EMERGING MARKETS-Asian stocks fall on China's PMI, antitrust push

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks fall on China's PMI, antitrust push
Credit: © Reuters.

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

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

* Chinese PMIs weigh on regional equities

* Singapore stocks eye best week in seven

* Indian stock eye best week in 13

By Harish Sridharan

April 30 (Reuters) - Most equity markets in emerging Asia slipped on Friday, brushing off a firmer Wall Street lead as weaker-than-expected Chinese factory indicators and concerns about Beijing's clampdown on internet companies weighed on sentiment.

Data from the national Bureau of Statistics (NBS) in China showed that the official manufacturing purchasing managers' index (PMI) fell to 51.1 in April from 51.9 in March, as supply bottlenecks weighed on production and overseas demand softened. markets are likely reacting to disappointment in China's NBS PMIs as well as restrictions imposed by regulators on China's big tech companies," said Mitul Kotecha, Chief EM Asia & Europe strategist at TD Securities. "Worsening COVID news in some parts of Asia... is also raising concerns about the pace of regional recovery."

China's financial regulator on Thursday ordered 13 internet platforms, including heavyweight Tencent 0700.HK , to strengthen compliance as part of the country's ongoing antitrust clampdown on the sector. in Asia were largely subdued. The Philippines Peso PHP= firmed 0.3%, while the South Korean won KRW=KFTC weakened marginally. However, analysts were optimistic about Asian currencies in the near future.

"In general, EM Asian currencies are likely to advance further in the run-up to the June 15-16 FOMC meeting as the Fed maintains its accommodative stance," said Gao Qi, FX Strategist (EM Asia) at Scotiabank.

Although stocks in India .NSEI slumped at the open and were set to snap a four-day winning streak, they were on course to mark their best week in 13, even as coronavirus infections rage across the country.

"In the midst of the high infection rate, benchmark equity indices are off lows after an initial selloff, owing to buoyant global markets (and) firmer earnings," said Radhika Rao, Economist at DBS Group Research in a note.

Stocks in Malaysia .KLSE fell as they returned to trading after a holiday on Thursday, while shares in Philippines .PSI and Indonesia .JKSE also suffered.

Southeast Asia's largest bank DBS Group Holdings' DBSM.SI trumped market estimates with a 72% rise in quarterly net profit, helping the city-state's benchmark index .STI buck the broader regional decline and rise 0.3%, putting it on track for its best week in seven. in Taiwan were closed for a public holiday.

South Korean equities .KS11 were on course to post their biggest weekly decline in more than two months, weighed down by losses in technology stocks. .KS


** In the Philippines .PSI , top index loser was SM Prime Holdings Inc SMPH.PS , down 2.28%

** DBS Group Holdings Ltd DBSM.SI was up 2.35% and the top gainer on the Singapore STI .STI

** The biggest laggards in the NSE index were Bajaj Finance Ltd BJFN.NS , Axis Bank Ltd AXBK.NS and HDFC Bank Ltd HDBK.NS .

Asia stock indexes and currencies at

0356 GMT










% Japan


+0.07 -5.14 .N225

-0.51 5.34 China


+0.06 +0.93 .SSEC

-0.51 -0.46 India


+0.00 -1.32 .NSEI

-0.99 5.48 Indonesia


-0.04 -2.84 .JKSE

-0.41 0.15 Malaysia


-0.07 -2.02 .KLSE

-0.37 -1.52 Philippines PHP=

+0.29 -0.29 .PSI

-0.64 -9.71 S.Korea


-0.10 -2.08 .KS11

-0.52 9.89 Singapore


+0.01 -0.40 .STI

0.31 13.64 Thailand


+0.03 -3.94 .SETI

-0.23 9.49

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