* 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
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