EMERGING MARKETS-Glove makers drag Malaysia shares, Philippines buoyed by budget
(Repeats to additional codes. No change to text.)
* Philippine president signs $93.7 bln national budget for 2021
* S.Korea stocks set to snap three-day winning streak
* Thai baht adds nearly 0.5%
By Pranav A K
Dec 29 (Reuters) - Malaysian shares declined on Tuesday as glove makers shed some of this year's rally, while the Philippines' record budget powered that country's benchmark to its gain in about two weeks.
The Kuala Lumpur index .KLSE fell as much as 0.6%, with heavyweights Top Glove Corp TPGC.KL and Hartalega Holdings HTHB.KL down for a third session to lead losses on the benchmark.
The glove makers, which enjoyed a surge in demand during the coronavirus crisis, have lost some support as vaccines were approved and have come under further pressure over their treatment of migrant workers. has coincided with the start of the European vaccination roll-out ... investors are looking ahead to the future with COVID-19, and reassessing the outlook for glove makers," said Jeffrey Halley, senior market analyst at OANDA.
Philippine shares .PSI rose 0.6% in their last trading day of the year, getting a boost from President Rodrigo Duterte approving a record budget in a bid to support the pandemic-ravaged economy. That was the biggest intraday gain since Dec. 16. 4.5 trillion peso ($93.73 billion) budget came as what was formerly one of Asia's fastest expanding economies struggles to get back to growth and contain infections.
On Monday, partial curbs in Manila were extended until the end of January as the country with the second-highest number of COVID-19 cases and casualties in Southeast Asia looks to guard itself against the spread of a new coronavirus variant. markets in Indonesia .JKSE and Thailand .SETI also slipped in thin trading, while Seoul's KOSPI .KS11 was on course to snap a three-day winning streak as heavyweights including Samsung Electronics 005930.KS traded ex-dividend.
Currencies across Asia's emerging markets were flat to stronger as the dollar .DXY languished amid optimism around a COVID-19 relief package in the United States. FRX/
The Taiwanese dollar TWD=TP led the pack, holding near its highest level since 1997 while the Thai baht THB=TH added nearly 0.5%.
** Indonesian 10-year benchmark yields ID10YT=RR are down 17.1 basis points at 5.926%
** Top losers on FTSE Bursa Malaysia Kl Index .KLSE : Hartalega Holdings Bhd HTHB.KL down 3.7% and Top Glove Corporation Bhd TPGC.KL down 2.7%
** In the Philippines, top index gainers are Megaworld Corp MEG.PS up 3.03%, BDO Unibank Inc BDO.PS up 2.11% AND Ayala Corp AC.PS up 1.97%
Asia stock indexes and currencies at
FX DAILY %
FX YTD %
INDEX STOCKS DAILY % STOCKS YTD % Japan
3.08 Philippines PHP=
($1 = 48.0100 Philippine pesos)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or