EMERGING MARKETS-Most Asian stocks eye weekly gains; Philippine lags on recovery worries

  • 3/12/2021
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* Asian stock markets: tmsnrt.rs/2zpUAr4 * Philippine benchmark eyes worst week in six * Indonesia"s trade surplus likely widened in Feb- poll By Shruti Sonal March 12 (Reuters) - Most emerging Asian stocks climbed on Friday and were set for strong weekly gains as U.S. stimulus and easing bond yields helped lift the mood, although Philippine stocks struggled on concerns over the country"s economic recovery. Global markets received a boost after U.S. President Joe Biden signed a $1.9 trillion stimulus bill into law and as a dovish European Central Bank meeting triggered a retreat in bond yields. The Jakarta benchmark added over 1% and was poised for its sixth straight weekly gain, while Seoul closed 1.4% higher for its biggest weekly jump in five. India and Singapore also eyed gains of over 2% for the week. A Reuters poll showed Indonesia"s trade surplus likely widened in February from a month earlier on the back of higher commodity prices. Recovery concerns have weighed on Philippine equities , which barely budged on Friday and were on track for their biggest weekly drop since January. The country, which has the second-highest number of COVID-19 cases and deaths in Southeast Asia, recorded its biggest daily rise in COVID-19 cases in nearly six months on Thursday. Further denting sentiment, the country"s trade deficit came in at $2.42 billion in January, the widest in 12 months, government data showed. "The ongoing slump in imports suggests that growth pains for the Philippines will be around for some time," ING economist Nicholas Mapa said. Tourism-reliant Thai shares fell 0.7% after the country delayed the use of AstraZeneca"s COVID-19 vaccine, citing safety concerns following reports of blood clots in some vaccinated people in Europe. Overall, regional currencies were mixed after U.S. dollar climbed from a near one-week low as bond yields inched higher, but looked set for its first weekly fall in three. The Taiwan dollar, South Korean won and the Indonesian rupiah gained between 0.2% and 0.3%. On the other hand, the Thai baht and the Singapore dollar weakened 0.6% and 0.4% respectively. Highlights: ** Thailand"s 10-year government bond yields are up 11 basis points at 1.8% ** Top gainers on the Jakarta stock index include Zebra Nusantara Tbk PT, Sejahteraraya Anugrahjaya Tbk PT, Royalindo Investa Wijaya PT Asia stock indexes and currencies at 0742 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY YTD % % % Japan -0.47 -5.28 <.N22 1.73 8.28 5> China C> India +0.23 +0.45 <.NSE 0.24 8.80 I> Indones +0.17 -2.30 <.JKS 1.39 6.23 ia E> Malaysi -0.19 -2.26 <.KLS -0.73 -0.59 a E> Philipp +0.03 -0.93 <.PSI 0.14 -5.76 ines > S.Korea 1> Singapo -0.40 -1.78 <.STI -0.35 8.83 re > Taiwan +0.31 +1.17 <.TWI 0.47 10.34 I> Thailan -0.55 -2.44 <.SET -0.66 7.96 d I> (Reporting by Shruti Sonal in Bengaluru; Editing by Anil D"Silva)

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