EMERGING MARKETS-Thai baht, Malaysian stocks suffer as virus woes escalate

  • 7/12/2021
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* Philippine peso remains under pressure * China stocks lead regional rally * Japan"s Nikkei set for best day in nearly 3 weeks * Graphic: World FX rates tmsnrt.rs/2RBWI5E * Asian stock markets: tmsnrt.rs/2zpUAr4 By Shashwat Awasthi July 12 (Reuters) - Thailand"s baht was stuck at a near 15-month low on Monday while Malaysian stocks missed out on a broader rally in Asian equities as investors fretted over rising coronavirus cases and deaths in the two countries. The baht gave up 0.3% and held near its weakest mark since April 2020 - a level it hit in the previous session - after Thailand reported record COVID-19 cases over the weekend, including infections in medical workers who had received two doses of China"s Sinovac vaccine. The currency is already the region"s worst performer so far this year as the pandemic weighs on the tourism-reliant economy and cases soar after a well-controlled first wave last year. Malaysia"s stock market dipped 0.3% and yields on its 10-year benchmark bonds rose 5 basis points after two consecutive days of record virus cases. With Indonesia and the Philippines also struggling to contain the virus in recent months, a sustained economic recovery remains a challenge for Southeast Asia. "A key realization is that for most of EM Asia (ex-China) a fuller and unfettered recovery from COVID will be delayed to 2022," analysts at Mizuho bank said in a note, also pointing to a lagging vaccine rollout. "Even with doubled down vaccine procurement or scaled up inoculation plans, a clear path does not emerge until 2022." But most regional share markets rallied following China"s policy easing on Friday, while dealers awaited a slew of Chinese data as well as inflation figures from the United States which could direct the Federal Reserve"s view on early tapering this week. Equities in China jumped 1%, setting the stage for Taiwan"s benchmark bourse and South Korea"s KOSPI to follow suit, while Japan"s benchmark Nikkei average surged over 2%. The Philippine peso, which has been under pressure from rising inflation and a burgeoning trade deficit, weakened 0.2%, even as the central bank committed to a market-determined foreign exchange rate and an accommodative monetary policy to support the economy. Stocks in Manila added 0.6% though, helped by upbeat regional sentiment and after coronavirus curbs in parts of the Philippines were relaxed on Friday. HIGHLIGHTS: ** Malaysia"s 10-year benchmark yield is up 5.5 basis points at 3.249%. ** Top gainers on the Jakarta stock index include Allo Bank Indonesia up 25%, Primarindo Asia Infrastructure up 18%, and Siloam International Hospitals up 14.78%. ** Top losers on FTSE Bursa Malaysia include Mr DIY Group M Bhd down 2.19%, Press Metal Aluminium down 1.84%, and Genting Malaysia down 1.07%. Asia stock indexes and currencies at 0331 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan -0.01 -6.27 <.N2 2.29 4.14 25> China EC> India +0.00 -2.11 <.NS 0.00 12.22 EI> Indones +0.28 -3.07 <.JK 0.61 1.63 ia SE> Malaysi +0.00 -4.03 <.KL -0.52 -7.03 a SE> Philipp -0.30 -4.23 <.PS 0.64 -3.66 ines I> S.Korea 11> Singapo -0.06 -2.25 <.ST 0.36 10.51 re I> Taiwan +0.26 +1.68 <.TW 1.08 21.17 II> Thailan -0.12 -8.10 <.SE -0.02 7.06 d TI> (Reporting by Shashwat Awasthi; Editing by Ana Nicolaci da Costa) Our Standards: The Thomson Reuters Trust Principles.

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