* Graphic: World FX rates tmsnrt.rs/2RBWI5E
* Thai c.bank holds key rate at record low 0.50%
* India, S. Korea gain over 1% each
By Shruti Sonal
Feb 3 (Reuters) - Thai stocks pared some gains on Wednesday
after the central bank held its key interest rate but warned
that the resurgence in COVID-19 cases could hinder the country"s
economic recovery.
The benchmark, which had climbed as much as 0.9%
earlier in the day, was trading flat by 0827 GMT. The baht
was little changed.
The Bank of Thailand kept the rate unchanged in a widely
expected move but warned that the tourism-reliant economy could
grow less than earlier forecast this year, with fewer foreign
tourists coming in than previously predicted.
Analysts have raised concerns about setbacks to a revival in
consumption and tourism amid a resurgent COVID-19 cluster in the
country since December last year.
"As of now, we expect the GDP growth for 2021 to be just
2.2% with a higher probability of further revision downward to
below 2% growth due to delayed vaccine distribution and clouded
tourism outlook," Poon Panichpibool, markets strategist at Krung
Thai Bank said.
In such a scenario, the government will need to take more
stimulus measures and spend around 300 billion baht to 400
billion baht ($10.0 billion to $13.3 billion) during the year,
said San Attarangsan, an economist at Kasikornbank.
Most other stock markets in the region posted gains, taking
positive cues from a Wall Street rally overnight on renewed
hopes for U.S. President Joe Biden"s proposed $1.9 trillion
COVID-19 aid bill.
South Korea and India each climbed over 1%,
while the Indonesian, Singaporean and Malaysian
indexes added 0.5%.
However, concerns over economic growth in the region
lingered.
A private sector survey showed China"s services sector
activity grew at its slowest pace in nine months in January,
while a Reuters poll suggested Indonesia is expected to post its
first annual contraction in gross domestic product (GDP) since
1998 on Friday.
Philippine stocks, which clocked in gains of about 4%
in the last two sessions, bucked the trend to shed 0.1%.
Highlights:
** Singapore"s 10-year benchmark yield is up 3.8 basis
points at 1.091%
** In the Philippines, top index losers are Robinsons Retail
Holdings Inc; PLDT Inc; Globe Telecom Inc
** Yoma Strategic shares fall to lowest since May after
Myanmar coup
Asia stock indexes and
currencies at 0840 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan -0.05 -1.69 <.N2 1.00 4.38
25>
China
مشاركة :