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* Taiwan stocks up for 3rd day, gains up to 1.1%
* Malaysian equities extend gains to fourth day
* Philippine peso & S.Korean won lead currency losses
By Arundhati Dutta
Aug 25 (Reuters) - South Korean stocks fell on Wednesday and
the won weakened ahead of a widely expected rate hike from the
country"s central bank, which would make it the first in Asia to
do so in the pandemic era.
Taiwan led other emerging Asian equities higher on positive
U.S. vaccination news and as investors were less sure whether
Federal Reserve Chair Jerome Powell would announce a timetable
for tapering stimulus at his Jackson Hole speech.
Analysts polled by Reuters expect the Bank of Korea to raise
interest rates on Thursday, even as the country struggles to
contain the spread of the coronavirus outbreak.
South Korean stocks dropped up to 0.7% and the won
weakened 0.3% against the dollar.
"An earlier rate hike from the BOK than the Fed is expected
to provide limited support for the KRW, given the weakening
correlation between the KRW-USD rate gap," Ma Tieying and Philip
Wee, analysts at DBS wrote in a note.
The South Korean won is one of the worst performing
currencies in Asia this year, having depreciated nearly 7%
against the dollar, hurt mostly by outflows from foreign
investors.
"Bond inflows have remained steady and strong, as the
risk-return profile of KTBs remains attractive to foreign
investors – especially those from Europe and Japan, where yields
are zero/negative," the note added.
Malaysian equities extended gains to a fourth
session and the ringgit strengthened 0.1%
The ringgit"s move was supported by China reporting zero
COVID-19 cases and fading uncertainties over domestic politics
after the appointment of new prime minister Ismail Sabri Yaakob,
analysts at Maybank said in a note.
Other Asian currencies weakened, with the Philippine peso
and the South Korean won leading losses.
Thai stocks gained on statements from the finance
minister that the country"s fiscal position remained strong and
it can raise its public debt ceiling if necessary.
In Indonesia, stocks gained up to 0.7%, as the
central bank said it expected inflation to be within its target
range of 2% to 4% in 2021 and 2022.
HIGHLIGHTS
**Indonesian 10-year benchmark yields are down 6.9 basis
points at 6.29%
**Malaysia"s 10-year benchmark yield is down 0.3 basis
points at 3.24%
**Singapore"s 10-year benchmark yield is up 2.7 basis points
at 1.412%
Asia stock indexes and currencies
at 0354 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.14 -5.95 <.N2 -0.1 0.97
25>
China
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