SE Asia Stocks-Extend rally on rebound hopes; Indonesia, Malaysia up for sixth day


    * Singapore and Indonesia rise over 2% in early trade
    * Potential stimulus helping Philippine market - analyst 
    * Thailand closed for a holiday

    By Arundhati Dutta
    June 3 (Reuters) - Southeast Asian markets extended
multi-day rallies on Wednesday, with banks leading gains in
several markets as investors focussed on the prospect of an
economic rebound across the region. 
    Several regional economies have reopened this week,
mirroring restarts elsewhere that have buoyed stock markets
globally. 
    Some analysts also pointed to moves by the Philippines
parliament to pass billions of dollars in stimulus as lifting
markets there.
    Chinese companies' purchase of three cargoes of U.S.
soybeans soothed worries about the impact of the scuffle over
Hong Kong's autonomy on Beijing's trade relations with the
United States.
    Indonesia, Malaysia and the Philippines extended their
winning streak for a sixth session, while Singapore was up for a
third session.  
    Philippine stocks added as much as 1.1% and hit their
highest since mid-March, including gains for big cap financials
such as BDO Unibank Inc and Security Bank Corp
. 
    "This may actually be due to the potential passage into law
of government fiscal stimulus," said Ruben Carlo O. Asuncion,
chief economist at the UnionBank of the Philippines, referring
to the local market defying global uncertainties.  
    Both Singapore and Indonesia rose more than
2% in early trade. The indices were lifted by financials which
contributed to nearly half the latter's gains. 
    In Singapore, DBS Group Holdings Ltd gained nearly
5%, while Indonesia's PT Bank Central Asia Tbk was up
5.6%. 
    Shares in Malaysia and Vietnam inched higher,
while markets in Thailand were closed for a holiday. 
        
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SOUTHEAST ASIAN STOCK MARKETS AS 0352 GMT
    
  STOCK MARKETS                                        
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        2657.32       2611.63      1.75
  Manila           6110.6        6025.17      1.42
  Jakarta          4896.166      4847.507     1.00
  Kuala Lumpur     1510.1        1507.69      0.16
 Ho Chi Minh       875.64        874.8        0.10
                                              
  Change so far                               
 in 2020                                      
  Market           Current       End 2019     Pct Move
  Singapore        2657.32       3222.83      -17.55
  Manila           6110.6        7,815.26     -21.81
  Jakarta          4896.166      6,299.54     -22.28
  Kuala Lumpur     1510.1        1588.76      -4.95
  Ho Chi Minh      875.64        960.99       -8.88
 


 (Reporting by Arundhati Dutta; Editing by Rashmi Aich)
  



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