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* Thai c.bank to hold rate at record low - poll
* Philippine, Taiwan stocks down over 1%
* Malaysia"s August exports rise 18.4%, above forecast
By Arundhati Dutta
Sept 28 (Reuters) - Asian emerging market currencies and
stocks were broadly lower on Tuesday amid concerns about China"s
economic outlook, with the South Korean won and the Thai baht
leading losses as a rally in oil prices weighed on the region"s
net importing nations.
The Thai baht weakened 0.3% ahead of the country"s
central bank meeting on Wednesday where it is widely expected to
leave its key interest rate at a record low, while the South
Koran won fell up to 0.5%.
"A mix of higher energy prices and rising UST yields may not
bode well for AXJs (Asian ex-Japan currencies), especially those
net energy importers," analysts at Maybank wrote in a note.
Oil prices extended their rally into a sixth session amid
continued concerns over tight supply, while U.S. Treasury yields
have been underpinned by the prospect of U.S tapering.
The baht is the region"s worst performing currency this
year, having weakened more than 10% against the dollar.
Thailand"s tourism-reliant economy has been hammered by a
spike in COVID-19 cases and a delayed reopening to visitors,
prompting the World Bank to cut its 2021 economic growth outlook
to 1% from the 2.2% projected in July.
However, Thai stocks edged higher as a rally in oil
prices on supply concerns led to a jump in heavyweight energy
stocks such as PTT Exploration and Production,
offsetting a fall in banks.
Riskier emerging Asian stocks traded mostly in the red amid
investor concerns about the future of cash-strapped real estate
giant China Evergrande after it missed a bond interest
payment last week, and worries power shortages in China could
hurt its 2021 growth outlook.
With liabilities of $305 billion, Evergrande has sparked
concerns its debt problems could spread through China"s
financial system and reverberate around the world - a worry that
has eased as damage has so far been concentrated in the property
sector.
China"s central bank vowed on Monday to protect consumers
exposed to the housing market and injected more cash into the
banking system.
"Despite worries about a potential meltdown in China"s
property sector ostensibly being assuaged, the calm does not
appear durable," Mizuho Bank analysts said in a note.
Philippine stocks fell over 1% and hit their lowest
level in a week, while Taiwan equities dropped 1%.
On the upside, Malaysian stocks gained 0.3%, as
exports in August rose 18.4% from a year earlier, by more than
expected.
HIGHLIGHTS:
**Indonesian 10-year benchmark yields are up 4.6 basis
points at 6.29%
**Singapore"s 10-year benchmark yield is up 1.2 basis points
at 1.521%
**Malaysia"s 10-year benchmark yield is unchanged at
3.443%
Asia stock indexes and currencies
at 0419 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY % YTD %
Japan -0.17 -7.15 <.N225 -0.38 9.77
>
China
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