EMERGING MARKETS-Thai stocks slide after protests as virus concerns dominate

  • 11/30/2020
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* Graphic: World FX rates tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I * Thai stocks set for best month since Dec. 2003 * Indonesia shares track best month since Sept. 2010 * India, Philippines stock markets shut By Shashwat Awasthi June 8 (Reuters) - Thailand"s stock market led losses of more than 1% across Asia on Monday after another series of anti-government protests over the weekend in Bangkok added to concerns over rising coronavirus case numbers. Thousands of anti-government protesters called for an end to coups in Thailand on Friday and once again demanded the resignation of Prime Minister Prayuth Chan-ocha, as months of protests fuel rumours of a military takeover. The stock index in Bangkok, among the region"s most exposed to further global restrictions on travel due to its dependence on tourism, snapped a three-day winning run to drop as much as 1.3%. "The market could reverse into a risk-off mindset easily given recent strong performances in Thai assets," said Poon Panichpibool, markets strategist at Krung Thai Bank, putting the emphasis on coronavirus risks over those from the protests. "I think taking profits are the major force today," he added. Stock markets in Singapore, South Korea and Taiwan all slid more than 1% as investors booked profits at the end of a stellar month driven by hopes of swift distribution of COVID-19 vaccines next year. A surge in regional virus cases, however, was led by record infections in Indonesia and Jakarta stocks dropped as much as 0.7%, putting them on track for their worst day in more than two weeks. The rupiah eased after three straight days of gains. Many regional markets were set to record their best monthly performance in years as positive efficacy data from three separate COVID-19 vaccine trials and hopes of more central bank stimulus supported expectations of an economic rebound. Signs of a recovery were strengthened by data that showed China"s November factory activity expanded at the fastest pace in more than three years, pushing Chinese shares to their highest since mid-July. "Vaccines offer the promise that the major disruptions of the pandemic will fade from the scene in 2021," Frederic Neumann, co-head of Asian Economics Research at HSBC, wrote. "Central bankers have signalled greater tolerance for "inflation overshoots" than in the past. Potential fiscal constraints and the lasting scars from an unprecedented growth disruption surely point to a continuation of loose policies." Trading in most regional currencies was muted, even as the U.S. dollar plumbed more than two-year lows. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 8.2 basis points at 4.925% ** Top losers on Thailand"s SETI include NEP Realty and Industry down 11.11%, Wyncoast Industrial Park down 8.82% and Luxury Real Estate Investment Fund down 5.76% ** Top losers on the Jakarta stock index include Bali Towerindo Sentra down 6.99%, Nusantara Pelabuhan Handal down 6.98% and Binakarya Jaya Abadi down 6.9% Asia stock indexes and currencies at 0643 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan +0.14 +4.51 <.N2 -0.79 11.7 25> 4 China EC> 8 India -0.01 -3.46 <.NS -0.14 6.58 EI> Indones -0.07 -1.42 <.JK -1.40 -9.4 ia SE> 8 Malaysi -0.07 +0.47 <.KL 0.03 1.22 a SE> Philipp +0.00 +5.28 <.PS -1.97 -13. ines I> 10 S.Korea 11> 1 Singapo +0.10 +0.55 <.ST -1.10 -12. re I> 36 Taiwan +1.08 +5.63 <.TW -1.04 14.3 II> 8 Thailan +0.20 -1.16 <.SE -1.31 -10. d TI> 19 (Reporting by Shashwat Awasthi in Bengaluru; editing by Patrick Graham)

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