EMERGING MARKETS-Asian FX fall on strong dollar, Philippines leads stocks lower

- Advertisement -


    * S.Korean won at weakest since Oct. 19
    * Indonesia stocks pare gains after hitting record high
    * Oil price fall driving Thai markets lower - analyst

    By Arundhati Dutta
    Nov 11 (Businesshala) - Philippine and South Korean stocks led
most emerging Asian equity markets lower on Thursday as high
inflation data from the United States stoked fears of policy
tightening, while a strong dollar kept the region's currencies
on the backfoot.
    The South Korean won eased 0.4% to lead falls
among currencies, and was at its weakest in over three weeks, as
the greenback stood at its highest levels of the year. 
    Overnight data showed that U.S. consumer prices in October
gained the most in 31 years, strengthening the case for the
Federal Reserve to hike rates even as a majority of Asian
central backs stick to accommodative settings.
    Singapore stocks fell as much as 0.7%, but pared
losses and were trading flat by 0442 GMT. Transport firm
Comfortdelgro was the top loser, dropping nearly 4%
after it halted plans for an initial public offering of its
Australian unit. 
    "(U.S. inflation) can lead to slowdown in Singapore economic
growth in the coming quarters due to Singapore's significant
reliance on overseas imported raw materials," said Kelvin Wong,
a market analyst with CMC Markets.
    Indonesian stocks hit a record high early in the
session, but pared gains and were down just 0.04% by 0442 GMT.
    Thai stocks edged lower, mostly dragged down by
heavyweight petroleum exploration firms.
    "Foreign investors are waiting to buy the dip if it falls
further ... gold prices also moved up, that limited the Thai
baht's weakness " said Poon Panichpibool, a market strategist at
Krung Thai Bank.
    In addition, an overnight plunge in oil prices was weighing
on Thai equities, Panichpibool said.
    Among currencies, the Thai baht, Singapore dollar
 and Philippine peso fell between 0.1% and 0.4%

    HIGHLIGHTS:
    **Singapore's 10-year benchmark yield is up 5 basis points
at 1.777%
    **Malaysia's 10-year benchmark yield is up 1.3 basis points
at 3.529%
    **Petroleum explorers PTT Exploration and Production Pcl
 and PTT Pcl weigh on Thai stock benchmark


  Asia stock indexes and                          
 currencies at   0442 GMT                    
 COUNTR  FX RIC       FX    FX  INDE  STOCK  STOCK
 Y                 DAILY   YTD     X      S  S YTD
                       %     %        DAILY      %
                                          %  
 Japan             -0.05  -9.4  <.N2   0.51   6.59
                             1  25>          
 China                     2  EC>          
 India             -0.19  -1.9  <.NS  -0.50  28.22
                             6  EI>          
 Indone            -0.28  -1.7  <.JK  -0.04  11.73
 sia                         5  SE>          
 Malays            -0.22  -3.3  <.KL  -0.09  -6.62
 ia                          9  SE>          
 Philip            -0.36  -4.4  <.PS  -0.68   2.60
 pines                       0  I>           
 S.Kore                    6  11>          
 Singap            -0.18  -2.5  <.ST   0.00  13.63
 ore                         2  I>           
 Taiwan            -0.20  +2.3  <.TW  -0.48  18.62
                             1  II>          
 Thaila            -0.40  -8.8  <.SE  -0.14  12.34
 nd                          8  TI>          
 
   

 (Reporting by Arundhati Dutta in Bengaluru; editing by Richard
Pullin)
  
- Advertisement -

- Advertisement -

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox