EMERGING MARKETS-Asian stocks on course for weekly losses as virus fears weigh

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks on course for weekly losses as virus fears weigh
Credit: © Reuters.

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

* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA

* Indonesian rupiah declines most

* Philippine stocks reverse course to end higher

By Shriya Ramakrishnan

June 26 (Reuters) - Asian stock markets steadied on Friday but were still on course to end the week lower as a growing number of coronavirus cases across the region and in other major economies dented hopes for a swift economic rebound.

The Indonesian rupiah IDR= was the worst hit after the country reported another surge in domestic infections, while most other Asian currencies moved in a tight range as investors sought the relative security of the dollar.

Several U.S. states have reported a record rise in infections this week, while China, Indonesia, India and the Philippines have also seen cases growing at an alarming rate, keeping investors on edge.

In the absence of immediate catalysts, analysts said local markets were being propped by huge quantities of capital central banks have injected into the financial system.

"The enormous amounts of stimulus continues to boost markets, but I'm not expecting a big rally until we get a clearer picture on whether or not the rise in case counts is a result of more expanded testing and will the mortality rates rise," said Stephen Innes, chief global markets strategist at AxiCorp.

Singapore .STI and Thai stocks .SETI rose as much as 1.1% and 1.4%, respectively, in the session, while South Korean shares .KS11 and the won KRW=KFTC outperformed, boosted by an improvement in consumer sentiment data.

Philippine stocks .PSI reversed early losses before the bell to end higher, helped by a bout of last-minute buying of blue-chip stocks. The benchmark index ended 1.2% higher after falling as much as 0.4% earlier in the session.

Indian shares .NSEI rose and the rupee INR=IN also edged up, though gains were limited by geopolitical tensions and the country's now swiftly rising coronavirus case numbers.

India on Thursday accused China of deploying large numbers of troops and weapons along a disputed Himalayan border in violation of bilateral agreements. equities, one of this year's big underperformers, were however the sole market in the region set for a weekly gain, supported by increased inflows from global investors.

Financial markets in China and Taiwan were closed for holidays.

HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 0.1 basis points at 6.258%, while Thailand's 10-year government bond yields are down 4 basis points at 1.21% ** Top gainers on the Thailand's SETI .SETI include Royal Orchid (NS: ORCD ) Hotel Thailand PCL ROH.BK up 14.63% at 35.25 baht, Grande Asset Hotels and Property PCL GRAND.BK up 14.29% at 0.64 baht, Thai Reinsurance PCL THRE.BK up 13.89% at 0.15 baht ** Top gainers on the Singapore STI .STI include Singapore Exchange Ltd SGXL.SI up 2.11% at S$8.21, Wilmar International Ltd WLIL.SI up 1.96% at S$4.16, Mapletree Logistics Trust MAPL.SI up ​ 1.55% at S$3.15 ** In the Philippines, top index gainers are PLDT Inc TEL.PS up 5.04% at 1250 peso, Aboitiz Equity Ventures Inc AEV.PS up 3.65% at 46.85 peso, Metro Pacific Investments Corp MPI.PS up ​ 3.54% at 3.8 peso

Asia stock indexes and

currencies at 0810 GMT

COUNTRY FX

FX FX YTD INDEX STOCKS STOCKS

RIC

DAILY %

%

DAILY

YTD %

%

Japan

< JPY=

+0.22

+1.55 <.N22 1.13

-4.84

>

5>

India

+0.05

-5.61 <.NSE

0.58 -14.96

IN>

I>

Indonesi

-0.35

-1.91 <.JKS

0.15 -22.15 a

>

E>

Malaysia

-0.21

-4.57 <.KLS -0.23

-6.48

>

E>

Philippi

+0.02

+1.36 <.PSI

1.20 -20.77 nes

>

>

S.Korea

+0.34

-3.68 <.KS1

1.05

-2.87

KFTC>

1>

Singapor

-0.04

-3.39 <.STI

0.73 -19.05 e

>

>

Thailand

+0.08

-3.19 <.SET

0.36 -15.77

TH>

I>

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