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* S.Korea"s won set for worst week since September 2015
* Malaysian cenbank cuts 2021 economic growth forecast
* Thai baht the only currency set to post weekly gain
* Philippine shares worst wkly performer, down over 3%
By Sameer Manekar
Aug 13 (Reuters) - Asian emerging equities declined on
Friday, with Philippine and Singapore shares leading the losses
as worries over rising coronavius cases in the region dented
sentiment, while consumer and IT names helped Indian stocks
scale a record high.
Philippine stocks shed 3.6% in their worst day since
August last year. The benchmark index was also the worst weekly
performer in the region, losing more than 3%.
Singapore shares were down 0.5% for the week after a
six-week gaining streak, while India"s Nifty 50, the
Thai benchmark and the Kuala Lumpur index were
set to add between 0.7% and 1.5%.
India"s Nifty 50 scaled an all-time high on Friday, boosted
by a slowdown in July retail inflation and government assurance
on continued economic support.
Asian currencies were mostly subdued and on track for weekly
losses, with South Korea"s won being the top loser in
the region and on path to mark its worst week since September
2015. It declined 0.7% on Friday.
"Given that there are three full Bank of Korea hikes priced
in over the next year, the won remains vulnerable to any retreat
in those expectations, if for example the COVID-19 outbreak were
to worsen much further," analysts at RBC Capital Markets said in
a note.
Thailand"s baht started trading after a public
holiday on Thursday and advanced up to 0.6% in its best day
since mid-April, making it the only currency in the region that
was on track for a weekly gain.
A Reuters poll on Thursday showed bearish bets on the baht
were at their highest since August 2015. The baht has weakened
more than 11% and is the worst performing currency in the region
so far in 2021.
Malaysian equities and the ringgit were
largely unchanged after the central bank lowered its economic
growth forecast here
for 2021 to between 3% and 4% from between 6% and 7.5%.
Alex Holmes, emerging markets economist at Capital
Economics, said the brokerage expects growth of 5% in 2021 on
the back of a strong bounce in the fourth quarter after a weak
third quarter.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields rise 5.1 basis points
to 6.392%
** Thailand sees second day of record coronavirus cases
Asia stock indexes and
currencies at 0709 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.11 -6.3 <.N2 -0.14 1.94
7 25>
China
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