South-East Asia Stocks: Singapore, Malaysia mark best week in a decade on recovery hopes

  • Singapore
  • Saturday, 06 Jun 2020

SINGAPORE: Most South-East Asian stock markets ended higher on Friday (June 5), booking strong weekly gains, as easing coronavirus restrictions and a clutch of stimulus support fed hopes for an economic recovery.

Stocks in Singapore, Malaysia and the Philippines marked their best week in more than a decade, while the Thai bourse posted its biggest weekly gain since April this year.

Over the week, regional governments reopened their coronavirus-stricken economies by easing mobility curbs, with multi-billion dollar stimulus packages in Indonesia and Philippines also boosting sentiment.

Leading the gains on Friday, Singapore shares jumped 1.6% as financial and industrial sectors advanced.

Conglomerate Jardine Matheson Holdings firmed 4.7%, while Singapore Telecommunications Ltd strengthened 2%.

The city-state's benchmark gained nearly 10% over the week, its biggest weekly jump since May 2009. T

hai stocks rose 1.8% on Friday and nearly 7% this week, as the heavyweight energy sector gained on the back of higher oil prices.

Philippine shares lost 0.8% on Friday, ending their seven-session winning run.

They added 11% this week. Ruben Carlo Asuncion, chief economist at UnionBank of the Philippines, said investors were booking profits after a rally that saw index add nearly 20% in seven days.

The index has gained about 60% since it hit a near decade low in March.

Indonesian shares posted a weekly rise of 4.1%, boosted by fiscal measures announced by the government earlier in the week.

Malaysia's benchmark index edged lower on Friday, snapping a seven-day winning streak.

The index, however, firmed 5.6% over the week, its biggest weekly gain since March 2008. - Reuters
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