Southeast Asian stock markets closed higher on Monday, with Vietnam leading gains, as several countries looked to restart their economies and largest regional trading partner China signaled more policy measures to support a virus-hit economy.
Markets in Asia-Pacific cheered further loosening of coronavirus restrictions in the region, with New Zealand easing some curbs from Thursday, while Japan plans to end a state of emergency for areas where infections have stabilised.
The People's Bank of China (PBOC) vowed on Sunday it would step up counter-cyclical adjustments to support the Chinese economy and make monetary policy more flexible to fend off financial risks, and said it lowered interest rates on its standing lending facility (SLF) in April.
"We think the bar for large further rate cuts, particularly in short-end rates, is high in China," analysts at Goldman Sachs said in a note.
Trade-dependent Thailand's index surged 1.7% in its best intraday session in three weeks, on hopes of lockdown restrictions being eased further.
Vietnamese stocks closed at their highest levels since March 11, helped by financials and consumer staples.
In Indonesia, the main stock index closed 0.9% higher, marking its best session since April 30, as the country considers plans for a phased resumption of businesses. Markets in Malaysia were closed for a public holiday.
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