* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* Malaysian stocks end higher as PM receives backing
* Philippines cenbank says no rate cuts on the cards in 2020
* Data boosts yuan, Korean won
By Rashmi Ashok
June 8 (Reuters) - Malaysian shares rose on Tuesday as
political tensions eased after the largest party in the ruling
coalition said it would back the prime minister, providing some
respite for the premier, who has faced calls to resign.
Most other Asian stock indices edged lower, as a spike in
global coronavirus cases threatened to derail a quick economic
recovery, even as uncertainty ramped up with just days left for
the U.S. presidential election. The United Malays National Organisation pledged to support
Prime Minister Muhyiddin Yassin, tempering the political
uncertainty stemming from calls for his resignation after the
king rejected his request for emergency rule. Malaysia's benchmark stock index .KLSE rose 0.5%, while
the ringgit MYR= held steady after three sessions of losses.
"The king's advice for members of parliament to not continue
with any irresponsible action that could undermine the stability
of the current administration could quiet political noise in the
near term," analysts at CGS CIMB wrote in a note.
Philippine stocks .PSI ended 1.2% lower, notching their
biggest drop since Sept. 11, as investors booked gains after a
massive six-session run of gains of 10%.
The peso PHP= strengthened during the session after the
central bank governor said there was no immediate need to ease
monetary policy further, given the slew of indicators that point
towards economic recovery. While inflation afforded the room to ease monetary policy,
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in an
interview the central bank "right now is not inclined to do
that".
Ruben Carlo O. Asuncion, chief economist at Union Bank of
the Philippines, said while the central bank's policy direction
was largely the same as in the recent past, claims of economic
recovery gaining momentum through sequentially improving
economic indicators was gaining traction.
"The only flag that I may have to raise right now is a
possible resurgence of the virus down the road," he said, citing
a resurgence of cases in several developed nations.
Philippine shares have seen increased foreign inflows
recently and the peso has held its position as the second-best
performer among Asian currencies this year, as coronavirus
infections remain under control and the economy reopens.
The yuan CNY=CFXS gained after data showed profit at
China's industrial firms rose for a fifth straight month in
September, while a return to economic growth in South Korea in
the third quarter boosted the won KRW=KFTC . ** Indonesian 10-year benchmark yields are up 0.2 basis
points at 6.613% while 3-year benchmark yields are down 0.5
basis points at 5.224%
** Top gainers on FTSE Bursa Malaysia Kl Index .KLSE
include Hartalega Holdings HTHB.KL up 4.19% and Top Glove Corp
TPGC.KL up 2.64%
** In the Philippines, top index losers are LT Group Inc
LTG.PS down 4.6% and BDO Unibank Inc BDO.PS down 3.52%
Asia stock indexes and
currencies at 0718 GMT
COUNTRY FX RIC FX FX INDEX STOCK STOCK
DAILY YTD % S S YTD
% DAILY %
%
Japan JPY= +0.07 +3.68 .N225 -0.04 -0.72
China