* Strong session on Wall Street aids sentiment in Southeast
Asia
* South Korea posts decade high GDP growth in Q2
* Philippine stocks rise 1.7%, rebounding from Monday"s
slide
By Harish Sridharan
July 27 (Reuters) - Emerging Asian equities and currencies
mostly gained on Tuesday, as risk appetite improved following a
strong Wall Street session, while global investors awaited the
outcome of the U.S. Federal Reserve"s two-day policy meeting.
Stocks in Manila rose 1.7%, recovering from its worst
session since mid-March the day before, while markets in Kuala
Lumpur and Singapore rose 0.2% and 0.5%,
respectively.
Major U.S. stock indexes eked out record closing highs for a
second straight session, finding some stability after days of
turbulence, as investors were optimistic ahead of earnings from
heavyweight technology and internet names this week.
"Asia stocks look set for a steady start," Yeap Jun Rong,
Market Strategist at IG, said in a note.
"This comes amid jitters yesterday over the further
regulatory clampdown from China authorities for its domestic
firms, with investors attempting to shift their focus towards
upcoming U.S. corporate earnings to support market movement."
Shares in China steadied after the sell-off on
Monday, trading marginally higher at 0.1%.
Meanwhile, the South Korean won firmed 0.4% and
was among the best performers in the region, while stocks in the
country gained as much as 0.9%.
South Korea"s economy expanded at the fastest annual pace in
a decade in the second quarter, boosted by a pick-up in private
consumption, though a resurgence of COVID-19 cases cast doubt
over the outlook for growth for the rest of the year.
On economic growth in South Korea, analysts at Mizuho said:
"As resilient as the recovery is, the recovery path will remain
rather bumpy, fraught with disruption from Delta and growing
U.S.-China uncertainties."
Most Asian currencies saw marginal gains, with the peso
, the Taiwan dollar and the Malaysian ringgit
trading 0.1% to 0.2% higher.
Despite gains in markets across Southeast Asia on the day,
the near-term economic outlook for several countries remained
cloudy due to surging coronavirus cases.
Thailand on Monday reported record high COVID-19 infections
for a second consecutive day, while neighbouring Malaysia also
remains under a stringent lockdown.
The focus is now on the U.S Federal Reserve"s policy
meeting, which culminates on Wednesday, as investors look for
clues on the central bank"s stance on monetary policy and the
timeline to pare back stimulus.
Highlights
** Indonesian 10-year benchmark yields up 1.5 basis points
at 6.33%
** In the Philippines, top index gainers was SM Prime
Holdings Inc, up 4.14%
** Won marks biggest intra-day jump since July 15
Asia stock indexes and
currencies at 0444 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan +0.10 -6.34 <.N2 0.57 2.00
25>
China
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