* Philippines recovers early losses on stimulus boost
* Singapore Exchange shares fall most since 2008
By Arundhati Dutta
May 27 (Reuters) - Most Southeast Asian stock markets ended
higher on Wednesday, led by Malaysia, on hopes of government
stimulus measures to boost coronavirus-hit economies, while a
drop in shares of the Singapore bourse operator dragged down its
benchmark index.
However, most markets traded in a tight range amid high
caution, as Sino-U.S. tensions flared over a new Hong Kong law
which would reduce its separate legal status. Leading the gains in the region, Malaysian stocks .KLSE
rose more than 1%, after a four-day long extended weekend,
playing "catch up" with the rest of Asia, according to Kong She
Siang, head of retail research Malaysia at CGS-CIMB Securities.
Major healthcare stocks Hartalega Holdings HTHB.KL and Top
Glove Corp TPGC.KL were the top gainers on the index.
Philippine stocks .PSI recovered from a 1.3% drop earlier
in the session to end 0.5% higher, amid local media reports https://www.philstar.com/business/2020/05/27/2016711/house-panel-oks-stimulus-package
that a House Panel approved a 1.3 trillion pesos ($25.69
billion)stimulus package.
Investors snubbed the "second wave" of U.S.-China tensions
in favour of positivism over local stimulus, according to Ruben
Carlo O. Asuncion, chief economist at the UnionBank of the
Philippines.
Similar packages, which were lined up for Japan and
Singapore, were also aiding sentiment, said Asuncion.
Shares in Thailand .SETI and Indonesia .JKSE see-sawed
throughout the session and closed higher.
On the downside, the Singapore index .STI closed 0.4%
lower, dragged by shares of bourse operator Singapore Exchange
SGXL.SI which fell the most since 2008 after flagging a hit to
profits as a major license ends in February 2021. Vietnamese equities .VNI snapped a two-day rally and ended
1.3% lower, with financials losing the most.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
close
Singapore 2519.48 2530.3 -0.43
Bangkok 1345.11 1336.09 0.68
Manila 5523.78 5496.83 0.49
Jakarta 4641.555 4626.799 0.32
Kuala Lumpur 1451.73 1436.76 1.04
Ho Chi Minh 857.48 869.13 -1.34
Change so far
in 2020
Market Current End 2019 Pct Move
Singapore 2519.48 3222.83 -21.82
Bangkok 1345.11 1579.84 -14.86
Manila 5523.78 7,815.26 -29.32
Jakarta 4641.555 6,299.54 -26.32
Kuala Lumpur 1451.73 1588.76 -8.62
Ho Chi Minh 857.48 960.99 -10.77