EMERGING MARKETS-China pause sends Asia lower as infections rise

  • Reuters
  • Stock Market News
EMERGING MARKETS-China pause sends Asia lower as infections rise
Credit: © Reuters.

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

* China shares set for best week since 2015

* Philippines on track for worst week since April

By Nikhil Nainan

July 10 (Reuters) - Philippine stocks fell almost 1% for a second day on Friday, leading a wave of losses for Asian stocks and currencies as an eight-day rally in Chinese markets ground to a halt and investors worried about the scale of new coronavirus infections.

The southeast Asian nation has reported record daily infection numbers on three of the past six days, and while Thursday saw no deaths for the first time in four months, analysts say the prospect of new restrictions to halt the outbreak is weighing on markets. in Manila .PSI fell more than 0.8% in early deals, and the peso PHP= , which has proven relatively resilient this week on the back of gains for other regional currencies, lost just over 0.1%.

"The Philippine market has been lagging ... as daily cases rise," said Jennifer Lomboy, a fixed income fund manager at First Metro Asset Management. "The rise in reported infections has crippled business activity ... and continues to cast doubts on economic recovery."

In Indonesia, which posted its biggest single-day rise in cases on Thursday, shares .JKSE were marginally lower while the rupiah IDR= fell half a percent.

A Reuters poll on Thursday found bets on the Indonesian currency had turned bearish for the first time since mid-May on the prospect of further easing by the central bank which may dent the appeal of its high-yielding government bonds. for example, expects a 25 basis point rate cut by Bank Indonesia next week in what would be the fourth cut this year.

Markets in Singapore were closed for an election that is almost certain to be won by the ruling People's Action Party as the city-state's economy heads for its worst-ever recession. 1% fall in Shanghai's main index .SSEC , which often tends to drive markets across Asia, came after Chinese state-run media on Thursday urged investors stacking up on highly leveraged bets to be prudent. .SS

The editorial in the China Securities Journal also pointed back to the bursting of a stock market bubble in 2015 as the main indexes headed for an 8.3% gain this week, their best gain since that time. Top Philippine broadcaster ABS-CBN ABS.PS down 0.1% ahead of a likely vote by lawmakers on its license renewal - a widely watched decision for the network that has angered President Rodrigo Duterte Top losers in the Philippines were Bloomberry Resorts Corp BLOOM.PS , Robinsons Land Corp RLC.PS and Ayala Land Inc ALI.PS

** Indonesian 3-year benchmark yields are down 1 basis points at 6.005%

Asia stock indexes and currencies at 0342 GMT COUNTRY








DAILY % YTD % Japan




.N225 -0.23

-4.99 China

CNY=CFXS -0.16


.SSEC -1.05

11.95 India




.NSEI 0.00

-11.14 Indonesia




.JKSE -0.02

-19.82 Malaysia




.KLSE -0.07

-0.42 Philippines PHP=





-21.41 S.Korea

KRW=KFTC -0.59


.KS11 -0.61

-1.96 Singapore






-17.69 Taiwan




.TWII -0.58

1.04 Thailand




.SETI -0.52


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