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* Weak China data, rising Delta variant cases weigh
* South Korea"s won softens for sixth day
* Malaysia"s ringgit edges lower
* Indonesia"s cenbank to hold benchmark rate - Reuters poll
By Sameer Manekar
Aug 17 (Reuters) - Most Asian currencies softened on
Tuesday, with South Korea"s won slipping to a nearly one-year
low, as weaker-than-expected Chinese economic data and rising
coronavirus cases in the region raised concerns over growth
prospects.
China, the region"s largest trading partner, logged a sharp
slowdown in its July retail sales growth and factory output,
data showed on Monday, as new COVID-19 outbreaks, social
restrictions, and floods disrupted business operations.
"The highly contagious Delta variant, which led to a
resurgence in local cases at the end of July, also poses a
downside risk to economic activity in Q3 despite a decline in
daily cases over the past few days," analysts at ANZ said in a
note.
Owing to the risk from surging cases, the Australian bank
cut its 2021 growth forecast for China to 8.3% from 8.8%
previously, saying economic growth will be of secondary priority
behind a zero COVID-19 tolerance policy.
South Korean markets, opening after a long weekend, were
dented by concerns about slower growth in China, its biggest
trading partner, as well as over rising Delta variant cases.
Equities in Seoul were down as much as 1% in their
eighth straight session of losses, and the won last
traded at 1,175.9 per dollar by 0316 GMT, its lowest level since
mid-September in their sixth consecutive session of weakness.
In Malaysia, the ringgit stabilised after softening to a
one-year low on Monday after the cabinet led by Prime Minister
Muhyiddin Yassin resigned and pushed the country into a period
of political uncertainty at a time of economic downturn.
"The situation remains extremely fluid and subjected to the
moves and countermoves by a multitude of players in a fractured
landscape," analysts at OCBC Bank said.
"So far, while there have been some market movements,
including Malaysian ringgit weakening, the degree remains small
and discreet, fortunately."
The ringgit last traded at 4.2360 per dollar after
weakening to 4.2430 the previous day, while equities
advanced nearly a percent on Tuesday to hit their highest since
late-July.
Elsewhere, shares in the Philippines added nearly 1%
on top of the 3% gain logged in the previous session, while
Singapore equities lost 0.8% to hit their lowest since
late-July.
Markets in Indonesia, were closed for a
public holiday.
A Reuters poll showed Bank Indonesia will keep its benchmark
interest rate at a record low in a meeting later in the week as
it tries to continue to support a recovery in Southeast Asia"s
largest economy without adding more pressure on the rupiah.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields fall 2.9 basis points
to 6.350%
** Philippine peso appreciates as much as 0.2%
** U.S. 10-year benchmark yields fall 1.51 basis
points to 1.2533%
Asia stock indexes and
currencies at 0335 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.05 -5.5 <.N2 0.17 0.46
4 25>
China
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