EMERGING MARKETS-Asian equities, FX subdued as infections in India continue to surge

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian equities, FX subdued as infections in India continue to surge
Credit: © Reuters.

* India, Thailand, South Korea see surging infections

* Singapore March inflation quickens, ahead of Reuters poll

* Don't expect shift in MAS stance due to CPI data - strategist

By Harish Sridharan

April 23 (Reuters) - Asian equities and currencies were subdued on Friday, as surging coronavirus infections in India, Thailand and South Korea sapped appetite for investments in these markets.

The overnight lead from Wall Street was also negative, as major indexes fell on reports that U.S President Joe Biden planned to raise taxes on the wealthy to fund major investments. stocks .NSEI gave up slim gains that came from firmer public bank stocks and traded flat, as investor sentiment remained shaky after the country recorded the world's highest daily tally of coronavirus cases for a second day in a row. Korea's benchmark stock index .KS11 closed higher, but notched its first weekly loss in five, as worries over surging virus cases in the country weighed on sentiment. showed Singapore's key price gauge rose by the fastest pace in more than a year in March, with core inflation rate rising to 0.5% against a forecast of an increase of 0.4% found by Reuters poll of economists. view is underlying price pressures remain fairly well contained. We don't see it resulting in any sort of shift to a more hawkish stance from the Monetary Authority of Singapore any time soon," said Mitul Kotecha, Chief EM Asia & Europe strategist at TD Securities.

"But I do think inflation will trend little bit higher in the months ahead anyway," he added.

Equities .STI were down 0.2%, while the Singapore dollar SGD= strengthened 0.1%.

Stocks in Bangkok .SETI were marginally lower, as Thailand reported its highest number of daily cases since the pandemic began. showing an unexpected 8.47% jump in the country's exports for March, marking its fastest pace in 28 months, did little to lift the mood as the economic outlook remained uncertain. government data showed that the country's consumer price index in March rose 1.7% from a year earlier, surpassing the 1.4% annual growth forecast by a Reuters poll. The country's equities and currency were flat. Top loser on Thailand's SETI .SETI was RPCG PCL RPC.BK , down 8.51%

** In the Philippines, top index loser was Bloomberry Resorts Corp BLOOM.PS , down 5.63%

** The biggest laggards in the NSE index .NSEI were Cipla Ltd CIPL.NS and Shree Cement Ltd SHCM.NS

Asia stock indexes and

currencies at 0704 GMT

COUNTRY FX RIC

FX

FX INDE STOCKS STOCK

DAILY YTD %

X DAILY S YTD

%

%

% Japan

JPY=

+0.06 -4.31 <.N2 -0.57 5.74

25>

China

0.23 0.00

S>

EC>

India

INR=IN

+0.08 -2.44 <.NS -0.06 2.98

EI>

Indones IDR=

-0.10 -3.37 <.JK

0.17 0.43 ia

SE>

Malaysi MYR=

+0.11 -2.09 <.KL

0.05 -1.15 a

SE>

Philipp PHP=

-0.04 -0.76 <.PS -0.58 -10.6 ines

I>

7 S.Korea

0.27 10.88

C>

11>

Singapo SGD=

+0.09 -0.53 <.ST -0.16 11.92 re

I>

Taiwan

TWD=TP

+0.18 +1.40 <.TW

1.19 17.43

II>

Thailan THB=TH

-0.03 -4.40 <.SE -0.73 7.41 d

TI>

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