EMERGING MARKETS-Asian FX, stocks under pressure from virus surge; Taiwan shares shed 2%

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian FX, stocks under pressure from virus surge; Taiwan shares shed 2%
Credit: © Reuters.

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

* Economists predict Indonesia Q1 GDP at -0.74%

* Singapore stocks extend losses

* India cases cross 20 mln mark, shares fall

* China, Thailand financial markets closed

By Anushka Trivedi

May 4 (Reuters) - Taiwan shares slumped 2%, guided by falls in tech stocks on Wall Street overnight, and led losses among Asian equities on Tuesday as the region continued to reel from rapidly climbing COVID-19 cases.

A raft of manufacturing data in emerging Asia this week pointed to a slower pace of economic recovery, with investors further worried by the modest vaccination rate in the face of an explosion in coronavirus cases and a creaky healthcare system.

In a divergence from world's developed markets which are faring better than Asia as their economies slowly reopen, Asian equities in South Korea .KS11 , Philippine .PSI and Indonesia .JKSE eased between 0.2% to 0.3%.

Holidays in major financial markets of China and Japan dampened investor activity generally.

"Sentiment across Asia remains subdued as new COVID-19 waves are hitting India and some Southeast Asian countries, threatening millions of lives and an economic recovery in the region," said DailyFX strategist Margaret Yang.

"New COVID-19 strains appear to be more contagious and deadly, rendering developing countries more vulnerable due to a lack of vaccines and healthcare resources."

India's official tally of coronavirus infections surged past 20 million and its shares .NSEI fell 0.3%. bourse .TWII saw its worst day in over eight-months as it tracked an overnight drop in U.S. tech stocks, compounded by fears over a recent uptick in domestic COVID-19 infections linked to China Airlines 2610.TW . shares .STI extended losses, while the local dollar SGD= eased 0.3% after the latest COVID-19 cluster over the weekend sparked concern. the Indonesian rupiah IDR= edged up 0.2% a day before first-quarter gross domestic product (GDP) data was due. Southeast Asia's largest economy is expected to have contraction 0.74% for the period. financial markets were shut due to a holiday.

HIGHLIGHTS

** Indonesian 10-year benchmark yields ID10YT=RR are up 0.3 basis points at 6.484%

** S. Korean won KRW=KFTC recovers slightly from previous session's 1% drop

** Top losers on the Singapore STI .STI include: Capitaland Ltd CATL.SI down 2.5% and Jardine Matheson Holdings Ltd JARD.SI down 1.2%

Asia stock indexes and currencies at 0428 GMT

COUNTRY

FX RIC

FX DAILY FX YTD %

INDEX STOCKS

STOCKS

%

DAILY %

YTD % Japan

JPY=

-0.18

-5.51 .N225

0.00

4.99 India

INR=IN

0.00

-1.15 .NSEI

-0.01

4.66 Indonesia

IDR=

+0.20

-2.61 .JKSE

-0.33

-0.77 Malaysia

MYR=

-0.17

-2.19 .KLSE

0.37

-1.88 Philippines PHP=

-0.11

-0.09 .PSI

-0.15

-10.93 S.Korea

KRW=KFTC

+0.29

-3.08 .KS11

-0.24

8.56 Singapore

SGD=

-0.19

-0.82 .STI

-0.18

11.79 Taiwan

TWD=TP

+0.20

+2.01 .TWII

-1.82

14.77

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