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* World Bank cuts Thai GDP growth outlook to 1% in 2021
* Philippine stocks fall over 1%
* Malaysia"s August exports rise 18.4%, above forecast
By Arundhati Dutta
Sept 28 (Reuters) - The Thai baht weakened on Tuesday, as
rising oil prices weighed on net importing nations in emerging
Asian markets, while investors also remained cautious ahead of a
central bank policy decision.
The currency, the worst-performing one in Asia this
year, fell 0.3% and is set to extend losses for the third
straight quarter.
A Reuters poll expects the Bank of Thailand to leave its key
interest rate at a record low on Wednesday, as tougher
coronavirus restrictions have been eased to support a flagging
economy.
However, analysts at DBS say it will be a close call between
a cut and a hold.
"We are expecting a 55% chance of a 25bps cut to a fresh
record low of 0.25%... it will be the first dissent for a cut
since March 2020 and sets the stage for an impending pre-emptive
easing," they wrote in a note.
Oil prices extended their rally into a sixth session amid
persistent concerns over tight supply, while U.S. Treasury
yields have been underpinned by the prospect of stimulus
tapering.
A mix of higher energy prices and rising Treasury yields may
not bode well for Asian currencies outside Japan, especially
those of net energy importers such as Thailand, analysts at
Maybank said.
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.
Higher oil prices helped Thailand"s stock market eke
out a 0.3% gain on the back of heavyweight energy stocks such as
PTT Exploration and Production, even as trading
volumes were about 0.1% of the 30 day average.
Most other 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.
Philippine stocks fell over 1% and hit their lowest
level in a week, while Taiwan equities dropped 0.8%.
On the upside, Malaysian stocks gained 0.6% as
exports in August rose 18.4% from a year earlier, more than
expected.
HIGHLIGHTS:
** Malaysia"s 3-year benchmark yield is up 0.2 basis points
at 2.529%
** Indonesian 10-year benchmark yields are up 4.6 basis
points at 6.29
Asia stock indexes and currencies
at 0728 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.27 -7.24 <.N2 -0.19 9.98
25>
China
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