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SE Asia Stocks-Indonesia, Malaysia, Philippines up for sixth day on recovery hopes
Wednesday, June 03, 2020       19:43 WIB

June 3 (Reuters) - 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 here 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.

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