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* Malaysian cabinet led by PM resigns, ringgit hits 1-yr low
* Philippine shares rise most since June 2
* Thai Q2 GDP better than expected
* China factory output, retail sales growth slows in July
By Sameer Manekar
Aug 16 (Reuters) - Most Asian emerging equities fell on
Monday, with Indonesia and Thailand leading the declines, as a
slew of weak Chinese data and surging new cases of COVID-19
weighed on markets, while the Philippine index jumped more than
3%.
The Indonesian benchmark index fell as much as 1.3%,
even as the country proposed a $188.30 billion budget for 2022,
while Thai shares hit their lowest since mid-May as
spiking infections eclipsed better-than-expected economic growth
in June quarter.
The region"s top trading partner China recorded slow growth
in both factory output and retail sales in July as export growth
cooled and new COVID-19 outbreaks disrupted business, causing
yuan to lose initial gains and slip marginally.
"From a broader market perspective, the data will likely
contribute to a near-term tone of risk aversion afflicting
sentiment amid worsening Delta variant concerns, rising growth
worries and geopolitical risks," Mitul Kotecha, chief EM Asia
and Europe strategist at TD Securities said.
The weak data raises the chances of more reserve requirement
ratio cuts in the weeks ahead and points to growing risks of a
marginal cut in the loan prime rate by year-end, Kotecha said.
Among emerging currencies, Malaysian ringgit fell to a
one-year low as the resignation of its cabinet led by Prime
Minister Muhyiddin Yassin clouded sentiment and pushed the
country into political uncertainty at a time when it grapples
with higher cases and an economic downturn.
The ringgit last traded at 4.2395 per dollar by 0525
GMT, after slipping to 4.2415 earlier in the day - its lowest
since July 2020. Shares in Kuala Lumpur were down as
much as 0.7%, their worst intraday drop in nearly two weeks.
"Uncertainty on who takes over the leadership will weigh on
sentiment in the interim, but this could turn around if there is
a quick agreement on who will be appointed," analysts at Maybank
said, adding that they expect ringgit to ease off to between
4.220 and 4.240.
Elsewhere, the Philippine peso strengthened slightly
and the bourse soared as much as 3.1% to mark its best
intraday performance since June 2.
The Philippines has been reeling under the pressure of
rising new infections and consequent movement restrictions,
hitting investor sentiment. So far in the quarter, shares are
down 6% while peso has weakened 3.4%.
India"s Nifty 50 added 0.3% to hit a record high
after Prime Minister Narendra Modi on Sunday announced a $1.35
trillion national infrastructure plan to generate jobs and shore
up the economy.
Meanwhile, developments from Afghanistan and the possible
geopolitical implications following the collapse of its
government are also being watched by global investors.
Markets in South Korea were closed for a
public holiday.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields fall 3.2 basis points
to 6.347%
** Singapore dollar softens as much as 0.2%, equities
down 0.4%
** Indonesia c.bank seen holding rates - Reuters poll
Asia stock indexes and
currencies at 0628 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.18 -5.6 <.N2 -1.62 0.29
0 25>
China
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