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Home STOCKS EMERGING MARKETS-Indonesian rupiah, Philippine shares weakest as virus fears mount

EMERGING MARKETS-Indonesian rupiah, Philippine shares weakest as virus fears mount

* Graphic: Earth FX charges* Graphic: Foreign flows into Asian shares* Philippine stocks slip 2.4%, gains in peso muted* Malaysian shares tumble soon after S&P downgrades country’s outlookBy Rashmi AshokJune 29 (Reuters) – Asian equities slipped on Monday as a surge in international coronavirus circumstances dented investor optimism about the economic restoration, supported risk-free-haven flows into the U.S. dollar and subdued rising market currencies.Shares in the Philippines and South Korea fell most as markets in Asia caught up with a drop in main U.S. indexes on Friday soon after many states there halted ideas to reopen economies thanks to a jump in instances. dying toll from COVID-19 arrived at 50 percent a million folks and verified cases topped 10 million on Sunday, according to a Reuters tally. stocks slipped following ratings agency S&P World on Friday downgraded the country’s outlook to unfavorable from stable, citing pitfalls to its economy and the government’s fiscal metrics owing to the pandemic and the force on oil costs.The ringgit MYR=MY , the region’s biggest loser so far this 12 months after the Indian rupee, even so, traded .2% firmer.Philippine shares lose 2.4% to hit their lowest considering the fact that June 2, as the government ongoing to take it easy lockdown measures even with an acceleration in the spread of infections.The country’s central bank stated a slash in banks’ reserve requirement ratio (RRR) was nonetheless on the desk and pledged to use its full range of monetary tools to make sure added liquidity, but that did little to lift sentiment. 7 days, the Philippine central bank unexpectedly lower its benchmark interest rate for the fourth time this year by 50 basis points to a new low. greater-than-envisioned rate cut experienced investors anxious the economic system could be in for a steeper decrease than what marketplaces have priced in, reported Nicholas Mapa, ING’s senior economist for the Philippines, but extra place for financial easing was minimal.”Investors also know that BSP is nearing the close of its easing cycle in spite of declarations that BSP continues to have sufficient policy room,” he stated.Somewhere else, China’s yuan CNY=CFXS ticked marginally decreased although its benchmark stock index lost virtually 1% on reopening just after the Dragon Boat Festival holiday break.The Indonesian rupiah eased .2%, even though the stock index fell about .5%.HIGHLIGHTS:** In the Philippines, top index losers are Bloomberry Resorts Corp down 8.18% and Alliance International Group Inc down 6.1%** Top losers on FTSE Bursa Malaysia Kl Index consist of CIMB Group Holdings Bhd down 1.96% and Hap Seng Consolidated Bhd down 1.73%** Malaysia’s 3-calendar year benchmark bond yield is down .3 basis points at 2.274% while its 10-year yield is down .2 basis points at 3.032%​​** Indonesian 10-12 months yields are up 1.40 basis points at 7.207%​​ and 3-yr yields are down 9.1 basis points at 6.167%​​Asia stock indexes andcurrencies at 0409 GMTCOUNTRY FX RICFX FX YTD INDE Stock STOCKSDAILY%XSYTD %%Day by day%China-1.63 -3.01S>EC>IndiaINR=IN0.00-5.64 EI>Indones -.21-2.12 SE>Malaysi +.16-4.51 -6.98 aSE>Philipp +.07+1.51 I>S.Korea -3.71 -4.36C>11>Singapo -.06-3.54 I>TaiwanTWD=TP+.39+1.97 -4.05II>Thailan THB=TH+.00-3.24 TI>


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