EMERGING MARKETS-Asian stocks ease on profit taking, spike in virus cases

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks ease on profit taking, spike in virus cases
Credit: © Reuters.

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

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

* Thai stocks set for best month since Dec. 2003

* Indonesia shares track best month since Sept. 2010

* India, Philippines stock markets shut

By Shashwat Awasthi

Nov 30 (Reuters) - Most emerging Asian stock markets fell on Monday as coronavirus cases across the region continued to surge, and investors booked profits at the end of a stellar month of gains underpinned by optimism about an effective COVID-19 vaccine.

Indonesia on Sunday reported a record rise in daily virus cases for the third time in a week, Hong Kong recorded its highest case count in four months, and infections in South Korea also jumped. stocks .JKSE dropped as much as 0.7% and were on track for their worst day in more than two weeks, and the rupiah IDR= eased after three straight sessions of gains.

The KOSPI .KS11 gave up half a percent, while shares in tourism-reliant Thailand snapped a three-day winning run to .SETI tumble 1%.

"Asia-Pacific stocks trade broadly lower on the last trading day in November, retracing from recent highs. A vaccine-led rally appears to be overstretched, calling for profit-taking," said Margaret Yang, a strategist at Singapore-based DailyFX.

Despite the losses, many regional markets were set to record their best monthly performance in years as positive efficacy data from COVID-19 vaccine trials and hopes of more central bank stimulus support expectations of an economic rebound.

"Vaccines offer the promise that the major disruptions of the pandemic will fade from the scene in 2021," Frederic Neumann, co-head of Asian Economics Research at HSBC, wrote.

"Central bankers have signalled greater tolerance for 'inflation overshoots' than in the past. Potential fiscal constraints and the lasting scars from an unprecedented growth disruption surely point to a continuation of loose policies."

Signs that a recovery was underway were strengthened by data that showed China's November factory activity expanded at the fastest pace in more than three years, pushing Chinese shares .SSEC to their highest since mid-July. warned, however, that a spike in virus cases could still hamper future growth.

"Though the data is not bad for November, we believe that the spread of COVID-19 in the rest of the world will continue to limit export orders and delivery of export orders in December if there are lockdowns in the export destinations," analysts at Dutch bank ING said in a note.

Trading in most regional currencies was muted, even as the U.S. dollar plumbed more than two-year lows. FRX/

HIGHLIGHTS:

** Indonesian 3-year benchmark yields are up 17.8 basis points at 5.021%

** Top losers on Thailand's SETI include Wyncoast Industrial Park WIN.BK down 11.76%, NEP Realty and Industry NEP.BK down 7.41% and Luxury Real Estate Investment Fund LUXFu.BK down 5.76%

** Top losers on the Jakarta stock index include Bali Towerindo Sentra BALI.JK down 6.99%, Nusantara Pelabuhan Handal PORT.JK down 6.98% and Binakarya Jaya Abadi BIKA.JK down 6.9%

Asia stock indexes and currencies

at 0410 GMT

COUNTRY FX RIC

FX

FX YTD INDE STOCK STOC

DAILY

%

X

S

KS

%

DAILY YTD

%

% Japan

JPY=

+0.17

+4.54 <.N2 0.03 12.6

25>

7 China

+5.74 <.SS 1.07 12.9

S>

EC>

4 India

INR=IN -0.07

-3.52 <.NS 0.00 6.58

EI>

Indones

IDR=

-0.07

-1.42 <.JK -0.64 -8.7

ia

SE>

9 Malaysi

MYR=

+0.02

+0.57 <.KL 0.17 1.36

a

SE>

Philipp

PHP=

+0.00

+5.28 <.PS 0.00 -13. ines

I>

10 S.Korea

+4.70 <.KS -0.41 19.3

C>

11>

4 Singapo

SGD=

+0.11

+0.56 <.ST -0.50 -11.

re

I>

83 Taiwan

TWD=TP -0.04

+4.45 <.TW 0.04 15.6

II>

3 Thailan THB=TH +0.17

-1.19 <.SE -1.07 -9.9

d

TI>

6

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles