(Repeats for Southeast Asia)
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Philippine shares hit more than one-week low
* Thai shares set for third straight day of losses
* Asian FX struggle to make headway as U.S. dollar holds
gains
By Shriya Ramakrishnan
Jan 18 (Reuters) - Philippine shares fell more than 1% on
Monday as travel curbs were extended after the first case of a
more contagious COVID-19 variant emerged, while bank stocks led
Malaysian shares lower on expectations of an interest rate cut
this week.
Trading across other emerging Asian stocks markets remained
subdued despite a better-than-expected economic reading from
China, the region's largest trade partner, as weaker U.S. retail
sales and rising global coronavirus cases kept investors
cautious.
Shares in Manila .PSI dropped as much as 1.1% and the peso
PHP= dipped after the Philippines extended a ban on travellers
from more than 30 countries. The Southeast Asian country, which has among the greatest
number of coronavirus cases in Asia, recorded its first case
last week of a highly contagious new variant that was first
found in Britain.
Philippine senators on Friday questioned the government's
preference for the Chinese COVID-19 vaccine after latest data
showed it has a lower efficacy rate than others. An opinion poll
also showed less than a third of Filipinos are willing to get
inoculated, as many have voiced concerns over the safety of
vaccines. "Despite approvals for securing vaccines, it appears that
there is much apprehension about the choice of vaccine, not to
mention general distrust among the population," said a
Manila-based analyst at a global financial firm, who wished to
remain anonymous because of the sensitivity of the matter.
"Without a vaccine, the economy is expected to struggle given
reliance on household spending to drive growth."
In currency markets, the South Korean won KRW=KFTC and the
Indonesian rupiah IDR= led declines as weaker U.S. economic
data lifted the greenback's appeal.
Malaysian shares .KLSE dropped 1.1%, with banking stocks
accounting for a major chunk of the losses. The ringgit MYR=
weakened 0.3%, tracking a drop in crude prices, one of
Malaysia's top exports.
Mizuho Bank analysts expect Malaysia's central bank to cut
its key policy rate by 25 basis points on Wednesday, bringing it
to 1.50%, as the recently announced state of emergency and
movement restrictions to curb the spread of COVID-19 is expected
to weigh on growth outlook.
Stocks in Thailand .SETI extended declines after the
country's central bank warned it might cut its growth forecast
for this year, while a drop in shares of index heavyweight
Samsung Electronics 005930.KS pressured South Korea's KOSPI.
.KS11 .
"Asian equities anyway look overbought in the short term,
and we are probably seeing some consolidation. It doesn't
necessarily mean there is a renewed wave of pessimism, but just
some healthy correction," said Mitul Kotecha, senior EM
strategist at TD Securities.
HIGHLIGHTS:
** Thailand's 10-year government bond yields are down 3
basis points at 1.24%
** Top losers on FTSE Bursa Malaysia Kl Index .KLSE
include Genting Bhd GENT.KL down 3.02% at 4.17 ringgit; CIMB
Group Holdings Bhd CIMB.KL down 2.93% at 3.98 ringgit
** In the Philippines, top index losers are Robinsons Land
Corp RLC.PS down 3.42% at 21.2 pesos; BDO Unibank Inc BDO.PS
down -2.41% at 109.3 pesos
Asia stock indexes and
currencies at 0453 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY YTD %
%
Japan JPY= +0.13 -0.48 .N225 -1.03 2.85
China
India INR=IN -0.22 -0.22 .NSEI -0.72 2.49
Indonesi IDR= -0.43 -0.21 .JKSE 0.54 7.17
a
Malaysia MYR= -0.27 -0.64 .KLSE -1.06 -1.08
Philippi PHP= -0.03 -0.09 .PSI -0.92 0.45
nes
S.Korea
Singapor SGD= -0.20 -0.86 .STI -0.72 4.90
e
Taiwan TWD=TP +1.78 +1.79 .TWII -0.58 5.39
Thailand THB=TH -0.30 -0.50 .SETI -0.70 4.08