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* Philippines, Indonesia edge lower in thin trade
* Singapore stocks hit their lowest in over 3 months
* Thai stocks up for 6th day as COVID-19 restrictions ease
* Most regional currencies strengthen against U.S. dollar
By Arundhati Dutta
Aug 27 (Reuters) - Singapore stocks dropped 1% on Friday as
investors cut exposure to riskier assets over concerns of a
shift in the U.S. Federal Reserve"s pandemic-era accommodative
stance and fears of geopolitical instability.
Other emerging Asian markets were mixed in a low-volume
trade after rallying for most of the week, as investors weighed
indications from Fed officials that the central bank may begin
paring bond purchases soon.
"Markets reckoned they might have been too hasty in brushing
aside the Fed"s Jackson Hole Economic Symposium as a non-event,"
DBS analysts said in a note.
A dovish tone from Federal Reserve Chair Jerome Powell could
counter worries about economic damage from the Delta coronavirus
variant and fears about political fallout from a bomb attack in
Kabul, possibly spurring bids in riskier currencies against the
dollar.
An Islamic State suicide bomber killed 85 people, including
13 U.S. soldiers outside the gates of Kabul airport on Thursday.
U.S. forces are currently bracing for more attacks.
Stocks in Singapore hit their lowest in more than
three months.
"The "taper tantrum" syndrome fear has resurfaced, 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,
referring to Singapore equities.
Stocks in Taiwan extended gains to a fifth session,
helped by a bounce in semiconductor shares worldwide. Last week,
the government urged state-run banks to buy stocks to soften the
tumble.
Currencies in emerging markets strengthened against the
dollar, with the Indonesian rupiah being an outlier. The
Philippine peso weakened as much as 0.3%, before clawing
back later in the day.
The peso"s lacklustre open was in reaction to comments from
authorities suggesting that the Philippines would take longer
than expected to emerge from the subdued economic activity,
according to Nicholas Mapa, a senior economist at ING.
Local media here
reported that Socioeconomic Planning Secretary Karl Kendrick
Chua forecast the Philippines could return to pre-COVID GDP
levels by as late as 2023.
"Sentiment is shifting quickly and affecting foreign buying
and selling in the local equity market," Mapa said.
Thai stocks extended gains to a sixth day and hit
their highest in two months after the country said it would
ease some COVID-19 restrictions.
Malaysia stocks climbed 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 down 4.3 basis
points at 4.681%
** Singapore"s 5-year benchmark yield is up 1 basis point at
0.831%
** Thailand"s 10-year government bond yields are down 1.5
basis points at 1.62%
Asia stock indexes and currencies
at 0716 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY YTD %
%
Japan +0.07 -6.14 -0.36 0.72
China
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