.-20.37%
WILL GROUP, INC. -1.22% 648 End-of-day quote.-48.24%
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