EMERGING MARKETS-Asian stocks mixed as virus fears weigh, Singapore leads losses

  • 8/3/2021
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* Manila sees virus curbs extend * Indonesia health minister says cases have peaked * Malaysia reports record virus deaths By Soumyajit Saha Aug 3 (Reuters) - Asian equities were mixed on Tuesday, as uncertainties surrounding the impact of rising coronavirus cases in the region weighed, with Singapore stocks leading the losses ahead of crucial earnings out later this week. Singapore"s benchmark index fell more than 1% in its worst session in over two weeks, as losses in the financial sector drove the bourse lower. "Localised factor is likely to play more significant contribution to the STI’s movement due to the upcoming three local banks’ Q2 earnings releases... it may be a less rosy earnings guidance given the global “peak growth” narrative has intensified," said Kelvin Wong, a market analyst at CMC Markets (Singapore). Index heavyweights UOBH and OCBC are slated to report quarterly earnings on Wednesday, while peer DBS Group will release its quarterly results on Thursday. Meanwhile, virus-led restrictions in Philippines" capital Manila were extended on Monday, while neighbouring Malaysia reported a record 219 coronavirus deaths. Indonesia stocks rose after the country"s health minister said on Monday that the wave of coronavirus infections had passed its peak and the central bank promised to hold rates at record lows at least until late 2022. A Reuters poll showed the country, Southeast Asia"s largest economy, was expected to report an economic growth of more than 6% in the second quarter later this week. The rupiah strengthened as much as 0.5%, and was on track for its best session since May 10. Thai stocks also rose, ahead of a decision on the country"s key interest rates on Wednesday. Economists expect the Bank of Thailand to keep rates at a record low, a Reuters poll showed. HIGHLIGHTS ** Indonesian 10-year benchmark yields down 2 basis points at 6.284% ** Singapore"s 10-year benchmark yield down 2 basis points at 1.281% Asia stock indexes and currencies at 0403 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY YTD % % % Japan +0.05 -5.48 -0.79 0.43 China -0.05 +0.98 0.00 -0.25 India +0.00 -1.72 0.28 13.94 Indonesia +0.49 -2.16 0.47 2.44 Malaysia +0.01 -4.81 -0.18 -8.41 Philippines +0.02 -3.67 0.53 -9.23 S.Korea -0.03 -5.65 -0.04 12.12 Singapore +0.12 -2.27 -0.85 10.22 Taiwan -0.03 +1.94 0.11 18.94 Thailand -0.09 -9.10 0.28 5.52 (Reporting by Soumyajit Saha in Bengaluru. Editing by Gerry Doyle) Our Standards: The Thomson Reuters Trust Principles.

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