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South-East Asia stocks rise on cautious US response to Hong Kong law

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SINGAPORE: South-East Asian markets rose on Monday (June 1) as US President Donald Trump steered clear of threatening his existing trade deal with China over Hong Kong, while signs of a gradual recovery in China's economy supported sentiment.

Trump's announcement, which was widely feared for its effect on Sino-US relations, stopped short of calling for an immediate end to Hong Kong's privileges, though he warned of starting the process of ending its special status under US law.

An official survey from China, which showed increased momentum in its services and construction sectors in May, also boosted investor sentiment. Leading the pack, Singaporean stocks climbed up to 1.8%, with big-cap conglomerates Jardine Matheson Holdings Ltd and Jardine Cycle & Carriage Ltd gaining over 2% each.

The local benchmark added as much as 1.2% and hit its highest since March 6, with the financial sector as its top gainer.

 

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