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* South Korea"s won hits near one-year low
* Philippine shares add 0.7%
* India"s Nifty 50 hovers near record high
* Indonesia"s cenbank to hold benchmark rate - Reuters poll
By Sameer Manekar
Aug 17 (Reuters) - Asian currencies eased on Tuesday as
weaker-than-expected economic data from China and rising
COVID-19 cases in the region weighed on investor sentiment,
while stocks traded mixed with Philippine equities up nearly 1%
after a record budget proposal.
Market participants were also tracking developments in
Afghanistan, with the deteriorating situation in the capital
Kabul having eclipsed overnight strength on Wall
Street.
Equities in South Korea gave up nearly 1% and hit
their lowest since late-May in their eighth straight session of
losses, while Singapore shares fell for a third straight
day and were down half a percent.
On the other hand, Philippine shares climbed 0.7%
after President Rodrigo Duterte proposed a record $99.13 billion
budget for 2022, 11.5% higher than the 2021 allotment, to help
the country recover from the pandemic.
Among currencies, South Korea"s won weakened for a sixth
straight session and hit a near one-year low as economic
slowdown concerns in China, the country"s biggest trading
partner, and rising coronavirus cases weighed.
The won last traded at 1,176.7 per dollar after
falling to 1,179.0, its lowest since mid-September last year.
Data released on Monday showed China"s July retail sales
growth and factory output slowed down sharply as new COVID-19
outbreaks, social restrictions, and floods disrupted business
operations, adding to signs that the economic recovery in
region"s largest trading partner may be losing momentum.
Citing the risk from surging cases, analysts at ANZ Bank cut
their 2021 growth forecast for China to 8.3% from 8.8% and said
economic growth would be of secondary priority for the
government behind a zero COVID-19 tolerance policy.
In Malaysia, the ringgit stabilised after softening to a
one-year low on Monday after the cabinet led by Prime Minister
Muhyiddin Yassin resigned.
"So far, while there have been some market movements,
including Malaysian ringgit weakening, the degree remains small
and discreet, fortunately," analysts at OCBC Bank said.
The ringgit was at 4.2370 per dollar after weakening
to 4.2430 the previous day, while equities advanced
nearly 1% to hit their highest since late July.
Elsewhere, Thai shares added 0.5%, while India"s
Nifty 50 hovered near its record high.
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 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 2.67 basis
points to 1.2417%
Asia stock indexes and currencies at
0637 GMT
COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS
DAILY % DAILY YTD %
% %
Japan -0.07 -5.55 -0.36 -0.07
China
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