REFILE-EMERGING MARKETS-Singapore stocks fall as investors shun risk ahead of Jackson Hole

  • 8/27/2021
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(Refiles to fix typo in last bullet in highlights to "Singapore"s") * Taiwan stocks hit 2-wk high * Singapore stocks hit lowest in 3 months * Philippine peso volatile due to foreign trading - analyst By Arundhati Dutta Aug 27 (Reuters) - Taiwanese stocks extended their winning run to a fifth session on Friday, reflecting the country"s vaccine progress over the week, while equities in Singapore fell as traders cut risk exposure ahead of Fed Chair Jerome Powell"s Jackson Hole speech. Most other equity markets in emerging Asia were flat or lower after rallying for most of the week, as investors were spooked by Fed officials urging the central bank to begin paring bond purchases. Powell will speak at the Fed"s annual symposium later on Friday (1400 GMT). The Singapore stock benchmark hit its lowest in three months. "The "taper tantrum" syndrome fear has resurfaced again and plus we head into the weekend with geopolitical risk on the rise in the Middle East, " said Kelvin Wong, an analyst at CMC Markets. "Most traders do not want to have a significant risk on exposure as we head into Jackson Hole and over the weekend, " he added. The Philippine peso weakened as much as 0.3% against the dollar, before paring some losses later the day. "PHP opened on the backfoot today in reaction to comments from authorities suggesting a much more protracted period of subdued economic activity, " said Nicholas Mapa, senior economist at ING. Local media here reported that Socioeconomic Planning Secretary Karl Kendrick Chua forecast that the Philippines could return to pre-COVID GDP levels by as late as early 2023. The peso"s volatility was also due to foreign trading in the local market, Mapa said. Taiwanese stocks hit their highest in over two weeks. The island launched its first domestic COVID-19 vaccine this week, and on Thursday the government said said BioNTech SE COVID-19 vaccines are available earlier than expected. The South Korean won gained some ground after the Bank of Korea hiked interest rates for the first time in three years on Thursday. Malaysia stocks were up for a sixth session and the ringgit strengthened as worries over political instability continued to fade after the appointment of the country"s new prime minister last Saturday. HIGHLIGHTS **Indonesian 3-year benchmark yields are up 2 basis points at 4.744% **Malaysia"s 3-year benchmark yield is up 0.1 basis points at 2.363% **Singapore"s 10-year benchmark yield is unchanged at 1.433% Asia stock indexes and currencies at 0425 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan +0.07 -6.14 <.N2 -0.6 0.48 25> China EC> India +0.00 -1.55 <.NS -0.25 18.69 EI> Indonesi -0.10 -2.70 <.JK -0.44 0.88 a SE> Malaysia +0.07 -4.06 <.KL 0.21 -2.35 SE> Philippi +0.23 -3.78 <.PS 0.11 -4.37 nes I> S.Korea 11> Singapor +0.16 -2.32 <.ST -0.81 8.46 e I> Taiwan +0.05 +2.01 <.TW 0.66 16.61 II> Thailand +0.21 -8.24 <.SE 0.43 11.01 TI> (Reporting by Arundhati Dutta in Bengaluru; Editing by Kim Coghill) Our Standards: The Thomson Reuters Trust Principles.

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