EMERGING MARKETS-Asian stocks, currencies steady after rough week

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks, currencies steady after rough week
Credit: © Reuters.

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh

* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I

* S. Korea stocks on course for worst week since March

* MYR flat as Malaysia on FTSE Russell bond index watchlist

By Anushka Trivedi

Sept 25 (Reuters) - Most Asian emerging stocks and currencies eked out modest gains on Friday, steadying as signs overnight of moves to deliver more U.S. fiscal stimulus calmed some of the worst bouts of selling on global stock markets in months.

Wall Street had closed higher on signs that Democrats in the House of Representatives were working on a $2.2 trillion coronavirus stimulus package that could be voted on next week. is largely consolidative after consecutive days of decline," said Christopher Wong, senior FX strategist at Maybank in Singapore.

India and Indonesia were the best performers with gains of more than 1% in morning trade. Jakarta's main index .JKSE , weighed down a new wave of coronavirus infections and concerns over moves to change its central bank law, had shed more than 4% this week.

Other Asian equity markets made more modest gains, with the Philippines .PSI , Malaysia and South Korea .KS11 adding between 0.4% to 0.8%, and were still set to register heavy losses for the week.

South Korea's KOSPI was down 5.2% for the week, its worst performance since March.

Concerns about a second round of COVID-19 infections that is spreading across Europe and weak economic indicators have made markets bearish this week.

"The increasingly worrying 'second round' COVID risks, which have showed up in Services PMIs in Europe, point to a sputtering and uneven recovery without appropriate and timely policy intervention," Mizuho Bank's Riki Ogawa said.

In China, a strong influence over many of the region's markets, the yuan CNY=CFXS rose 0.2% after news that China's government bonds would be included in FTSE Russell's flagship World Government Bond Index (WGBI). included, China's market yield will be the second highest in the FTSE WGBI index based on current prices, bringing in inflows of about US$140 billion, Goldman Sachs (NYSE: GS ) analysts said.

In the same announcement by FTSE Russell, Malaysian bonds remained on a waiting list for possible removal, holding back the Malaysian ringgit MYR= , which has also suffered from a fresh political turbulence in Kuala Lumpur this week.

HIGHLIGHTS

** Malaysia's 3-year benchmark yield is up 1.6 basis points at 1.969%

** Top gainers on the Jakarta stock index .JKSE include Indofarma Tbk PT INAF.JK up 24.89% and Pyridam Farma Tbk PT PYFA.JK up ​24.84%

** Top gainers on the Singapore STI .STI include Mapletree Logistics Trust MAPL.SI up 1.49% and Comfortdelgro Corporation Ltd CMDG.SI up 1.41%

Asia stock indexes and currencies

at 0424 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX

STOCKS STOCKS

DAILY %

YTD % Japan

JPY=

-0.03

+3.02 .N225

0.43

-1.98 China

CNY=CFXS

+0.15

+2.14 .SSEC

-0.24

5.42 India

INR=IN

+0.00

-3.40 .NSEI

1.22 -10.12 Indonesia

IDR=

-0.03

-6.53 .JKSE

1.41 -22.04 Malaysia

MYR=

+0.02

-1.82 .KLSE

0.34

-5.22 Philippines PHP=

+0.10

+4.56 .PSI

0.47 -24.85 S.Korea

KRW=KFTC

+0.17

-1.22 .KS11

0.69

4.13 Singapore

SGD=

+0.01

-2.23 .STI

0.46 -23.61 Taiwan

TWD=TP

+0.39

+3.09 .TWII

-0.29

1.93 Thailand

THB=TH

+0.19

-5.14 .SETI

-0.31 -21.28

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