Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

EMERGING MARKETS-Recovery hopes buoy Asian shares at end of tumultuous week

Published 03/26/2021, 04:26 PM
Updated 03/26/2021, 05:40 PM
© Reuters.
USD/JPY
-
USD/SGD
-
USD/IDR
-
USD/MYR
-
USD/PHP
-
NSEI
-
JKSE
-
KS11
-
TWII
-
SSEC
-
MIAPJ0000PUS
-

* China's economy expected to expand by 8.1% in 2021- World
Bank
* IMF upgrades South Korea's 2021 growth forecast to 3.6%
* Indonesia eyes its biggest weekly fall in seven

By Shruti Sonal
March 26 (Reuters) - Shares in Asia's emerging markets
gained on Friday on hopes of an economic recovery, in a week
marred by coronavirus resurgence fears, rising Sino-U.S.
tensions and the lira's slump.
MSCI's ex-Japan Asia index .MIAPJ0000PUS rose 1.5% after
hitting a near three-month low on Thursday. The Shanghai
Composite Index .SSEC gained 1.5%, 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%.
India was set for a second-straight weekly fall, while
Indonesia eyed its biggest weekly fall in seven. South Korea,
meanwhile, eked out a gain of 0.049% over the week.
Boosting recovery hopes, U.S. Labor Department data showed
the number of Americans filing new claims for unemployment
benefits dropped to a one-year low last week, while new World
Bank forecasts show China's economy is set to expand by 8.1%
this year. The International Monetary Fund 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. Escalating tensions between the United States and Beijing —
both key trading partners of countries in the region — showed no
signs of easing.
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. With only three trading days left in March, Philippine and
Indian shares were set to underperform regional peers for the
month.
Indian shares .NSEI bounced back on Friday after shedding
about 3% in the last two sessions, but fears of an economic
fallout remained as coronavirus cases surged.
Mizuho Bank analysts said the latest wave will smudge
recovery prospects but will not derail it given the absence of
any stringent lockdowns.
The Philippine central bank will unwind accommodative
policy measures in a timely manner, its governor said, a day
after the bank kept interest rates steady. Regional currencies were mixed as the U.S. dollar traded
near multi-month highs. China's yuan inched up as Beijing vowed
continued support for its economy.
The South Korean won KRW=KFTC , Singapore dollar SGD= and
the Indian rupee INR=IN added between 0.2% and 0.4%, while the
Thai baht THB=TH and Indonesian rupiah IDR= weakened.


Asia stock indexes and
currencies at 0742 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan JPY= -0.06 -5.49 <.N2 1.56 6.31
25>
China S> EC>
India INR=IN +0.29 +0.90 <.NS 1.65 4.15
EI>
Indones IDR= +0.00 -2.64 <.JK 1.05 3.48
ia SE>
Malaysi MYR= +0.02 -2.97 <.KL 0.08 -1.74
a SE>
Philipp PHP= +0.10 -0.97 <.PS -0.55 -8.33
ines I>
S.Korea C> 11>
Singapo SGD= +0.22 -1.86 <.ST 0.70 11.25
re I>
Taiwan TWD=TP +0.03 -0.41 <.TW 1.53 10.68
II>
Thailan THB=TH -0.06 -3.70 <.SE 0.48 8.92
d TI>


<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Rising virus cases weigh on Philippine, Indian shares https://tmsnrt.rs/2P7nqak
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.