July 23, 2020 / 4:51 AM / 13 days ago

EMERGING MARKETS-Rupiah stands out amid dollar weakness, Philippine stocks sink

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Philippine stocks hit lowest since June 1
    * U.S.-China worries cap broader view

    By Shashwat Awasthi
    July 23 (Reuters) - The Indonesian rupiah recouped some of
last week's hefty losses against the dollar, while surging
coronavirus cases and renewed U.S.-China tensions combined to
push Philippine shares near a two-month low.
    The rupiah, Southeast Asia's worst performing
currency so far this year, rose 0.6% to its strongest level this
week, gaining for a third straight session despite a record
increase in new virus cases on Wednesday.
    The currency lost more than 2% last week after bank
Indonesia cut interest rates for a fourth time this year and 
COVID-19 infections continued to multiply.
    "Earlier bouts of negativity relating to domestic COVID
cases, debt monetization concerns etc may have been increasingly
priced into IDR, so further softening... may be capped for now,
especially against a backdrop of a broadly softening dollar,"
Maybank analysts wrote.
    Jakarta stocks also gained, with the index advancing
0.8% to its highest since March 11.
    There was no respite for Philippine's stock market, a
laggard in the region. The benchmark index sank as much
as 2.4% after new virus cases topped 1,000 in the Philippines
for a seventh straight day.
    The index was on track for a third day of decline.
    "The additional COVID-19 infections yesterday was not very
encouraging... Moreover, the U.S.-China geopolitical tensions
recently are holding down sentiments further," Ruben Carlo O.
Asuncion, chief economist, at The Union Bank of the Philippines.

    The Thai baht dipped 0.2%. 
    The central bank on Thursday denied intervening in the
currency market for any competitive trade advantage after a
media report said Thailand could be added to a U.S. watch list
for currency manipulation.
    Thailand's economic outlook remains weak and it is also
facing policy uncertainty due to a cabinet reshuffle and the
search for a new Bank of Thailand chief.
    The South Korean won and shares weakened
after Asia's fourth-largest economy plunged into recession in
the second quarter.
    
    HIGHLIGHTS:
    
    ** Malaysia's 10-year benchmark yield is down 1.2 basis
points at 2.697%
    ** In the Philippines, top index losers are Jollibee Foods
 down 2.85%, LT Group down 2.81% and Metro
Pacific Investments down 2.72%
    ** Top gainers on the Jakarta stock index include
Indofarma Tbk up 25%, Phapros Tbk up 24.92%
and Kimia Farma Tbk up ​24.77%
    
        
  Asia stock indexes and currencies at 0400 GMT                                           
   COUNTRY      FX RIC     FX DAILY %   FX YTD %     INDEX    STOCKS DAILY %  STOCKS YTD %
    Japan                    +0.02        +1.39                   -0.58          -3.83
    China                    -0.09        -0.60                   -1.19           7.98
    India                    -0.04        -4.35                    0.02          -8.49
  Indonesia                  +0.41        -4.74                    0.84          -18.20
  Malaysia                   -0.07        -3.79                    0.50           0.39
 Philippines                 -0.08        +2.57                   -1.56          -23.62
   S.Korea                   -0.24        -3.49                   -0.91           0.49
  Singapore                  +0.12        -2.83                    0.68          -18.95
   Taiwan                    +0.36        +2.33                   -0.45           3.50
  Thailand                   -0.09        -5.44                    0.07          -14.05
 
 (Reporting by Shashwat Awasthi and Pranav A K in Bengaluru;
Editing by Simon Cameron-Moore)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below