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Southeast Asia stocks: Up on softer-than-feared Trump response to China, Vietnam leads

06/01/2020 | 06:34am EST
A stockbroker speaks on the phone inside the Philippine Stock Exchange (PSE) in Makati city, metro Manila

By Arundhati Dutta

Southeast Asian markets rose on Monday after U.S. President Donald Trump left the trade deal with China intact despite escalating tensions over Hong Kong's autonomy, with signs of a gradual recovery in the Chinese economy also helping sentiment.

In a move that relieved markets, which were impacted over the past year by the ups and downs of U.S.-China relations, Trump stopped short of an immediate end to Hong Kong's privileges, but said he would start the process.

Adding to cheer was an official survey from China, the region's biggest trading partner, which showed an increased momentum in its services and construction sectors in May.

In Thailand and the Philippines, it was the first day after lockdowns were eased.

Singaporean stocks closed up 1.6%, with conglomerates Jardine Matheson Holdings Ltd and Jardine Strategic Holdings Ltd adding 2.8% and 3.4%, respectively.

In Malaysia, rubber glove maker Top Glove Corp, up nearly 17%, sent the index to its highest close in three months.

An increase in demand for gloves due to COVID-19 was stoking optimism over the firm's third-quarter earnings, set to be released on June 18 - according to researchers at CGS-CIMB Securities.

In Thailand, the parliament on Sunday passed a 1.9 trillion baht ($58 billion) package to support its virus-hit economy, driving the local benchmark to its highest close since March 6. Gains were underpinned by energy stocks.

Philippine equities, which rose 1.6%, hit their highest closing level since mid-April, with big cap financials such as Security Bank Corp and Metro Pacific Investments Corp being among the top gainers.

Both the Philippine and Malaysian indexes extended their winning streak to a fourth session, while for Vietnam, it was a third straight day of gains.

Indonesian markets were closed for a holiday.

(Reporting by Arundhati Dutta; editing by Uttaresh.V)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
JARDINE MATHESON HOLDINGS LIMITED -1.21% 56.3 End-of-day quote.0.54%
JARDINE STRATEGIC HOLDINGS LIMITED -0.89% 26.8 End-of-day quote.7.72%
LETS HOLDINGS GROUP CO., LTD. -0.13% 7.71 End-of-day quote.-0.90%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 0.00% 921 End-of-day quote.-3.76%
METRO PACIFIC INVESTMENTS CORPORATION -1.57% 4.38 End-of-day quote.2.34%
SECURITY BANK CORPORATION -1.38% 136 End-of-day quote.1.49%
SET -0.59% 1510.13 Real-time Quote.4.81%
TOP GLOVE CORPORATION BHD. -1.25% 6.34 End-of-day quote.3.59%
UNITED PARCEL SERVICE, INC. -2.80% 158.9 Delayed Quote.-5.64%
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