* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* S. Korean shares log sharpest decline in near three months
* Malaysian stocks set for third straight day of falls
* S. Korean won, Indonesian rupiah lead Asia FX lower
By Shriya Ramakrishnan
Jan 18 (Reuters) - South Korean shares fell more than 2% on
Monday, dragged down by steep losses in heavyweight Samsung
Electronics, after its vice chairman was sentenced to two and a
half years in prison over a bribery case, while banking stocks
led Malaysia lower.
Losses in South Korea's KOSPI .KS11 accelerated in
afternoon trade, with the benchmark index sliding as much as
2.7%. The won KRW=KFTC weakened 0.4%.
Shares of Samsung Electronics 005930.KS slipped up to 4%,
its sharpest fall in five months after the local court's ruling,
which will have major ramifications for Jay Y. Lee's leadership
of the tech giant as well as Korea's views toward big
businesses. "Samsung Electronics has risen quite sharply recently, and a
major difference from the past is that retail investors' stakes
in the company has risen significantly," said Lee Seung-woo,
analyst at Eugene Investment & Securities.
"Shares are swinging much sharper compared to past trials
because retail investors seem to be more focused on the idea of
(the government's) pressure on Samsung rather than the
performance and industry outlook."
Malaysian shares .KLSE slipped 1%, with the banking sector
accounting for a major chunk of losses as investors bet an
interest rate cut by the central bank on Wednesday could further
pressure lenders' margins.
Majority of the economists polled by Reuters expect Bank
Negara Malaysia (BNM) to cut its overnight policy rate to a
record low of 1.50%, after surging coronavirus infections led
the government to impose fresh lockdowns, further curbing
economic activity. "Unlike most other Asian central banks, which have almost
exhausted their rate policies, BNM still has room to cut the
policy rate further," analysts at ING said in a client note.
"The earlier the BNM cuts, the better it will be to soften
the blow to the economy from the worsening pandemic."
The ringgit MYR= weakened 0.3%, tracking a drop in crude
prices, one of Malaysia's top export items.
Most other Asian currencies also struggled to make headway
as softening U.S. economic data and rising global coronavirus
cases lifted the greenback's safe-haven appeal. The Indian rupee
INR=IN and the Indonesian rupiah IDR= dipped 0.2% and 0.4%,
respectively.
Philippine shares .PSI pared some of its earlier losses to
trade 0.5% lower, boosted by few blue chip consumer and real
estate stocks.
The benchmark index fell up to 1.1% in early trade, after
the Philippines extended a ban on travellers from more than 30
countries following the first case of a more contagious COVID-19
variant in the country. ** 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 Malaysia Bhd GENM.KL down 3.2% at 2.42
ringgit; Genting Bhd GENT.KL down 3.02% at 4.17 ringgit
** In the Philippines, top index gainers are Universal
Robina Corp URC.PS up 1.47% at 158.6 peso, Aboitiz Power Corp
AP.PS up 1.15% at 26.35 peso, Ayala Corp AC.PS up 0.61% at
825 peso
Asia stock indexes and
currencies at 0744 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY YTD %
%
Japan JPY= +0.13 -0.47 .N225 -0.97 2.91
China CNY=CFXS -0.09 +0.63 .SSEC 0.84 3.55
India INR=IN -0.23 -0.24 .NSEI -0.81 2.40
Indonesi IDR= -0.36 -0.14 .JKSE 0.10 6.70
a
Malaysia MYR= -0.32 -0.69 .KLSE -1.00 -1.01
Philippi PHP= -0.04 -0.10 .PSI -0.48 0.89
nes
S.Korea KRW=KFTC -0.41 -1.60 .KS11 -2.33 4.89
Singapor SGD= -0.18 -0.84 .STI -0.70 4.92
e
Taiwan TWD=TP +1.73 +1.74 .TWII -0.03 5.97
Thailand THB=TH -0.23 -0.43 .SETI -0.83 3.95