* Graphic: World FX rates tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks 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 (Reuters) – 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)read more
EMERGING MARKETS-Philippine hits 2-month high as curbs ease, Thai politics weigh – Reuters
