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* Philippine stocks at nearly 3-month high
* Thai equities at 19-month high
* S. Korea"s May consumer inflation accelerates
By Sameer Manekar
June 2 (Reuters) - Philippine shares soared almost 3% on
Wednesday after losing ground over the previous two sessions, as
sentiment across Asia got a boost from U.S. manufacturing data,
while Thai stocks hit a 19-month high on the promise of
additional stimulus.
The Philippine bourse rallied to its highest in
nearly three months, with gains powered by consumer and real
estate stocks.
Equities in Thailand added more than half a percent
to hit their highest level since November 2019, and the baht
was roughly flat.
The Thai government said on Tuesday it expects 473 billion
baht ($15.18 billion) to be injected into the economy in the
second half of the year to soften the impact of the third wave
of COVID-19 infections.
"Stronger demand for THB bonds and news of cabinet approval
for the most recent set of stimulus measures could be helping to
mitigate the drag on sentiments from still-elevated COVID case
counts and fragile economic outlook," Maybank analysts said in a
note.
Other currencies including the South Korean won
and the Philippine peso slipped as the dollar
firmed after a pick up in U.S. manufacturing activity reinforced
the prospects that policy tightening by the Federal Reserve
isn"t too far off.
Signs of a strong economic recovery in the United States has
raised the chances of the Fed scaling back support measures,
threatening Asia"s risk-sensitive markets which have held firm
on the Fed"s reassurances of a continued dovish stance despite
rising inflation.
Recent remarks from Fed policymakers have suggested that a
discussion on tapering bond-buying was underway, with the
upcoming FOMC meeting in mid-June possibly providing more
clarity.
"Although the Fed insisted that rate hikes are still far
off, it did not dismiss the prospect of starting an internal
debate on tapering asset purchases," analysts at Singapore-bank
DBS said in a note.
Indonesian shares added more than 1% to touch their
highest level since April-end and mark their fifth consecutive
session of gains.
Next on investors" radar will be the U.S. May non-farm
payrolls data on Friday, which is expected to show a significant
jump after a much-weaker-than-expected reading in April.
"An upside surprise in the May non-farm payrolls ... will
affirm the big miss in April as a blip," DBS analysts said.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields edge higher to 6.453%
** India plans to more than triple COVID-19 vaccine shots
per day
** Malaysia"s AirAsia X gets shareholder go-ahead for
restructuring plan
($1 = 31.1600 baht)
Asia stock indexes and
currencies at 0417 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.14 -5.8 <.N2 0.5 5.53
0 25>
China
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