July 8, 2020 / 8:39 AM / a month ago

EMERGING MARKETS-Indonesia leads region higher as China jumps again

    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA

    July 8 (Reuters) - Indonesian stocks led renewed gains
across Asia's emerging markets on Wednesday, as domestic moves
to prop up its coronavirus-hit economy added to bullish
sentiment stemming from another surge in China. 
    Rising global infections and an increasingly cautious
outlook over U.S. growth had tempered appetite for risk in the
first half of the day, but by lunchtime all but one of the
region's stock markets were higher. 
    Currencies were still largely flat with the Philippine peso
the only clear gainer with a 0.2% rise as Chinese and Hong Kong
markets improved in afternoon trade, pulling others higher.
    "The small gains shown by Mainland China and Hong Kong are
calming nerves," Jeffrey Halley, a senior market analyst at
Oanda, said in a note. 
    Foreign investors turned net buyers of Asian shares for the
first time in five months in June with China leading a regional
rally last week, but the continuing surge in infections globally
has cooled that move as investors worry a much deeper recession
is on the way.
    Governments and central banks across Asia have moved
aggressively to ease the pain, with Malaysia the latest to cut
rates this week and Indonesia unveiling a government and central
bank-sponsored bond scheme worth roughly $40 billion. 
    Indonesian shares gained 1.8% to hit a one-month
high on Wednesday, while the rupiah was flat against the dollar
    Daniel Dubrovsky, an analyst with DailyFX, said Indonesia's
banks were gaining on the flood of extra liquidity from a bond
    Ratings agency S&P said details of the scheme, which
involves both central bank bond-buying and support for
businesses, had calmed concerns about any impact on Indonesia's
credit rating.
    ** Jakarta's main index got the biggest boost from 
Bank Central Asia Tbk BBCA.JK and Bank Mandiri (Persero) Tbk

    ** Top gainers in Malaysia include Sime Darby Bhd,
Public Bank and Hap Seng Consolidated Bhd
 Asia stock indexes and currencies at 0726 GMT
 COUNTRY      FX          FX         FX      INDEX    STOCKS    STOCKS 
              RIC         DAILY %    YTD %            DAILY %   YTD %
 Japan                    +0.07      +1.10            -0.78     -5.15
 China                    -0.07      -0.78            1.74      11.58
 India                    -0.10      -4.84            0.02      -11.16
 Indonesia                +0.00      -3.61            1.83      19.44
 Malaysia                 -0.02      -4.33            0.52      -0.87
 Philippines              +0.14      +2.28            0.29      -19.57
 S.Korea                  +0.02      -3.27            -0.24     -1.77
 Singapore                -0.01      -3.63            0.20      -17.14
 Taiwan                   +0.46      +2.25            0.64      1.44
 Thailand                 +0.00      -4.29            0.00      -12.9

 (Reporting by Nikhil Kurian Nainan in Bengaluru; editing by
Patrick Graham and Anil D'Silva)
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