for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

EMERGING MARKETS-S.Korean stocks sink 2% as virus concerns hit Asia

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I
    * Singapore shares at lowest since April 6 as banks drag
    * Indonesia posts record daily increase in virus cases

    By Anushka Trivedi
    Sept 22 (Reuters) - South Korean stocks led a slide
in emerging Asian markets on Tuesday, shedding more than 2% to
touch a one-month low, as investors dumped riskier assets after
fresh COVID-19 outbreaks in Europe hit hopes for a speedy global
recovery.
    Taiwan equities, among Asia's winners from months of
coronavirus-driven volatility, and Indonesia, among the hardest
hit, were both down around 1% each.
    Jakarta's stock index hit a near two-week low, while
the rupiah gave up 0.3% against a broadly firmer dollar
after Indonesia reported a record increase in coronavirus
infections on Monday.
    The country's finance minister forecast a steeper economic
contraction this year than earlier predicted, adding to troubles
for a government which has spooked foreign investors with moves
to change the country's central bank law.
    Analysts at DBS said in a note that "if foreign bond inflows
do not return in the coming months, the 'burden' on onshore
banks and Bank Indonesia to continue to support fiscal financing
in 2021 will remain heavy."
    Singapore stocks hit a five-month low after DBS Group
Holdings was among the banks named in reports on
Sunday that said a number of major global lenders had moved more
than $2 trillion in suspect funds over the past two decades.

    The city-state's banking stocks shed a combined $2 billion,
with the top three lenders tumbling between 0.6% to 1.7%.

    Asian currencies remained on the backfoot as widespread
pessimism in the markets led investors to seek the traditional
security of the U.S. dollar.
    Taiwan's dollar rose 0.5% to 29.011 and was the
sole gainer amongst Asian emerging currencies.

    
    HIGHLIGHTS
    ** Indonesian 3-year benchmark yields are up 9.5
basis points at 5.191%
    ** Top losers on the Jakarta stock index include
City Retail Developments Tbk PT, down 6.99%, and Tri
Banyan Tirta Tbk PT, down 6.92%
    ** Singapore shares on track to drop for fourth
straight session
  Asia stock indexes and                                              
 currencies at  0644 GMT                                       
 COUNTRY   FX RIC      FX DAILY %  FX YTD %    INDEX   STOCKS   STOCKS
                                                      DAILY %    YTD %
 Japan                      +0.05     +3.84            0.00     0.29
 China                      +0.16     +2.50             -1.04     7.62
 India                      -0.15     -2.86             -0.63    -8.13
 Indonesi                   -0.34     -5.83             -0.94   -21.38
 a                                                             
 Malaysia                   -0.41     -1.16              0.46    -5.18
 Philippi                   -0.07     +4.51             -0.25   -24.58
 nes                                                           
 S.Korea                    -0.60     -0.74             -2.38     6.14
 Singapor                   -0.19     -1.48             -0.86   -23.53
 e                                                             
 Taiwan                     +0.54     +3.81             -1.17     5.40
 Thailand                   -0.54     -4.71             -0.46   -19.66
 



 (Reporting by Anushka Trivedi in Bengaluru, Editing by Devika
Syamnath & Patrick Graham)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up