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As of Friday morning Singapore time, Thailand’s SET Composite index, Singapore’s Straits Times’ Index, the Jakarta Composite index as well as the Philippines’ PSI Composite Index are still down more than 14% each for the year, according to data from Refinitiv Eikon.

Liew said Southeast Asia has been a “laggard” in the region as the coronavirus situation in most of the countries is “still not really under control.”

Indonesia currently has the highest number of confirmed cases in Southeast Asia with more than 81,000, according to data from Johns Hopkins University.

In contrast, North Asian economies such as China, Hong Kong and Taiwan appear to have managed the virus situation “relatively better,” Liew said.

A recent spike in cases has led to social distancing measures being reimplemented, including the temporary shuttering of Hong Kong Disneyland less than a month after it reopened.

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