EMERGING MARKETS-Philippine stocks mark best day in 3 months; Asian currencies weaker

  • Reuters
  • Stock Market News
EMERGING MARKETS-Philippine stocks mark best day in 3 months; Asian currencies weaker
Credit: © Reuters.

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

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

* Philippine stocks post best session in 3 months

* Malaysia exports rise at fastest pace in four years

* Indian stocks hit 3-week peak

By Harish Sridharan

April 28 (Reuters) - Asian currencies were weaker on Wednesday as a rise in U.S Treasury yields ahead of a Federal Reserve meeting took some shine off risk assets, while stocks in Philippines .PSI marked their best session in nearly three months.

Equities in Philippines closed 1.8% higher, bouncing back from near six-month closing lows on Tuesday, ahead of an address by President Rodrigo Duterte where he is expected to propose some flexibility in lockdown restrictions.

Philippines' capital region and nearby provinces are currently observing their second strictest degree of lockdown, the Modified Enhanced Community Quarantine (MECQ).

"Investors in Philippine shares began early window dressing as investors start to buy ahead of more corporate earnings releases, while other are keeping positive with the proposal for flexible MECQ," said Luis Limlingan, head of sales of Regina Capital in Manila.

Limlingan expects macroeconomic indicators to take a backseat as investors focus on corporate earnings in the next few days.

Meanwhile, Indian stocks .NSEI scaled a near three-weak peak and were on course for their third consecutive session of gains, as strong quarterly results boosted the benchmark, even as India's COVID-19 death toll surged past 200,000, amid shortages of oxygen, medical supplies and hospital staff. in the region remained subdued after U.S. bond yields rose on the back of higher inflation expectations, as investors bet that increased government spending and loose monetary policy will increase price pressures. USD/

When the Fed's policy meeting concludes on Wednesday, Chair Jerome Powell is expected to reaffirm commitment to keeping monetary policy accommodative over a prolonged time, though signs of rising inflation expectations have raised some speculation.

Malaysian stocks .KLSE were down 0.2% and the ringgit MYR= 0.1% weaker despite government data showing exports jumped 31% in March from a year earlier, rising at their fastest pace in nearly four years. in the session, Singapore's central bank said the city-state's economic growth is likely to exceed 6% this year and added its accommodative monetary policy stance remained appropriate. .STI and the Singapore dollar SGD= were both marginally weaker.

Highlights

** Top gainers on the Thailand's SETI .SETI was Tong Hua Holding PCL TH.BK up 24.18%

** In the Philippines, top index gainer was Bloomberry Resorts Corp BLOOM.PS , up 8.27%

** Among the heavyweights in South Korea, technology giant Samsung Electronics 005930.KS fell 0.97% and peer SK Hynix 000660.KS fell 3.70%

Asia stock indexes and currencies at

0755 GMT

COUNTRY

FX RIC

FX

FX

INDEX STOCKS STOCK

DAILY YTD %

DAILY S YTD

%

%

% Japan

JPY=

-0.28 -5.28 .N225

0.21 5.87 China

CNY=CFXS

-0.06 +0.64 .SSEC

0.42 -0.46 India

INR=IN

+0.31 -1.82 .NSEI

1.33 6.19 Indonesia

IDR=

-0.10 -3.14 .JKSE

0.22 -0.11 Malaysia

MYR=

-0.10 -1.95 .KLSE

-0.24 -1.50 Philippines PHP=

+0.01 -0.94 .PSI

1.77 -9.39 S.Korea

KRW=KFTC

-0.23 -2.41 .KS11

-1.06 10.72 Singapore

SGD=

-0.05 -0.43 .STI

-0.07 12.96 Taiwan

TWD=TP

-0.12 +1.95 .TWII

-0.16 19.24 Thailand

THB=TH

+0.00 -4.49 .SETI

0.97 8.63

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