* Chinese equities bounce back after 3 days of losses
* IMF upgrades South Korea's 2021 growth forecast
* Indian shares set for worst week in five
By Shruti Sonal
March 26 (Reuters) - Most emerging Asian share markets
climbed on Friday as investors focused on signs of economic
recovery, taking positive cues from a bounce back in Chinese
equities even as concerns from rising tensions between the West
and Beijing loomed.
MSCI's ex-Japan Asia index .MIAPJ0000PUS rose 0.4% after
hitting a near three-month low on Thursday, while the Shanghai
Composite Index .SSEC gained 0.8%, snapping a three-day losing
streak.
In tandem with the broader gains, stocks in Taiwan .TWII ,
India .NSEI , Indonesia .JKSE and South Korea .KS11 climbed
nearly 1%.
China is expected to lead the recovery of East Asian and
Pacific economies this year, but many nations will record
sub-par growth as they struggle to emerge from the coronavirus
pandemic, according to new World Bank forecasts. Meanwhile, the IMF upgraded South Korea's 2021 growth
forecast to 3.6% from 3.1% previously, supported by a rebound in
tech exports and added fiscal stimulus. However, concerns remained over the broader outlook for
equities as a Reuters poll showed another bond market sell-off
is likely in the next three months following the recent rout in
financial markets. Worries about escalating tensions between the United States
and Beijing - both key trading partners of countries in the
region - also weighed on investor sentiment.
U.S. President Joe Biden vowed on Thursday to push China to
play by international rules and said he would prevent China from
passing the United States to become the most powerful country in
the world. Indian shares .NSEI bounced back after shedding about 3%
in last two sessions but were set for their worst week in five
as rising coronavirus cases threatened to prolong the economic
impact of the pandemic.
The country has put a temporary hold on all major exports of
the AstraZeneca (NASDAQ:AZN) AZN.L coronavirus shot made by the Serum
Institute of India to meet domestic demand, two sources told
Reuters. Authorities ordered people indoors in some towns in western
India as the number of new coronavirus infections hit the
highest in five months on Thursday. Mizuho Bank analysts said the latest wave will smudge
recovery prospects but will not derail it given the absence of
any stringent lockdowns.
On Thursday, the Philippine central bank joined its
regional peers in keeping key interest rates steady.
With only three trading days left in March, Philippine and
Indian shares were set to underperform regional peers.
Regional currencies were a mixed bag as the U.S. dollar
traded near multi-month highs, while China's yuan inched up on
as Beijing vowed continued support for its economy.
The Singapore dollar SGD= and the Indian rupee INR=IN
climbed about 0.2%, while Thai baht THB=TH and Taiwan dollar
TWD=TP weakened.
Asia stock indexes and currencies at
0433 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY YTD % DAILY YTD %
% %
Japan JPY= -0.08 -5.51 .N225 1.54 6.29
China CNY=CFXS +0.08 -0.22 .SSEC 1.37 -1.82
India INR=IN +0.17 +0.79 .NSEI 0.82 3.29
Indonesia IDR= +0.00 -2.64 .JKSE 0.82 3.25
Malaysia MYR= +0.00 -2.99 .KLSE 0.00 -1.81
Philippines PHP= -0.04 -1.11 .PSI -0.41 -8.21
S.Korea KRW=KFTC +0.21 -3.95 .KS11 0.91 5.65
Singapore SGD= +0.13 -1.95 .STI 0.43 10.95
Taiwan TWD=TP -0.14 -0.58 .TWII 1.42 10.56
Thailand THB=TH -0.16 -3.79 .SETI -0.05 8.34
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Rising virus cases weigh on Philippine, Indian shares https://tmsnrt.rs/2P7nqak
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(Editing by Lincoln Feast.)