EMERGING MARKETS-Easing inflation fears, bond yields lift most Asian stocks higher

  • Reuters
  • Stock Market News
EMERGING MARKETS-Easing inflation fears, bond yields lift most Asian stocks higher
Credit: © Reuters.

* S. Korea shares climb after five sessions of falls

* U.S. may label Taiwan a currency manipulator- c.bank gov

* Investors eye ECB meeting later in the day

* India, Indonesia closed for holiday

By Shruti Sonal

March 11 (Reuters) - Most emerging Asian shares gained on Thursday following positive cues from Wall Street .DJI overnight as U.S. consumer price data soothed inflation fears and Treasury yields eased .N , while regional currencies firmed as the dollar nursed losses.

The South Korean benchmark .KS11 climbed over 2% after five consecutive sessions of declines, while Taiwan .TWII and Singapore .STI added 1.6% and 0.9% respectively.

South Korea's central bank warned that consumer inflation could gain traction at a faster-than-expected pace. currencies strengthened as the greenback fell after inflation data and a decline in Treasury yields led some investors to trim bets on a rapid rise in inflation.

The South Korean won KRW=KFTC climbed 0.6%, while the Thai baht THB=TH gained 0.4%.

The Taiwan dollar, among the best performing currencies in the region this year, added 0.5% even as the country's central bank governor said that the United States may label the island a currency manipulator. currency has rapidly appreciated on the back of booming exports and a rebounding economy, and Taiwan's central bank announced on Wednesday a large spike in its currency intervention spending last year. regional gains in equities, Philippine shares .PSI slid about 1.4%, with industrials and real estate stocks weighing the most.

ING analyst Nicholas Mapa said Philippine stocks remain susceptible to foreign selling, which has been weighing on the market over the past two weeks, as the country records a pickup in COVID-19 infections.

"Going forward, investors will remain skittish as new cases are on the rise while some local governments have reinstated stricter lockdowns in areas with high infections."

Markets in India and Indonesia were closed for holidays.

Investors were also eying a European Central Bank meeting later in the day where policymakers are expected to address rising bond yields.

Highlights:

** Thailand's 10-year government bond yields are down 4 basis points at 1.74%

** In the Philippines, top index losers are Bloomberry Resorts Corp BLOOM.PS ; JG Summit Holdings Inc JGS.PS ; SM Investments Corp SM.PS

Asia stock indexes and currencies

at 0412 GMT

COUNTRY

FX RIC

FX FX YTD

INDEX STOCKS STOCKS

DAILY

%

DAILY YTD %

%

%

Japan

JPY=

-0.10 -4.84 .N225

0.43

6.25 China

.SSEC

1.78 -1.60

S>

India

INR=IN

- +0.22 .NSEI

-

8.53 Indonesia

IDR=

- -2.47 .JKSE

-

4.78 Malaysia

MYR=

+0.36 -2.19 .KLSE

-0.60

0.17 Philippine PHP=

+0.09 -1.04 .PSI

-1.33 -5.91 s

S.Korea

.KS11

1.99

5.00

C>

Singapore

SGD=

+0.03 -1.65 .STI

0.85

9.21 Taiwan

TWD=TP

+0.52 +1.08 .TWII

1.74

9.88 Thailand

THB=TH

+0.52 -1.96 .SETI

0.49

9.06

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