* South Korean won, Indonesian rupiah appreciate
* Malaysian ringgit scales near 2-month peak
* India June-qtr GDP growth likely hit record high - Reuters
poll
By Sameer Manekar
Aug 30 (Reuters) - Most Asian emerging stock markets gained
on Monday, led by Indonesia, India and Singapore, as U.S.
Federal Reserve chief Jerome Powell"s remarks at the Jackson
Hole Symposium calmed fears over the tapering timetable.
Among currencies in the region, South Korea"s won and the
Malaysian ringgit led the rise while the Indian rupee also
logged strong gains, as the dollar nursed losses here
after Powell laid out on Friday a slower-than-expected path to
rate hikes.
The won rose as much as 0.6%, while the ringgit
touched a near two-month high.
"Focus shifts to the U.S. employment report, as markets look
for evidence of substantial further progress toward maximum
employment," analysts at Barclays said in a note.
Barclays expects U.S. non-farm payrolls, due on Friday, to
rise a "healthy" 850,000 jobs in August compared with 943,000
jobs in July.
Equities in Thailand advanced as much as 1.4% to hit
their highest since mid-June, while Singapore shares
added up to 0.9%.
India"s Nifty 50 hit a record high, advancing more
than 1% in its sixth consecutive session of gains, a day ahead
of the June-quarter economic growth data.
A Reuters poll showed India"s economic growth likely touched
a record high in the quarter through June, reflecting a very
weak base last year and a rebound in consumer spending.
"However, large year-on-year growth rates mask the
underlying weakness caused by the latest COVID-19 outbreak.
Maybe not so much in Australia, but certainly in India, where
the second wave of the outbreak spread over most of the second
quarter and was far deadlier than the last year," analysts at
ING said in a quote.
The Dutch bank expects India"s economy to have grown 17.1%
from last year in the three months ended June 30.
The rupee firmed 0.4% to hit its highest since
mid-June as the country attracted foreign direct investment
inflows of $22.53 billion during the April-June quarter, 90%
higher than a year earlier.
Malaysia"s new prime minister unveiled his cabinet last
week, retaining the finance minister and others from the
previous administration in the hope of restoring political
stability as the country faces rising COVID-19 infections.
That supported the ringgit as well as local equities
, which extended gains into a seventh session, adding
about 1% to hit a four-month high.
Indonesia"s rupiah firmed as much as 0.3% to a
three-week high, while equities jumped more than 1%. In
Thailand, the baht appreciated 0.6% to hit its highest
since July 8.
Data showed Thailand"s manufacturing output in July grew
5.12% from last year, but at a slower pace than a Reuters poll
forecast of 11% growth.
Markets in the Philippines were closed for a
holiday.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields fall as much as 3.3
basis points to 6.133%
** Singapore dollar the outlier in the region, slips
about 0.2%
** Bearish bets soften on Asian FX as U.S. dollar eases -
Reuters poll
Asia stock indexes and
currencies at 0722 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan +0.01 -5.9 <.N2 0.5 1.26
9 25>
China
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