EMERGING MARKETS-Philippine shares set for worst week in six on virus spike, recovery concerns

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Philippines records highest daily rise in COVID-19 cases
in
nearly 6 months
* Indonesia poised to end higher for 6th week

By Shruti Sonal
March 12 (Reuters) - Philippine shares slipped on Friday to
be on track for their worst week in six, as a spike in
coronavirus cases and a slump in monthly imports led to concerns
over recovery in its economy.
The benchmark index .PSI shed 0.2% and eyed a weekly fall
of over 2.5%, its biggest decline since the week ended January
29.
The Philippine economy was among the fastest growing in the
region before the pandemic, but strict and lengthy restrictions
and slow vaccine procurements have dampened the path to
recovery.
The country, which has the second-highest number of COVID-19
cases and deaths in Southeast Asia, recorded its highest daily
increase in COVID-19 cases in nearly six months on Thursday.
Its trade deficit came in at $2.42 billion in January, the
widest in 12 months, with imports sliding 14.9%, and exports
falling 5.2% for their biggest decline in five months,
government data showed on Friday. "The ongoing slump in imports suggests that growth pains for
the Philippines will be around for some time", said ING
economist Nicholas Mapa.
Authorities attempted to calm investors' nerves. President
Rodrigo Duterte said on Thursday the economy should be reopened
soon, while the central bank is not inclined to tighten monetary
policy at this time, its governor said. Elsewhere, equities tracked broader market gains after U.S.
President Joe Biden signed a $1.9 trillion stimulus bill into
law, and as a retreat in bond yields overnight soothed global
concerns about accelerating inflation.
Shares in South Korea .KS11 and Indonesia .JKSE added
about 1% each, while Thailand .SETI climbed 0.5%. Jakarta's
benchmark was poised to end higher for a sixth straight week.
Most regional currencies strengthened against the dollar as
calming bond markets lifted investor sentiment and boosted
appetite for riskier Asian currencies.
The Taiwan dollar TWD=TP , South Korean won KRW=KFTC and
the Indonesian rupiah IDR= gained between 0.1% and 0.3%.
Further soothing nerves about rising yields, the European
Central Bank said on Thursday it would accelerate money-printing
to keep a lid on euro zone borrowing costs. Indonesian 10-year benchmark yields are down 5.6 basis
points at 6.7%
** Top gainers on the Jakarta stock index .JKSE include
Zebra Nusantara Tbk PT ZBRA.JK , Trimegah Sekuritas Indonesia
Tbk PT TRIM.JK , Cahaya Bintang Medan Tbk PT CBMF.JK
** Thai PM, cabinet cancel Friday's scheduled AstraZeneca (NASDAQ:AZN)
vaccinations Asia stock indexes and
currencies at 0345 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY YTD % DAILY % YTD %
%
Japan JPY= -0.20 -5.03 <.N22 1.18 7.70
5>
China S> C>
India INR=IN +0.00 +0.22 <.NSE 0.00 8.53
I>
Indones IDR= +0.14 -2.33 <.JKS 1.01 5.83
ia E>
Malaysi MYR= -0.27 -2.33 <.KLS -0.55 -0.42
a E>
Philipp PHP= +0.13 -0.83 <.PSI -0.22 -6.10
ines >
S.Korea C> 1>
Singapo SGD= -0.20 -1.58 <.STI 0.01 9.24
re >
Taiwan TWD=TP +0.45 +1.31 <.TWI 0.31 10.16
I>
Thailan THB=TH -0.36 -2.25 <.SET 0.25 8.94
d I>