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* Malaysia stocks set for best day since Feb. 25
* S.Korea shares enjoy best day since May 10
By Shashwat Awasthi
Aug 24 (Reuters) - Indonesian equities slipped on Tuesday as
investors kept a cautious stance after the government extended
its fiscal deficit financing arrangement with the central bank,
a scheme that led to simmering worries last year about the
bank"s independence.
Stocks in Jakarta fell as much as 0.8% after Bank
Indonesia (BI) said on Monday it would buy bonds to finance
COVID-19 relief measures, similar to a deal that raised concerns
over inflation, the rupiah and BI"s independence.
"Return of "burden sharing" is likely to reignite
medium-term concerns, including on policy credibility & debt
monetization," analysts at Bank of America Global Research said
in a note.
The rupiah strengthened 0.2%, however, as the news
coincided with a weaker U.S. dollar and Indonesia relaxing some
pandemic-led restrictions.
Kunal Kundu, an economist at Societe Generale, maintained a
positive view on the bond-buying arrangement.
"Spending is important at this stage. If government revenue
resource is a problem, then debt monetisation is the answer," he
said.
"Given that the Indonesian government has showcased its
strong desire to remain on the path of fiscal consolidation,
higher level of debt monetisation should not derail the
sentiment."
Stock markets in Malaysia, the Philippines,
and South Korea climbed more than 1% each, helped by
vaccine optimism in the United States and easing concerns around
the Federal Reserve"s policy settings.
South Korea"s KOSPI and the won, which have
endured a lacklustre third quarter so far, strengthened for a
second straight session.
The Bank of Korea is expected to raise interest rates on
Thursday, making it the first major central bank in Asia to do
so, a Reuters poll showed.
HIGHLIGHTS:
** Indonesian 10-year benchmark yield down 2.1
basis points at 6.36%.
** Top gainers on the FTSE Bursa Malaysia Kl index
include Sime Darby Plantation up 6.4% and Sime Darby
Bhd up 4.2%.
Asia stock indexes and currencies at
0710 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY YTD % DAILY % YTD %
%
Japan -0.13 -5.99 0.87 1.05
China
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