EMERGING MARKETS-Philippine stocks surge nearly 3%, Asian currencies lifted by weaker dollar

  • 5/26/2021
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* Philippine stocks set for best day since Feb. 1 * S. Korean won, Taiwan dlr gain 0.3% * Singapore, Malaysia, Indonesia, Thailand closed By Arundhati Dutta May 26 (Reuters) - Philippine shares were headed for the best day in nearly four months on Wednesday in light trading as much of the region was closed for holidays, while a weaker U.S. dollar lifted Asia"s emerging currencies. The South Korean won and Taiwan dollar led the region"s gains, rising 0.5% and 0.3%, respectively, as the dollar wallowed around January lows. U.S. Federal Reserve officials continue to insist that monetary policy will stay accommodative despite inflationary pressures, weighing on the dollar and U.S. Treasuries. The Philippine benchmark index climbed up 2.8%, though trade volumes were about half their 30-day average. The index hit its highest level since May 5. Large cap industrial and real estate stocks drove most of the gains, with Megaworld Corp adding nearly 5%, while Ayala Corp jumped 3.7%. The Philippines has the worst-hit stock market in emerging Asia this year, having lost nearly 11% in 2021 as of last close. Neighbouring Singapore, Malaysia, Indonesia and Thailand were closed for a holiday. Elsewhere, stocks in Taiwan inched higher. South Korean shares, however, dipped. Bank of Korea"s rate decision is expected on Thursday, where it is seen keeping interest rates at record lows for the rest of 2021 to combat COVID-19 uncertainties and worries about financial imbalances offset signs of a broader economic recovery. HIGHLIGHTS: ** Industrial and real estate sectors drive Philippine shares higher **Philippine 10-year benchmark yield is unchanged at 3.951% Asia stock indexes and currencies at 0430 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan +0.00 -5.08 <.N2 #VALUE #VALUE 25> ! ! China EC> India - +0.41 <.NS 0.06 8.84 EI> Indonesi - -1.99 <.JK - -2.73 a SE> Malaysia - -2.90 <.KL - -3.04 SE> Philippi -0.02 -0.19 <.PS 2.61 -10.94 nes I> S.Korea 11> Singapor - -0.17 <.ST - 10.63 e I> Taiwan +0.28 +2.46 <.TW 0.08 12.64 II> Thailand - -4.43 <.SE - 8.23 TI> (Reporting by Arundhati Dutta in Bengaluru. Editing by Gerry Doyle) Our Standards: The Thomson Reuters Trust Principles.

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