MOST Southeast Asian markets erased early gains to close lower on Tuesday, putting an end to multi-session rallies, while Malaysian stocks gained after the country decided to restart economic activity after a months-long lockdown.
Singapore and Thailand indices before pausing had posted their longest winning streak in around a year, adding around 10% and 8%, respectively, over six days.
Leading the fall, Thai shares closed 2.1% lower with a drop in oil prices pushing the country’s prominent energy sector sharply lower.
Sector heavyweights PTT Pcl and PTT Exploration and Production Pcl lost over 4%, each.
Singapore shares lost 0.1%, with conglomerate Jardine Cycle & Carriage Ltd shedding 3.3% to become one of the top percentage losers.
Losses in communication services pushed Indonesia’s benchmark 0.7% lower, with Telekomunikasi Indonesia declining 2.8%.
Vietnam shares snapped a four-day rally, with financials leading losses, even as the government said it plans to allow a resumption of flights to and from countries that have had no cases of coronavirus for 30 days.
On the upside, Malaysian shares, which opened after an extended weekend, hit their highest close since Jan 22 after the government said on Sunday it would reopen nearly all economic activity and allow interstate travel from Wednesday.
The Philippine benchmark hit its highest close since early March, with communication services stocks among the top percentage gainers on the index. – June 9, 2020, Reuters
