* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Asian stocks https://tmsnrt.rs/3f2vwbA
* Bank Indonesia leaves key rate unchanged at 3.75%
* Taiwanese shares close at a record high
* S. Korean stocks extend gains to a third day
By Shriya Ramakrishnan
Jan 21 (Reuters) - Indonesia's rupiah edged higher and
shares fell after the country's central bank left interest rates
unchanged, while South Korean and Taiwanese shares surged on
strong export readings from both the tech-reliant economies.
Bank Indonesia (BI), which had cut borrowing costs five
times last year to support a pandemic-hit economy, left its key
policy rate at a record low of 3.75% and said the rupiah IDR=
was still undervalued and had room to strengthen. A majority of analysts in a Reuters poll had expected the
central bank to keep rates steady to maintain an attractive
interest rate differential on its high-yielding debt, given the
recent rise in U.S. bond yields.
"The string of rate reductions in 2020 have yet to bear
fruit," said Nicholas Mapa, a senior economist at ING.
"We believe BI will remain open to easing policy further in
the near-term should inflation remain subdued with IDR stability
likely the main decision point."
The rupiah IDR= was up 0.3% after the decision, while
shares in Jakarta .JKSE traded 0.3% lower.
Most other emerging Asian stock markets and currencies
strengthened as optimism about the new U.S. administration's
hefty spending plans drove buying of riskier assets and dented
the dollar's safe-haven appeal.
The Malaysian ringgit MYR= and South Korean won KRW=KFTC
advanced 0.3% and 0.2% each against the greenback.
South Korean shares .KS11 extended gains to a third
straight session, while Taiwanese stocks .TWII closed up more
than 2% at an all-time high.
Data showed South Korea's exports expanded at a much faster
pace in the first 20 days of January, and Taiwan's export orders
hit a record high in 2020. South Korea and Taiwan have witnessed a strong rebound in
exports as the pandemic-driven global shift to remote work
spurred demand for memory chips used in laptops and servers. The
KOSPI and Taiwan stocks have risen more than 9% each this month.
"If global fiscal stimulus and the contact-free
digitalisation trend continues post-COVID, Korea's IT,
semiconductor and auto exports could outperform market
expectations," analysts at Standard Chartered wrote in a note.
Indian shares jumped to a record high and the benchmark
Sensex .BSESN scaled the 50,000 level for the first time,
boosted by heavyweight Reliance Industries RELI.NS after the
country's stock exchanges approved a $3.4 billion deal with the
Future Group. .BO
HIGHLIGHTS:
** Indonesian 10-year benchmark yields are up 2.3 basis
points at 6.298%
** Top gainers on the Singapore STI .STI include Jardine
Matheson Holdings Ltd JARD.SI up 2.67% at S$57.71, Jardine
Cycle & Carriage Ltd JCYC.SI up 2.39% at S$23.09
** Top losers on the Jakarta stock index .JKSE include
Duta Intidaya Tbk PT DAYA.JK down 6.99% at 346 rupiah; Sumber
Global Energy Tbk PT SGER.JK down 6.97% at 935 rupiah
Asia stock indexes and
currencies at 0818 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY YTD %
%
Japan JPY= +0.00 -0.27 .N225 0.82 4.78
China CNY=CFXS -0.02 +0.99 .SSEC 1.07 4.27
India INR=IN +0.10 +0.14 .NSEI 0.67 5.45
Indonesi IDR= +0.29 +0.43 .JKSE -0.25 7.27
a
Malaysia MYR= +0.29 -0.29 .KLSE -0.39 -1.96
Philippi PHP= -0.01 -0.09 .PSI -0.04 0.01
nes
S.Korea KRW=KFTC +0.19 -1.09 .KS11 1.49 10.00
Singapor SGD= +0.00 -0.27 .STI 0.51 5.99
e
Taiwan TWD=TP +0.15 +0.39 .TWII 2.20 9.65
Thailand THB=TH +0.10 +0.03 .SETI 0.00 4.58