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Most markets track Wall Street, Asian stocks higher as virus deaths slow

04/07/2020 | 12:47am EST
Philippine Stock Exchange share prices are reflected on a glass panel as broker takes a break in Manila

Most Southeast Asian stock markets tracked Wall Street and Asian equities higher on Tuesday, with Thailand rising the most, although gains were capped following a spike in infections due to the coronavirus in the region.

As the number of daily deaths in New York steadied and fatalities slowed across western Europe, all three U.S. main indexes closed more than 7% higher on Monday, lifting Asian equities to their second straight day of gains on Tuesday. [.N] [MKTS/GLOB]

However, fresh infections rose in Singapore and Indonesia saw the biggest daily jump in new cases.

"Upsides to risk-on moves may still be capped at some point, given that the eventual economic impact of the crisis (firm closures, job losses) is still expected to be massive even if contagion curves are successfully flattened, " analysts at Maybank wrote in a note.

The Thai index rose as much as 4.4%, with energy stocks leading gains. PTT and PTT Exploration and Production climbed as much as 8.5% and 7.9%, respectively.

Singaporean shares jumped 2.7%, with United Overseas Bank Ltd gaining 3% and DBS Group Holdings Ltd 2.7%.

In the Philippines, shares advanced for a third straight session and hit a near four-week high. The benchmark index was boosted by gains in big-cap conglomerates SM Investments and Ayala Land.

The country's President Rodrigo Duterte approved the extension of a lockdown and home quarantine measures covering more than half of the population.

The Indonesian benchmark fell, with financials dragging the most. PT Bank Central Asia Tbk shed up to 1.9%.

The Indonesian health ministry approved a request by the government of Jakarta to impose large-scale social restrictions in the city.

(Reporting by Arundhati Dutta; editing by Uttaresh.V)

By Arundhati Dutta

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -2.80% 18.41 Delayed Quote.234.73%
AYALA LAND, INC. 0.00% 38 End-of-day quote.-16.48%
DBS GROUP HOLDINGS LTD -1.87% 25.2 End-of-day quote.-2.63%
JUST GROUP PLC 1.25% 56.7 Delayed Quote.-28.23%
LAND CO., LTD. -10.00% 9 End-of-day quote.-25.00%
LETS HOLDINGS GROUP CO., LTD. -1.52% 9.08 End-of-day quote.50.33%
LOOK HOLDINGS INCORPORATED -6.51% 976 End-of-day quote.-22.04%
PT BANK CENTRAL ASIA TBK -2.82% 31025 End-of-day quote.-7.18%
PTT -4.19% 40 End-of-day quote.-9.09%
PTT EXPLORATION AND PRODUCTION -3.73% 96.75 End-of-day quote.-22.29%
SM INVESTMENTS CORPORATION -5.37% 970 End-of-day quote.-7.00%
TBK CO., LTD. -5.64% 452 End-of-day quote.-0.88%
UNITED OVERSEAS BANK LIMITED -2.39% 22.51 End-of-day quote.-14.77%
WILL GROUP, INC. -3.36% 979 End-of-day quote.-21.81%
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