EMERGING MARKETS-Malaysia leads Asian stocks lower, firm dollar hits currencies

  • 6/4/2021
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* Malaysian stocks fall nearly 1% * India"s c.bank keeps rates steady * Most regional currencies set to post weekly losses By Sameer Manekar June 4 (Reuters) - Most emerging Asian equities declined on Friday, with Malaysian shares falling the most as domestic coronavirus cases rise, while currencies weakened after upbeat economic data from the United States boosted the dollar. Shares in Kuala Lumpur declined as much as 0.9% and the ringgit weakened about 0.2% as Malaysia reported 8,209 new daily coronavirus cases and 103 deaths on Thursday. South Korea"s won softened by about 0.3% and was set for its third straight session of losses, while the Thai baht slipped 0.4% as the U.S. dollar hit multi-week highs after strong private payrolls data on Thursday. The U.S. jobs report raised concerns over policy tightening by the Federal Reserve, and all eyes now turn to May non-farm payrolls later on Friday which could reignite taper talk from the central bank. India"s blue-chip Nifty index inched lower by midday, even as the central bank kept its interest rates steady at record lows as widely expected and announced bond purchases on top of its current quantitative easing programme. "While we do not see any action on the policy rate front in the coming months, we are poised to see a more accountable and action-oriented RBI (Reserve Bank of India) ahead," said Madhavi Arora, lead economist at Emkay Global Financial Services. "We reckon even as yields may inch up gradually and orderly, the RBI will continue to strive fixing skewed yield and maintain its preference for curve flattening." Yields on India"s 10-year benchmark bonds have dropped nearly 17 basis points so far in the second quarter after rising more than 28 basis points in the first. For the week, most regional currencies were on track to post modest losses except Malaysia"s ringgit, which was set to end marginally higher. Most regional equities were set for mild weekly gains. HIGHLIGHTS: ** China"s yuan set for biggest weekly loss in at least four months ** Thailand"s headline CPI rises for a second straight month in May ** Japan"s economy likely shrank less than initially estimated in Q1 - Reuters poll Asia stock indexes and currencies at 0621 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD X S S YTD % % DAILY % % Japan +0.05 -6.3 <.N2 -0.40 5.46 3 25> China 9 EC> India -0.24 -0.0 <.NS -0.16 12.04 3 EI> Indones -0.24 -1.9 <.JK -0.54 1.33 ia 2 SE> Malaysi -0.17 -2.5 <.KL -0.53 -2.77 a 9 SE> Philipp -0.04 +0.4 <.PS 0.07 -4.81 ines 6 I> S.Korea 8 11> Singapo -0.07 -0.5 <.ST -0.39 10.86 re 6 I> Taiwan -0.04 +2.7 <.TW -0.57 16.39 7 II> Thailan -0.29 -4.0 <.SE 0.10 11.72 d 7 TI> (Reporting by Sameer Manekar in Bengaluru; Editing by Kim Coghill and Ramakrishnan M.) Our Standards: The Thomson Reuters Trust Principles.

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