June 1, 2020 / 4:31 AM / a month ago

CORRECTED-SE Asia Stocks-Rise on cautious U.S. response to Hong Kong law, Singapore leads

 (Removes all references to Indonesia's benchmark index as the
market was closed for a public holiday)
    * Singapore leads gains, up as much as 1.8%
    * Thailand approves $58 bln package to ease virus impact
    * Malaysian and the Philippines up for 4th day 

    By Arundhati Dutta
    June 1 (Reuters) - Southeast Asian markets rose on Monday as
U.S. President Donald Trump steered clear of threatening his
existing trade deal with China over Hong Kong, while signs of a
gradual recovery in China's economy supported sentiment. 
    Trump's announcement, which was widely feared for its effect
on Sino-U.S. relations, stopped short of calling for an
immediate end to Hong Kong's privileges, though he warned of
starting the process of ending its special status under U.S.
law.
    Southeast Asian stock markets have been led over the past
year by the ups and downs of U.S.-China relations, with their
economies all closely tied to China, the region's biggest
trading partner.
    An official survey from China, which showed increased
momentum in its services and construction sectors in May, also
boosted investor sentiment. 
    In Thailand, Indonesia and the Philippines, it was also the
first day of relaxed mobility restrictions after a weeks-long
lockdown.
    Leading the pack, Singaporean stocks climbed up to
1.8%, with big-cap conglomerates Jardine Matheson Holdings Ltd
 and Jardine Cycle & Carriage Ltd gaining
over 2% each.  
    In Thailand, the parliament on Sunday passed a 1.9 trillion
baht ($58 billion) support package to counter the COVID-19
pandemic's economic fallout.
    The local benchmark added as much as 1.2% and hit
its highest since March 6, with the financial sector as its top
gainer.
    Malaysia touched its highest level in almost three
months. Rubber Glove maker Top Glove Corp, up over
20%, was the biggest gainer.
    Philippine shares hit a seven-week high while gains
in financials pushed the Vietnamese benchmark higher for
a third day.
    The Malaysian and Philippine indexes extended their rally to
a fourth session. 
    Markets in Indonesia were closed for a public holiday. 
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0338 GMT    
 Change on the day                                            
 Market                Current       Previous close  Pct Move
 Singapore             2,554.52      2,510.75        1.74
 Bangkok               1,354.96      1,342.85        0.90
 Manila                5,885.04      5,838.84        0.79
 Kuala Lumpur          1,489.11      1,473.25        1.08
 Ho Chi Minh           874.31        864.47          1.14
                                                     
 Change so far in                                    
 2020                                                
 Market                Current       End 2019        Pct Move
 Singapore             2,554.52      3,222.83        -20.74
 Bangkok               1,354.96      1,579.84        -14.23
 Manila                5,885.04      7,815.26        -24.70
 Kuala Lumpur          1,489.11      1,588.76        -6.27
 Ho Chi Minh           874.31        960.99          -9.02
 
 (Reporting by Arundhati Dutta; 
Editing by Vinay Dwivedi)
  
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