Edition:
India

Shriya Ramakrishnan

EMERGING MARKETS-Philippine stocks rise as virus cases slow; Taiwan dollar tops Asia FX

21 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Philippine stocks set for third straight day of gains * S. Korean won at its strongest level since April 2019 * Taiwan dollar set for third straight day of gains By Shriya Ramakrishnan Oct 21 Philippine shares hit their highest level in over three months on Wednesday after a drop in new COVID-19 infections, while Taiwan's dollar rose the most among Asian currencies as strong export orders lifted sentiment. Manila's benchmark index was set to extend gains for a third consecutive day, rising 2.7% to its highest since July 9, after the Philippines reported its lowest daily increase in infections in four weeks. Sentiment has improved recently for Philippine stocks after the passage of the 2021 budget aimed at underpinning an economic recovery, and the relaxation of further coronavirus restrictions in Manila. "While recent gains have been impressive, I think there is still a long way to go in order for the benchmark stock index to recover back to pre-pandemic levels," said Daniel Dubrovsky, analyst at IG. "The challenge that Philippine equities face as a whole is that about 40% of the benchmark is comprised of industrial companies...which really need the support of a strong rebound in global growth. While it is hard to say which sector could outperform, monetary policy conditions seem to be supportive of the real estate one." Stock markets and currencies across the rest of the region traded higher as growing optimism that U.S. lawmakers are nearing a deal on a stimulus package helped draw money into riskier Asian assets, sending the dollar to a one-month low. South Korea's won advanced 0.6% and the benchmark KOSPI rose 0.3%, even as preliminary trade figures showed exports out of Asia's fourth-largest economy fell again. Taiwan's dollar extended its winning streak for a third consecutive day, rising 1% to 28.64 per dollar after data showed export orders rose for a seventh consecutive month in September. The currency has gained around 5% against the greenback so far this year, having benefited from stronger exports from the tech powerhouse island, helped by demand for laptops and tablets to support the work-from-home trend during the COVID-19 pandemic. "While central bank is likely to be monitoring the situation carefully and perhaps intervene marginally, they have little choice but to resign to the trend," said Mahesh Sethuraman, deputy head of global sales trading at Saxo Capital Markets. "While it does hurt the competitiveness of their export economy to some extent, given Taiwan is one of the few economies to bounce back from COVID swiftly, that gives the central bank some buffer to withstand currency appreciation." HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 1.5 basis points at 1.375% ** In the Philippines, top index gainers are Alliance Global Group Inc up 5.73% at 7.93 pesos, Robinsons Land Corp up 5.52% at 15.3 pesos, Bank of the Philippine Islands up ​ 4.35% at 72 pesos * Top losers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd down 4.43% at 9.06 ringgit; Hartalega Holdings Bhd down 2.94% at 18.48 ringgit; Sime Darby Plantation Bhd down 1.61% at 4.9 ringgit Asia stock indexes and currencies at 0418 GMT COUNTRY FX RIC FX DAILY FX YTD INDEX STOCKS STOCKS % % DAILY % YTD % Japan +0.19 +3.15 0.41 0.03 China <CNY=CFXS +0.33 +4.63 -0.35 8.73 > India 0.00 -2.83 0.89 -1.36 Indonesi +0.17 -5.09 -0.02 -19.06 a Malaysia +0.10 -1.30 -0.59 -5.46 Philippi -0.08 +4.33 2.74 -19.65 nes S.Korea <KRW=KFTC +0.56 +2.07 0.31 7.65 > Singapor +0.12 -0.83 0.39 -21.23 e Taiwan +0.97 +5.07 0.24 7.47 Thailand +0.16 -4.20 0.69 -22.84 (Reporting by Shriya Ramakrishnan in Bengaluru)

EMERGING MARKETS-Philippine stocks rise as virus cases slow; Taiwan dollar tops Asia FX

21 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Philippine stocks set for third straight day of gains * S. Korean won at its strongest level since April 2019 * Taiwan dollar set for third straight day of gains By Shriya Ramakrishnan Oct 21 Philippine shares hit their highest level in over three months on Wednesday after a drop in new COVID-19 infections, while Taiwan's dollar rose the most among Asian currencies as strong export orders lifted sentiment. Manila's benchmark index was set to extend gains for a third consecutive day, rising 2.7% to its highest since July 9, after the Philippines reported its lowest daily increase in infections in four weeks. Sentiment has improved recently for Philippine stocks after the passage of the 2021 budget aimed at underpinning an economic recovery, and the relaxation of further coronavirus restrictions in Manila. "While recent gains have been impressive, I think there is still a long way to go in order for the benchmark stock index to recover back to pre-pandemic levels," said Daniel Dubrovsky, analyst at IG. "The challenge that Philippine equities face as a whole is that about 40% of the benchmark is comprised of industrial companies...which really need the support of a strong rebound in global growth. While it is hard to say which sector could outperform, monetary policy conditions seem to be supportive of the real estate one." Stock markets and currencies across the rest of the region traded higher as growing optimism that U.S. lawmakers are nearing a deal on a stimulus package helped draw money into riskier Asian assets, sending the dollar to a one-month low. South Korea's won advanced 0.6% and the benchmark KOSPI rose 0.3%, even as preliminary trade figures showed exports out of Asia's fourth-largest economy fell again. Taiwan's dollar extended its winning streak for a third consecutive day, rising 1% to 28.64 per dollar after data showed export orders rose for a seventh consecutive month in September. The currency has gained around 5% against the greenback so far this year, having benefited from stronger exports from the tech powerhouse island, helped by demand for laptops and tablets to support the work-from-home trend during the COVID-19 pandemic. "While central bank is likely to be monitoring the situation carefully and perhaps intervene marginally, they have little choice but to resign to the trend," said Mahesh Sethuraman, deputy head of global sales trading at Saxo Capital Markets. "While it does hurt the competitiveness of their export economy to some extent, given Taiwan is one of the few economies to bounce back from COVID swiftly, that gives the central bank some buffer to withstand currency appreciation." HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 1.5 basis points at 1.375% ** In the Philippines, top index gainers are Alliance Global Group Inc up 5.73% at 7.93 pesos, Robinsons Land Corp up 5.52% at 15.3 pesos, Bank of the Philippine Islands up ​ 4.35% at 72 pesos * Top losers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd down 4.43% at 9.06 ringgit; Hartalega Holdings Bhd down 2.94% at 18.48 ringgit; Sime Darby Plantation Bhd down 1.61% at 4.9 ringgit Asia stock indexes and currencies at 0418 GMT COUNTRY FX RIC FX DAILY FX YTD INDEX STOCKS STOCKS % % DAILY % YTD % Japan +0.19 +3.15 0.41 0.03 China <CNY=CFXS +0.33 +4.63 -0.35 8.73 > India 0.00 -2.83 0.89 -1.36 Indonesi +0.17 -5.09 -0.02 -19.06 a Malaysia +0.10 -1.30 -0.59 -5.46 Philippi -0.08 +4.33 2.74 -19.65 nes S.Korea <KRW=KFTC +0.56 +2.07 0.31 7.65 > Singapor +0.12 -0.83 0.39 -21.23 e Taiwan +0.97 +5.07 0.24 7.47 Thailand +0.16 -4.20 0.69 -22.84 (Reporting by Shriya Ramakrishnan in Bengaluru)

EMERGING MARKETS-Philippine hits 2-month high as curbs ease, Thai politics weigh

20 Oct 2020

(Repeats story to additional subscribers, no changes to text) * Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Most Asian markets lower; won, Taiwan dollar outperform * Philippine shares hit highest level since Aug 19 * Thai cabinet agrees special parliament amid protests - media By Shriya Ramakrishnan Oct 20 Philippine shares jumped nearly 2% on Tuesday as an easing of coronavirus restrictions cheered investors, while Thai markets headed for a fifth session of losses as anti-government protests dented hopes for a domestic economic recovery. The Philippines, one of Asia's worst hit countries in the pandemic, shortened curfew hours in Manila and eased regulations on stay-at-home orders on Monday, just a week after a ban on non-essential overseas travel was lifted. With most emerging Asian currency and stock markets trading lower, Manila's benchmark stock index surged 1.9% to its highest since Aug. 19, boosted by gains in blue-chip consumer stocks. "Risk appetite seems to be improving as the nation gears up for a broader and stronger economic rebound," said Jennifer Lomboy, a fixed income fund manager at First Metro Asset Management. Markets also drew relief from the timely passage of the 2021 budget, after a leadership row nearly derailed debates on the spending plan aimed at underpinning a recovery for the economy "This gives the senate a two-week head start to study the bill before sessions resume in November, hence (there is a) low probability for a re-enacted budget," Lomboy added. Thai stocks dipped another 0.3% to trade around six-month intraday lows touched in the previous session, while the baht weakened as thousands of protesters took to the streets in Bangkok on Monday, defying a ban on demonstrations. Thai Prime Minister Prayuth Chan-ocha's cabinet agreed on Tuesday to hold a special session of parliament next week, Thai media said. "We had factored in rising political uncertainties, but the political situation now is worse than expected," analysts at CGS-CIMB Research said in a note. "We remain cautious on the Thai market and prefer sectors and companies that are less reliant on the domestic market." Thailand has already suffered a record $9.16 billion in equity outflows so far this year, exchange data shows. Other stock markets and currencies across the region traded lower as doubts about a stimulus package in the United State and record daily coronavirus infections in Europe steered investors away from riskier bets. The South Korean won and Taiwan dollar stood out with gains of 0.2% and 0.9% respectively against the greenback. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 3.1 basis points at 6.659% ** Top losers on the Jakarta stock index include Toba Pulp Lestari Tbk PT down 6.99% at 865 rupiah; Citra Tubindo Tbk PT down 6.98% at 2930 rupiah ** In the Philippines, top index gainers are Jollibee Foods Corp up 9.31% at 169 pesos, GT Capital Holdings Inc up 6.11% at 434 pesos, Ayala Land Inc up ​ 5.03% at 31.35 pesos Asia stock indexes and currencies at 0700 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan -0.09 +2.93 -0.44 -0.38 China <CNY=CFXS -0.04 +4.18 0.42 9.07 > India +0.06 -2.65 0.56 -1.89 Indonesia -0.07 -5.45 -0.85 -19.31 Malaysia -0.14 -1.33 -0.13 -4.57 Philippin -0.06 +4.29 1.55 -21.78 es S.Korea <KRW=KFTC +0.23 +1.49 0.50 7.31 > Singapore +0.05 -0.94 -0.53 -21.50 Taiwan +0.90 +4.92 -0.36 7.21 Thailand -0.19 -4.26 -0.29 -23.71 (Reporting by Shriya Ramakrishnan in Bengaluru; Additional reporting by Gaurav Dogra; editing by Patrick Graham)

EMERGING MARKETS-Philippine hits 2-month high as curbs ease, Thai politics weigh

20 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Most Asian markets lower; won, Taiwan dollar outperform * Philippine shares hit highest level since Aug 19 * Thai cabinet agrees special parliament amid protests - media By Shriya Ramakrishnan Oct 20 Philippine shares jumped nearly 2% on Tuesday as an easing of coronavirus restrictions cheered investors, while Thai markets headed for a fifth session of losses as anti-government protests dented hopes for a domestic economic recovery. The Philippines, one of Asia's worst hit countries in the pandemic, shortened curfew hours in Manila and eased regulations on stay-at-home orders on Monday, just a week after a ban on non-essential overseas travel was lifted. With most emerging Asian currency and stock markets trading lower, Manila's benchmark stock index surged 1.9% to its highest since Aug. 19, boosted by gains in blue-chip consumer stocks. "Risk appetite seems to be improving as the nation gears up for a broader and stronger economic rebound," said Jennifer Lomboy, a fixed income fund manager at First Metro Asset Management. Markets also drew relief from the timely passage of the 2021 budget, after a leadership row nearly derailed debates on the spending plan aimed at underpinning a recovery for the economy "This gives the senate a two-week head start to study the bill before sessions resume in November, hence (there is a) low probability for a re-enacted budget," Lomboy added. Thai stocks dipped another 0.3% to trade around six-month intraday lows touched in the previous session, while the baht weakened as thousands of protesters took to the streets in Bangkok on Monday, defying a ban on demonstrations. Thai Prime Minister Prayuth Chan-ocha's cabinet agreed on Tuesday to hold a special session of parliament next week, Thai media said. "We had factored in rising political uncertainties, but the political situation now is worse than expected," analysts at CGS-CIMB Research said in a note. "We remain cautious on the Thai market and prefer sectors and companies that are less reliant on the domestic market." Thailand has already suffered a record $9.16 billion in equity outflows so far this year, exchange data shows. Other stock markets and currencies across the region traded lower as doubts about a stimulus package in the United State and record daily coronavirus infections in Europe steered investors away from riskier bets. The South Korean won and Taiwan dollar stood out with gains of 0.2% and 0.9% respectively against the greenback. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 3.1 basis points at 6.659% ** Top losers on the Jakarta stock index include Toba Pulp Lestari Tbk PT down 6.99% at 865 rupiah; Citra Tubindo Tbk PT down 6.98% at 2930 rupiah ** In the Philippines, top index gainers are Jollibee Foods Corp up 9.31% at 169 pesos, GT Capital Holdings Inc up 6.11% at 434 pesos, Ayala Land Inc up ​ 5.03% at 31.35 pesos Asia stock indexes and currencies at 0700 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan -0.09 +2.93 -0.44 -0.38 China <CNY=CFXS -0.04 +4.18 0.42 9.07 > India +0.06 -2.65 0.56 -1.89 Indonesia -0.07 -5.45 -0.85 -19.31 Malaysia -0.14 -1.33 -0.13 -4.57 Philippin -0.06 +4.29 1.55 -21.78 es S.Korea <KRW=KFTC +0.23 +1.49 0.50 7.31 > Singapore +0.05 -0.94 -0.53 -21.50 Taiwan +0.90 +4.92 -0.36 7.21 Thailand -0.19 -4.26 -0.29 -23.71 (Reporting by Shriya Ramakrishnan in Bengaluru; Additional reporting by Gaurav Dogra; editing by Patrick Graham)

EMERGING MARKETS-Philippine stocks gain on easing virus curbs, Thai shares hover near 6-month lows

20 Oct 2020

(Repeats to additional subscribers with no change to text) * Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Philippine shares set for second straight day of gains * Taiwan dollar, S. Korean won outperform among Asia FX * Thai stocks set for fifth day of losses By Shriya Ramakrishnan Oct 20 Philippine shares rose to a two-month high on Tuesday as the easing of coronavirus restrictions boosted risk appetite, while Thai shares held near six-month lows after a sell-off triggered by fears of escalating anti-government protests. The Philippines, one of the worst hit in Southeast Asia by the pandemic, shortened curfew hours in Manila and eased regulations on stay-at-home orders on Monday, just a week after a ban on non-essential overseas travel was lifted. Manila's benchmark stock index, which has largely underperformed this year, rose 1.7% to its highest since Aug. 19, driven by gains in blue-chip consumer stocks. "Optimism appears to be driven by hopes for economic activity to pickup ahead of the holiday season. Gains however may be capped by reports that metro Manila mayors continue to lobby for partial quarantine measures be retained for the rest of the year," said Nicholas Mapa, ING's senior economist for the Philippines. Sentiment has also improved after the Philippines' lower parliamentary house on Friday approved the 2021 budget, aimed at underpinning a recovery for the economy, which was one of Asia's fastest-growing prior to the pandemic. Thai stocks largely swung between positive and negative territory and the baht dipped, as markets remained on edge after thousands of protesters took to the streets in Bangkok on Monday and defied a ban on demonstrations for a fifth day. Analysts at Phillip Securities Thailand said despite some positive developments that emerged after a court granted bail to 19 protesters, risks that protests could be drawn-out remained intact. Protesters seek the removal of Prime Minister Prayuth Chan-ocha, a former junta leader, and reforms to reduce the powers of the monarchy. "We had factored in rising political uncertainties, but the political situation now is worse than expected," analysts at CGS-CIMB Research said in a note. "Although there is virtually no foreign tourists in the country, the rising political turmoil would squash domestic travel....this would aggravate the tourism sector as they are expecting domestic travelling to provide some cushion during this challenging time." Most stock markets and currencies in the rest of the region traded lower as continuing uncertainty on a stimulus package in the United State and record daily coronavirus infections in Europe steered investors away from riskier bets. The South Korean won and Taiwan dollar outperformed with gains of 0.3% and 0.9% respectively against the greenback. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 2.9 basis points at 6.662% ** In the Philippines, top index gainers are Jollibee Foods Corp up 9.51% at 169.3 pesos, GT Capital Holdings Inc up 5.13% at 430 pesos, LT Group Inc up ​4.44% at 11.28 pesos ** Top losers on the Singapore STI include: Comfortdelgro Corporation Ltd down 2.7% at S$1.44; Keppel DC REIT down 2.3% at S$2.97; Wilmar International Ltd down 2.27% at S$4.31 Asia stock indexes and currencies at 0431 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan -0.10 +2.92 -0.54 -0.48 China -0.08 +4.14 -0.13 8.46 India +0.01 -2.70 0.30 -2.13 Indonesia -0.14 -5.51 -0.38 -18.94 Malaysia -0.12 -1.30 -0.13 -4.57 Philippin -0.07 +4.28 1.74 -21.64 es S.Korea +0.25 +1.52 -0.31 6.45 Singapore +0.05 -0.94 -0.60 -21.55 Taiwan +0.88 +4.91 -0.12 7.46 Thailand -0.13 -4.20 -0.45 -23.84 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Christian Schmollinger)

EMERGING MARKETS-Philippine stocks gain on easing virus curbs, Thai shares hover near 6-month lows

20 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Philippine shares set for second straight day of gains * Taiwan dollar, S. Korean won outperform among Asia FX * Thai stocks set for fifth day of losses By Shriya Ramakrishnan Oct 20 Philippine shares rose to a two-month high on Tuesday as the easing of coronavirus restrictions boosted risk appetite, while Thai shares held near six-month lows after a sell-off triggered by fears of escalating anti-government protests. The Philippines, one of the worst hit in Southeast Asia by the pandemic, shortened curfew hours in Manila and eased regulations on stay-at-home orders on Monday, just a week after a ban on non-essential overseas travel was lifted. Manila's benchmark stock index, which has largely underperformed this year, rose 1.7% to its highest since Aug. 19, driven by gains in blue-chip consumer stocks. "Optimism appears to be driven by hopes for economic activity to pickup ahead of the holiday season. Gains however may be capped by reports that metro Manila mayors continue to lobby for partial quarantine measures be retained for the rest of the year," said Nicholas Mapa, ING's senior economist for the Philippines. Sentiment has also improved after the Philippines' lower parliamentary house on Friday approved the 2021 budget, aimed at underpinning a recovery for the economy, which was one of Asia's fastest-growing prior to the pandemic. Thai stocks largely swung between positive and negative territory and the baht dipped, as markets remained on edge after thousands of protesters took to the streets in Bangkok on Monday and defied a ban on demonstrations for a fifth day. Analysts at Phillip Securities Thailand said despite some positive developments that emerged after a court granted bail to 19 protesters, risks that protests could be drawn-out remained intact. Protesters seek the removal of Prime Minister Prayuth Chan-ocha, a former junta leader, and reforms to reduce the powers of the monarchy. "We had factored in rising political uncertainties, but the political situation now is worse than expected," analysts at CGS-CIMB Research said in a note. "Although there is virtually no foreign tourists in the country, the rising political turmoil would squash domestic travel....this would aggravate the tourism sector as they are expecting domestic travelling to provide some cushion during this challenging time." Most stock markets and currencies in the rest of the region traded lower as continuing uncertainty on a stimulus package in the United State and record daily coronavirus infections in Europe steered investors away from riskier bets. The South Korean won and Taiwan dollar outperformed with gains of 0.3% and 0.9% respectively against the greenback. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 2.9 basis points at 6.662% ** In the Philippines, top index gainers are Jollibee Foods Corp up 9.51% at 169.3 pesos, GT Capital Holdings Inc up 5.13% at 430 pesos, LT Group Inc up ​4.44% at 11.28 pesos ** Top losers on the Singapore STI include: Comfortdelgro Corporation Ltd down 2.7% at S$1.44; Keppel DC REIT down 2.3% at S$2.97; Wilmar International Ltd down 2.27% at S$4.31 Asia stock indexes and currencies at 0431 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan -0.10 +2.92 -0.54 -0.48 China -0.08 +4.14 -0.13 8.46 India +0.01 -2.70 0.30 -2.13 Indonesia -0.14 -5.51 -0.38 -18.94 Malaysia -0.12 -1.30 -0.13 -4.57 Philippin -0.07 +4.28 1.74 -21.64 es S.Korea +0.25 +1.52 -0.31 6.45 Singapore +0.05 -0.94 -0.60 -21.55 Taiwan +0.88 +4.91 -0.12 7.46 Thailand -0.13 -4.20 -0.45 -23.84 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Christian Schmollinger)

EMERGING MARKETS-Asian FX, stocks retreat on virus fears; Singapore shares gain

16 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Most of Asia's emerging stock markets set for weekly declines * Indonesian rupiah worst hit among Asia FX * Singapore Sept exports rise 5.9% y/y By Shriya Ramakrishnan Oct 16 Asia's emerging currencies and stocks fell on Friday as resurgent COVID-19 infections and stalled progress towards U.S. stimulus dented confidence globally, while Singapore shares drew some support from a rise in the city-state's exports. Sentiment has taken a hit this week after high-profile COVID-19 vaccine trials were halted, while a political tussle in Malaysia and anti-government protests in Thailand have also steered investors away from riskier assets in the region. Shares in Bangkok dropped to their lowest level in two weeks and were on course to record a weekly decline of more than 2%, while the baht traded largely flat. Thailand's Prime Minister Prayuth Chan-ocha said on Friday he was not resigning after tens of thousands of anti-government protesters defied a ban on demonstrations under emergency measures that he said would last up to 30 days. Southeast Asia's second-largest economy has been hit by three months of protests pushing for Prayuth's removal, a new constitution and a reduction in the powers of the king. "Markets will keenly monitor the situation in Thailand, particularly gauging any impact of the emergency decree on mobility and activity trends locally," said Nupur Gupta, a portfolio manager at Eastspring Investments. "If activity in retail outlets, restaurants, etc is substantially affected due to the decree, markets may start discounting even weaker fundamentals, in addition to the already low expectations on tourism activity." Losses in South Korean shares outpaced those elsewhere in Asia, with the benchmark KOSPI falling up to 1.5% during the day even as domestic coronavirus infections dropped. Indonesian shares fell 0.6%, a day after the country overtook the Philippines as the Southeast Asian country with the highest coronavirus cases. The rupiah and won were the worst hit among Asian currencies, weakening 0.6% and 0.4%, respectively, against a stronger greenback as the broader risk aversion had nervous investors seeking safer assets. Singapore shares, which initially rose as much as 0.9%, surrendered some of those gains to trade 0.3% higher. Data released in early Asian trading hours showed Singapore's non-oil domestic exports expanded for a fourth consecutive month in September, rising 5.9% from a year earlier, driven by a jump in shipments from its key electronics sector. HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 0.5 basis points at 1.37% ** In the Philippines, top index losers are Puregold Price Club Inc down 4.39% at 41.4 peso; Aboitiz Equity Ventures Inc down 4.13% at 42.95 peso; JG Summit Holdings Inc down 3.24% at 59.7 peso ** Top gainers on the Singapore STI include Wilmar International Ltd up 2.98% at S$4.49, Venture Corporation Ltd up 1.9% at S$20.9, Yangzijiang Shipbuilding Holdings Ltd up ​ 1.58% at S$0.965 Asia stock indexes and currencies at 0638 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.16 +3.17 -0.41 -1.04 China +0.05 +3.59 -0.01 9.24 India +0.01 -2.71 0.31 -3.72 Indonesi -0.58 -5.87 -0.56 -19.42 a Malaysia +0.00 -1.54 -0.19 -4.89 Philippi -0.05 +4.08 -0.67 -24.53 nes S.Korea -0.37 +0.78 -0.83 6.55 Singapor -0.08 -1.20 0.33 -21.44 e Taiwan +0.67 +4.65 -0.60 6.28 Thailand +0.06 -4.10 -0.56 -21.77 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Aditya Soni)

EMERGING MARKETS-Asian FX, stocks retreat on virus fears; Singapore shares gain

16 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Most of Asia's emerging stock markets set for weekly declines * Indonesian rupiah worst hit among Asia FX * Singapore Sept exports rise 5.9% y/y By Shriya Ramakrishnan Oct 16 Asia's emerging currencies and stocks fell on Friday as resurgent COVID-19 infections and stalled progress towards U.S. stimulus dented confidence globally, while Singapore shares drew some support from a rise in the city-state's exports. Sentiment has taken a hit this week after high-profile COVID-19 vaccine trials were halted, while a political tussle in Malaysia and anti-government protests in Thailand have also steered investors away from riskier assets in the region. Shares in Bangkok dropped to their lowest level in two weeks and were on course to record a weekly decline of more than 2%, while the baht traded largely flat. Thailand's Prime Minister Prayuth Chan-ocha said on Friday he was not resigning after tens of thousands of anti-government protesters defied a ban on demonstrations under emergency measures that he said would last up to 30 days. Southeast Asia's second-largest economy has been hit by three months of protests pushing for Prayuth's removal, a new constitution and a reduction in the powers of the king. "Markets will keenly monitor the situation in Thailand, particularly gauging any impact of the emergency decree on mobility and activity trends locally," said Nupur Gupta, a portfolio manager at Eastspring Investments. "If activity in retail outlets, restaurants, etc is substantially affected due to the decree, markets may start discounting even weaker fundamentals, in addition to the already low expectations on tourism activity." Losses in South Korean shares outpaced those elsewhere in Asia, with the benchmark KOSPI falling up to 1.5% during the day even as domestic coronavirus infections dropped. Indonesian shares fell 0.6%, a day after the country overtook the Philippines as the Southeast Asian country with the highest coronavirus cases. The rupiah and won were the worst hit among Asian currencies, weakening 0.6% and 0.4%, respectively, against a stronger greenback as the broader risk aversion had nervous investors seeking safer assets. Singapore shares, which initially rose as much as 0.9%, surrendered some of those gains to trade 0.3% higher. Data released in early Asian trading hours showed Singapore's non-oil domestic exports expanded for a fourth consecutive month in September, rising 5.9% from a year earlier, driven by a jump in shipments from its key electronics sector. HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 0.5 basis points at 1.37% ** In the Philippines, top index losers are Puregold Price Club Inc down 4.39% at 41.4 peso; Aboitiz Equity Ventures Inc down 4.13% at 42.95 peso; JG Summit Holdings Inc down 3.24% at 59.7 peso ** Top gainers on the Singapore STI include Wilmar International Ltd up 2.98% at S$4.49, Venture Corporation Ltd up 1.9% at S$20.9, Yangzijiang Shipbuilding Holdings Ltd up ​ 1.58% at S$0.965 Asia stock indexes and currencies at 0638 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.16 +3.17 -0.41 -1.04 China +0.05 +3.59 -0.01 9.24 India +0.01 -2.71 0.31 -3.72 Indonesi -0.58 -5.87 -0.56 -19.42 a Malaysia +0.00 -1.54 -0.19 -4.89 Philippi -0.05 +4.08 -0.67 -24.53 nes S.Korea -0.37 +0.78 -0.83 6.55 Singapor -0.08 -1.20 0.33 -21.44 e Taiwan +0.67 +4.65 -0.60 6.28 Thailand +0.06 -4.10 -0.56 -21.77 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Aditya Soni)

EMERGING MARKETS-Asian stocks, FX drop on virus woes; Singapore shares defy broader gloom

16 Oct 2020

(.) * Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Singapore shares set for third consecutive weekly gain * S. Korean shares down for a fourth straight session * Indonesia passes Philippines with most COVID-19 cases in SE Asia By Shriya Ramakrishnan Oct 16 Singapore shares rose on Friday as exports from the city-state grew for the fourth straight month, while caution prevailed across the rest of the region in a week dominated by concerns over stalled COVID-19 vaccine trials and fresh U.S. stimulus. Stocks and currencies across the region were hit by global fears of surging coronavirus infections and a lack of progress towards a U.S. fiscal stimulus deal, pulling money into the dollar and other traditional safe havens for capital. South Korean shares were the worst hit, falling nearly 1% while the won also came under pressure. In Indonesia, the rupiah dipped and its shares dropped 0.7% as the country overtook the Philippines with the highest coronavirus case numbers in Southeast Asia. "We are recommending low volatility equity strategies to our clients, which should provide downside protection in drawdown periods but also participate nicely in recovery phases," Sarah Lien, client portfolio manager at Eastspring Investments said as she pointed to upcoming U.S. elections, escalating U.S.-China tensions, and the ongoing pandemic as key risks. "We are selective buyers, and have been adding to interesting names related to 5G, semiconductors, consumer, real estate and internet that should be long-term winners." In Thailand, the baht dipped and shares fell, as investors continued to keep a wary eye on political developments. Scores of Thai protesters gathered at a commercial district in central Bangkok on Thursday in defiance of an overnight ban on protests aimed at ending three months of anti-government activity. The protests have targeted King Maha Vajiralongkorn as well as Prime Minister Prayuth Chan-ocha, a former junta leader. Singapore's FTSE Straits Times Index, which has largely underperformed in the region so far this year, gained as much as 0.9%, but a stronger greenback kept a lid on gains for the Singapore dollar. Data released in early Asian trading hours showed Singapore's non-oil domestic exports expanded for a fourth consecutive month, rising 5.9% from a year earlier, driven by a jump in shipments from its key electronics sector. Sentiment also improved on plans for the formation of a travel bubble between Hong Kong and Singapore. "The establishment of a travel bubble with Hong Kong has painted a silver lining for further border easing, which is critical to Singapore's open economy," said Margaret Yang, a strategist at DailyFX. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 1.7 basis points at 6.8% ** Top gainers on the Singapore STI include Yangzijiang Shipbuilding Holdings Ltd up 2.11% at S$0.97, Venture Corporation Ltd up 2.1% at S$20.94, UOL Group Ltd up ​1.63% at S$6.87 ** Top losers on the Jakarta stock index include Bank Rakyat Indonesia Agroniaga Tbk PT down 6.99% at 426 rupiah, Alumindo Light Metal Industry Tbk PT down 6.9% at 216 rupiah Asia stock indexes and currencies at 0421 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.19 +3.20 -0.22 -0.85 China +0.07 +3.62 -0.28 8.94 India 0.00 -2.73 0.71 -3.33 Indonesi -0.20 -5.51 -0.66 -19.49 a Malaysia -0.02 -1.56 -0.20 -4.90 Philippi -0.07 +4.06 -0.29 -24.24 nes S.Korea -0.28 +0.87 -0.88 6.49 Singapor -0.09 -1.21 0.41 -21.38 e Taiwan +0.64 +4.63 0.07 7.00 Thailand -0.03 -4.20 -0.28 -21.55 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Christopher Cushing)

EMERGING MARKETS-Asian stocks, FX drop on virus woes; Singapore shares defy broader gloom

16 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Singapore shares set for third consecutive weekly gain * S. Korean shares down for a fourth straight session * Indonesia passes Philippines with most COVID-19 cases in SE Asia By Shriya Ramakrishnan Oct 16 Singapore shares rose on Friday as exports from the city-state grew for the fourth straight month, while caution prevailed across the rest of the region in a week dominated by concerns over stalled COVID-19 vaccine trials and fresh U.S. stimulus. Stocks and currencies across the region were hit by global fears of surging coronavirus infections and a lack of progress towards a U.S. fiscal stimulus deal, pulling money into the dollar and other traditional safe havens for capital. South Korean shares were the worst hit, falling nearly 1% while the won also came under pressure. In Indonesia, the rupiah dipped and its shares dropped 0.7% as the country overtook the Philippines with the highest coronavirus case numbers in Southeast Asia. "We are recommending low volatility equity strategies to our clients, which should provide downside protection in drawdown periods but also participate nicely in recovery phases," Sarah Lien, client portfolio manager at Eastspring Investments said as she pointed to upcoming U.S. elections, escalating U.S.-China tensions, and the ongoing pandemic as key risks. "We are selective buyers, and have been adding to interesting names related to 5G, semiconductors, consumer, real estate and internet that should be long-term winners." In Thailand, the baht dipped and shares fell, as investors continued to keep a wary eye on political developments. Scores of Thai protesters gathered at a commercial district in central Bangkok on Thursday in defiance of an overnight ban on protests aimed at ending three months of anti-government activity. The protests have targeted King Maha Vajiralongkorn as well as Prime Minister Prayuth Chan-ocha, a former junta leader. Singapore's FTSE Straits Times Index, which has largely underperformed in the region so far this year, gained as much as 0.9%, but a stronger greenback kept a lid on gains for the Singapore dollar. Data released in early Asian trading hours showed Singapore's non-oil domestic exports expanded for a fourth consecutive month, rising 5.9% from a year earlier, driven by a jump in shipments from its key electronics sector. Sentiment also improved on plans for the formation of a travel bubble between Hong Kong and Singapore. "The establishment of a travel bubble with Hong Kong has painted a silver lining for further border easing, which is critical to Singapore's open economy," said Margaret Yang, a strategist at DailyFX. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are down 1.7 basis points at 6.8% ** Top gainers on the Singapore STI include Yangzijiang Shipbuilding Holdings Ltd up 2.11% at S$0.97, Venture Corporation Ltd up 2.1% at S$20.94, UOL Group Ltd up ​1.63% at S$6.87 ** Top losers on the Jakarta stock index include Bank Rakyat Indonesia Agroniaga Tbk PT down 6.99% at 426 rupiah, Alumindo Light Metal Industry Tbk PT down 6.9% at 216 rupiah Asia stock indexes and currencies at 0421 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.19 +3.20 -0.22 -0.85 China +0.07 +3.62 -0.28 8.94 India 0.00 -2.73 0.71 -3.33 Indonesi -0.20 -5.51 -0.66 -19.49 a Malaysia -0.02 -1.56 -0.20 -4.90 Philippi -0.07 +4.06 -0.29 -24.24 nes S.Korea -0.28 +0.87 -0.88 6.49 Singapor -0.09 -1.21 0.41 -21.38 e Taiwan +0.64 +4.63 0.07 7.00 Thailand -0.03 -4.20 -0.28 -21.55 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Christopher Cushing)

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