EMERGING MARKETS-Asian stocks slide on virus curbs worry, S. Korean won eases

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks slide on virus curbs worry, S. Korean won eases
Credit: © Reuters.

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

* Singapore shares see worst day in over two-months

* Philippine stocks up on solid earnings

* Taiwan's strong economic growth faces chip shortage risk - ING

* China, Japan & Thailand markets closed for holiday

By Anushka Trivedi

May 3 (Reuters) - Asian stock markets eased on Monday, as concerns over rising coronavirus cases in the region led to more curbs and economic pain, while South Korea's won led losses among currencies due to the country's reignited tensions with North Korea.

In a low-volume trading day as China and Japan's bourses were closed for a holiday, Singapore .STI , Malaysia .KLSE and India .NSEI shares fell between 0.8% to 1.3%.

After identifying a cluster of COVID-19 cases over the weekend, Singapore tightened social distancing controls and warned of further action that threatens to derail a nascent economic recovery in the city-state. benchmark .STI saw its worst session since Feb. 26, with manufacturing giant Sembcorp Industries SCIL.SI losing 2.36%. Sembcorp Marine SCMN.SI , which is set to be de-merged from Sembcorp Industries, warned of losses continuing in fiscal 2021 due to labour shortage. markets look set to kick off the week on the backfoot," said DailyFX strategist Margaret Yang.

The worsening pandemic situation is making investors assess the risk of stricter border controls and delays to economies reopening, she added.

Malaysia shares also suffered from the reinstatment of curbs in some parts of the country,.

Taiwan's index .TWII slid 1.3% despite preliminary data show ing economic growth in the first-quarter was faster than forecast. Greater China chief economist Iris Pang warned that the island's extreme reliance on exports, mainly semiconductors, will arrest its growth in the coming quarters as it grapples with water shortages.

Philippine stocks .PSI jumped 0.5% to be an outlier, buoyed largely by Metropolitan Bank and Trust's MBT.PS surge in quarterly net income. South Korean won KRW=KFTC weakened 0.7% after North Korea lashed out at the United States and South Korea. financial markets .SETI , THB=TH were closed for a holiday.

HIGHLIGHTS

** India reported more than 300,000 new coronavirus cases for a twelfth straight day Wilmar International WLIL.SI and Singapore Airlines SIAL.SI also among top losers on Singapore's Straits Times Index .STI

** Won marks biggest intraday percentage drop in more than one month Asia stock indexes and currencies at 0420 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX STOCKS

STOCKS

DAILY %

YTD % India

INR=IN

+0.00

-1.34 .NSEI

-0.93

3.67 Indonesia

IDR=

-0.14

-2.90 .JKSE

-0.78

-0.51 Malaysia

MYR=

-0.12

-1.90 .KLSE

-0.41

-1.98 Philippines

PHP=

+0.27

-0.19 .PSI

0.38

-10.43 S.Korea

KRW=KFTC

-0.49

-2.83 .KS11

0.03

9.58 Singapore

SGD=

-0.13

-0.82 .STI

-1.32

11.67 Taiwan

TWD=TP

-0.07

+1.83 .TWII

-0.98

18.07

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