MOST Southeast Asian stock markets ended higher on Friday, booking strong weekly gains, as easing coronavirus restrictions and a clutch of stimulus support fed hopes for an economic recovery.
Stocks in Singapore, Malaysia and the Philippines marked their best week in more than a decade, while the Thai bourse posted its biggest weekly gain since April this year.
Over the week, regional governments reopened their coronavirus-stricken economies by easing mobility curbs, with multi-billion dollar stimulus packages in Indonesia and Philippines also boosting sentiment.
Leading the gains on Friday, Singapore shares jumped 1.6% as financial and industrial sectors advanced. Conglomerate Jardine Matheson Holdings firmed 4.7%, while Singapore Telecommunications Ltd strengthened 2%.
The city-state’s benchmark gained nearly 10% over the week, its biggest weekly jump since May 2009.
Thai stocks rose 1.8% on Friday and nearly 7% this week as the heavyweight energy sector gained on the back of higher oil prices.
Philippine shares lost 0.8% on Friday, ending their seven-session winning run. They added 11% this week.
Ruben Carlo Asuncion, chief economist at UnionBank of the Philippines, said investors were booking profits after a rally that saw index add nearly 20% in seven days.
The index has gained about 60% since it hit a near-decade low in March.
Indonesian shares posted a weekly rise of 4.1%, boosted by fiscal measures announced by the government earlier in the week.
Malaysia’s benchmark index edged lower on Friday, snapping a seven-day winning streak. The index, however, firmed 5.6% over the week, its biggest weekly gain since March 2008. – June 5, 2020, Reuters
