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SINGAPORE: Southeast Asian stock markets closed higher on Wednesday, with the Philippines leading the gains as loosening of coronavirus restrictions in parts of the world fueled hopes for a recovery in global economic activity.
Oil prices rose as US stocks increased. USA They rose less than expected and in expectations that demand will recover as some hot spots for COVID-19 in Europe and within the United States moved to ease blockades.
“Southeast Asian equity markets have rebounded as ‘virus spike’ trading accelerates. Markets are appreciating that the partial reopening of economies around the world will lead to an immediate growth spurt,” he said. Jeffrey Halley, Senior Market Analyst at OANDA. .
“The MSCI Asia rose 20% from its March lows today, sparking an official bull market and further increasing sentiment in the region,” added Halley.
The broader Asian stocks minus Japan were 0.5% higher on Wednesday.
Market participants now await a policy statement from the US Federal Reserve. It will be issued at the close of the two-day central bank meeting later in the day.
The European Central Bank meets on Thursday.
In Southeast Asia, the Philippine index closed 1.2% higher, with consumer and financial companies driving the benchmark index.
Real estate developer SM Prime Holdings and restaurant chain owner Jollibee Foods finished above 4%.
Indonesian shares settled 0.8% higher, with telecoms giant Telekomunikasi Indonesia (Persero) rising 6% and cement producer Indocement Tunggal Prakarsa rising 4.7%.
According to the central bank’s calculation, the Indonesian government said it could sell around Rs 425 trillion of bonds to the market in the rest of 2020 to cover its growing fiscal deficit.
Singapore shares finished 0.5% higher and Thailand rose 0.6%, marking their highest close since April 20 and March 6, respectively.
Thai electronics maker Hana Microelectronics gained 2.8%, and Singapore’s DBS Group closed 0.6% more. – Reuters
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