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CORRECTED-EMERGING MARKETS-Asian stocks broadly firm on U.S. stimulus, Singapore and Malaysia outperform

Published Mar 08, 2021 13:26 Updated Mar 08, 2021 13:40
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(Corrects RIC for Thai stock market in second paragraph)
* Jardine Strategic and Jardine Matheson boost Singapore
shares
* Petronas Chemicals Group top gainer in Malaysia

March 8 (Reuters) - Asian shares broadly rose on Monday
after the passage of a $1.9 trillion U.S. stimulus bill boosted
optimism about the global economic recovery, with stock markets
in Singapore and Malaysia outperforming on local company news.

Shares in Taiwan .TWII , India .NSEI and Thailand .SETI
were higher, as upbeat Chinese exports data also underpinned
appetite for risk. Asia's emerging currencies, however, came under pressure as
the dollar firmed on the back of stronger-than-expected jobs
data and the pandemic relief bill. The U.S. Senate passed the
COVID-19 relief plan on Saturday and U.S. President Joe Biden
said he hoped for a quick passage of the revised bill by the
House of Representatives. Higher U.S. yields also kept pressure on Asia's bond markets
and valuations.
Mizuho Bank analysts said the U.S. fiscal passage "may be
fanning the embers of reflation further this week."
"On the other (hand) discomfort with excessive and abrupt
pick-up in UST bond yields could roil some parts of EM."
A spike in oil prices past $70 for the first time since the
pandemic sparked some worries about inflation for energy-hungry
Asia. O/R
Singapore's stock index .STI rose to its highest in over a
year, led by a rally in the shares of Jardine Strategic JSH.SI
and Jardine Matheson JARD.SI , which climbed nearly 20% and 8%,
respectively.
Jardine Matheson said it plans to buy the remaining 15% of
Jardine Strategic that it does not already own for about $5.5
billion to simplify structures of the sprawling Asian
conglomerate that has a foot in construction to aviation.
The Singapore dollar SGD= dipped 0.2% to its lowest since
late November.
In Malaysia, shares .KLSE jumped 1.5%, with Petronas
Chemicals Group PCGB.KL the biggest gainer. The petrochemical
product maker jumped around 10% after CGS-CIMB upgraded the
stock to "Add" and raised its price target.
Meanwhile, Philippine shares .PSI fell more than 1%,
giving up last week's gains.
Stocks in Indonesia .JKSE and the rupiah IDR= dipped.
The country is susceptible to higher U.S. yields given that the
Southeast Asian nation houses some of the highest-yield debt in
emerging markets.
The yield on Indonesia's 10-year bonds ID10YT=RR shot up
19.2 basis points this session to 6.817%.
Chinese exports grew at a record pace in February from a
year earlier, data showed over the weekend. Exports in dollar
terms surged 154.9% from a year ago when COVID-19 battered the
economy. ** Indonesian 3-year benchmark yields are up 7.7 basis
points to 5.518%
** Genting Malaysia GENM.KL , Genting Bhd GENT.KL were
among the top gainers in Malaysia
** In the Philippines, Megaworld Corp MEG.PS and Jollibee
Foods Corp JFC.PS led losses

Asia stock indexes and currencies at 0411 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY % YTD %
Japan JPY= -0.04 -4.74 .N225 -0.25 4.91
China CNY=CFXS -0.21 +0.27 .SSEC -1.01 -0.19
India INR=IN +0.00 +0.08 .NSEI 0.65 7.53
Indonesia IDR= -0.21 -1.96 .JKSE -0.23 4.44
Malaysia MYR= -0.39 -1.66 .KLSE 1.53 -0.16
Philippines PHP= +0.04 -1.17 .PSI -1.49 -5.05
S.Korea KRW=KFTC -0.60 -4.12 .KS11 -0.37 4.93
Singapore SGD= -0.21 -1.81 .STI 2.06 8.16
Taiwan TWD=TP +0.80 +1.54 .TWII 0.26 7.90
Thailand THB=TH -0.68 -2.44 .SETI 0.82 7.42

CORRECTED-EMERGING MARKETS-Asian stocks broadly firm on U.S. stimulus, Singapore and Malaysia outperform
 

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