EMERGING MARKETS-Singapore stocks tumble as strict virus curbs return

  • Reuters
  • Stock Market News
EMERGING MARKETS-Singapore stocks tumble as strict virus curbs return
Credit: © Reuters.

* Singapore shares record worst day in nearly a year

* Taiwan stocks clock worst week in over a year

* Philippine shares reverse losses from six-month lows

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

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

By Soumyajit Saha

May 14 (Reuters) - Singapore stocks tumbled more than 3% on Friday after the city-state's imposition of the strictest COVID-19 curbs since last year stoked worries of a potential unravelling of its nascent recovery.

Most Asian stocks, however, strengthened on reassurances from the U.S. Federal Reserve that a spike in inflation was temporary, with China .SSEC and South Korea .KS11 shares advancing 1.7% and 1.1%, respectively. stocks .STI marked their worst session in nearly a year and the dollar SGD= fell 0.2% as the city-state tightened restrictions on social gatherings and public activities amid a rise in locally acquired infections. Asian trade and financial hub had been reporting almost zero or single-digit daily local infections for months, before a recent rise.

Losses were driven by a 7% slump in flag carrier Singapore Airlines SIAL.SI and a 4% drop in in-flight caterer SATS Ltd SATS.SI .

"Quick reopening hopes have been dashed, especially for the travel and leisure sectors," Bank of Singapore analyst Moh Siong Sim said.

"Manufacturing should hold up as has been the case over the past year."

Taiwan shares .TWII rose 1% to snap four sessions of losses after Premier Su Tseng-chang said the COVID-19 alert level would not be raised and that there were enough resources to fight the pandemic. bourse though registered its worst week in over a year as it lost more than 8%, amid tighter curbs in public places forced by a rare and unexpected rise in COVID cases.

Philippine shares .PSI reversed losses to rise 0.5% as market participants picked up beaten-down stocks, an analyst said, after dropping as much as 2.5% to six-month lows earlier in the session.

Chinese yuan CNY=CFXS firmed 0.3% to lead gains among Asian currencies as the dollar USD= weakened, with investors assessing the risk of U.S. inflation rising faster than expected. HIGHLIGHTS

** Indonesian 10-year benchmark yields are down about 0.90 basis points at 6.405%

** India's COVID-19 cases cross 24 million

** In the Philippines, top index gainers are SM Investments Corp SM.PS up 4.3% and Aboitiz Equity Ventures Inc AEV.PS up 2.3%

Asia stock indexes and

currencies at 0626 GMT

COUNTRY

FX RIC

FX

FX

INDEX STOCKS STOCKS

DAILY YTD %

DAILY YTD %

%

%

Japan

JPY=

-0.01 -5.68 .N225

2.32

2.33 China

CNY=CFXS

+0.28 +1.42 .SSEC

1.65

0.38 India

INR=IN

+0.08 -0.40 .NSEI

-0.36

4.74 Philippines PHP=

+0.10 +0.50 .PSI

0.53 -12.19 S.Korea

KRW=KFTC

+0.09 -3.73 .KS11

1.11

9.86 Singapore

SGD=

-0.23 -1.15 .STI

-3.07

6.46 Taiwan

TWD=TP

+0.00 +1.74 .TWII

1.00

7.43 Thailand

THB=TH

-0.06 -4.49 .SETI

-0.07

6.74

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