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* Thai baht falls for 6th straight day
* Bangko Sentral ng Pilipinas rate decision eyed
* Markets digest Fed report, look for Evergrande update
* Japan stock markets shut
By Shashwat Awasthi
Sept 23 (Reuters) - The Philippines stock market rose 1%
after its central bank assured investors it had the tools to
manage the economic impact of the coronavirus pandemic, ahead of
a policy meeting on Thursday where it is expected to keep
interest rates steady.
Stocks in Manila and most other regional markets also
took a positive cue from Wall Street overnight as investors
reacted calmly to the Federal Reserve"s timeline to taper asset
purchases and hike interest rates.
Shares in Indonesia, Malaysia and Singapore
and Thailand added between 0.4% to 0.7%. South
Korean stocks played catch on their return to trading
after an extended holiday, however, falling 0.7%.
On Wednesday, Bangko Sentral ng Pilipinas (BSP) said it had
ample space in its monetary policy toolkit to deal with the
impact of the pandemic, as risks from a resurgence in COVID-19
cases and curbs remain in the Philippines.
BSP is widely expected to keep its key interest rate steady
at a record low for a seventh straight meeting. However,
economists have warned that rising inflation is likely to limit
BSP"s room for further policy easing.
Philippines" inflation quickened to 4.9% last month, its
fastest pace in nearly three years, above the policymakers"
2%-4% target range.
BSP Governor Benjamin Diokno "is expected to look past the
inflation breach as he hopes to provide monetary support for the
fledgling economic recovery," said Robert Carnell, regional head
of research, Asia-Pacific at Dutch bank ING.
"We forecast Diokno keeping rates unchanged for as long as
the Philippines is in recovery mode with the first policy
adjustment coming not earlier than mid-2022."
The BSP is set to announce its decision at around 0800 GMT.
Regional currencies were largely mixed as dealers held on to
the safe-haven U.S. dollar while they awaited developments from
Evergrande, which faces a Thursday deadline to pay interest on
one of its dollar bonds.
Markets earlier this week feared the property developer"s
debt crisis could have a ripple effect on global markets,
although analysts later played down those concerns.
The Thai baht slid 0.4% as the country"s decision to
delay reopening cities to foreign tourists overshadowed the
government"s promise to speed up COVID-19 vaccinations and
introduce urgent stimulus to support the economy.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields up 4.6
basis points at 6.252%.
** The top gainer on the Philippines index was Jollibee
Foods, up 5.8%.
Asia stock indexes and
currencies at 0404 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan -0.03 -5.98 <.N2 0.00 8.00
25>
China
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