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EMERGING MARKETS-Philippine stocks mark best day in 3 months; Asian currencies weaker

Stock MarketsApr 28, 2021 16:20
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© Reuters.

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Philippine stocks post best session in 3 months
* Malaysia exports rise at fastest pace in four years
* Indian stocks hit 3-week peak

By Harish Sridharan
April 28 (Reuters) - Asian currencies were weaker on
Wednesday as a rise in U.S Treasury yields ahead of a Federal
Reserve meeting took some shine off risk assets, while stocks in
Philippines .PSI marked their best session in nearly three
months.
Equities in Philippines closed 1.8% higher, bouncing back
from near six-month closing lows on Tuesday, ahead of an address
by President Rodrigo Duterte where he is expected to propose
some flexibility in lockdown restrictions.
Philippines' capital region and nearby provinces are
currently observing their second strictest degree of lockdown,
the Modified Enhanced Community Quarantine (MECQ).
"Investors in Philippine shares began early window dressing
as investors start to buy ahead of more corporate earnings
releases, while other are keeping positive with the proposal for
flexible MECQ," said Luis Limlingan, head of sales of Regina
Capital in Manila.
Limlingan expects macroeconomic indicators to take a
backseat as investors focus on corporate earnings in the next
few days.
Meanwhile, Indian stocks .NSEI scaled a near three-weak
peak and were on course for their third consecutive session of
gains, as strong quarterly results boosted the benchmark, even
as India's COVID-19 death toll surged past 200,000, amid
shortages of oxygen, medical supplies and hospital staff.
Currencies in the region remained subdued after U.S. bond
yields rose on the back of higher inflation expectations, as
investors bet that increased government spending and loose
monetary policy will increase price pressures. USD/
When the Fed's policy meeting concludes on Wednesday, Chair
Jerome Powell is expected to reaffirm commitment to keeping
monetary policy accommodative over a prolonged time, though
signs of rising inflation expectations have raised some
speculation.
Malaysian stocks .KLSE were down 0.2% and the ringgit
MYR= 0.1% weaker despite government data showing exports
jumped 31% in March from a year earlier, rising at their fastest
pace in nearly four years. Earlier in the session, Singapore's central bank said the
city-state's economic growth is likely to exceed 6% this year
and added its accommodative monetary policy stance remained
appropriate. Shares .STI and the Singapore dollar SGD= were both
marginally weaker.


Highlights

** Top gainers on the Thailand's SETI .SETI was Tong Hua
Holding PCL TH.BK up 24.18%
** In the Philippines, top index gainer was Bloomberry
Resorts Corp BLOOM.PS , up 8.27%
** Among the heavyweights in South Korea, technology giant
Samsung Electronics 005930.KS fell 0.97% and peer SK Hynix
000660.KS fell 3.70%

Asia stock indexes and currencies at
0755 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCK
DAILY YTD % DAILY S YTD
% % %
Japan JPY= -0.28 -5.28 .N225 0.21 5.87
China CNY=CFXS -0.06 +0.64 .SSEC 0.42 -0.46
India INR=IN +0.31 -1.82 .NSEI 1.33 6.19
Indonesia IDR= -0.10 -3.14 .JKSE 0.22 -0.11
Malaysia MYR= -0.10 -1.95 .KLSE -0.24 -1.50
Philippines PHP= +0.01 -0.94 .PSI 1.77 -9.39
S.Korea KRW=KFTC -0.23 -2.41 .KS11 -1.06 10.72
Singapore SGD= -0.05 -0.43 .STI -0.07 12.96
Taiwan TWD=TP -0.12 +1.95 .TWII -0.16 19.24
Thailand THB=TH +0.00 -4.49 .SETI 0.97 8.63



EMERGING MARKETS-Philippine stocks mark best day in 3 months; Asian currencies weaker
 

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