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* S.Korea"s 2021 trade volume hits $1 trln
* Malaysia stocks dragged by glove makers
* Chinese property sector weighs on local stocks
By Indranil Sarkar
Oct 26 (Reuters) - South Korean shares led gains among
Asia"s emerging stock markets on Tuesday as a strong start to
the earnings season boosted chipmakers, but investor mood was
sombre amid property troubles and rising COVID-19 cases in
China.
Stocks in Indonesia, India Thailand,
Singapore and Philippines were up between 0.2% and
0.9%.
China stepped up curbs in Beijing after reporting an
increase in COVID-19 cases from a Delta variant outbreak, with
health officials fearing that infections in the world"s most
populated country were likely to spread further.
Shanghai stocks tripped 0.3% and the yuan
traded flat.
"There have been questions about when China might lift its
zero-case COVID strategy," said Alvin Tan, RBC Capital Markets"
head of Asia FX Strategy, adding that the country was unlikely
to shift to a more open policy before the Winter Olympics
scheduled for February next year.
More movement restrictions could hurt its trade with Asian
countries as China is the region"s top trade partner, adding to
woes stemming from a liquidity crisis at the country"s
high-yield real estate sector that could have a global impact.
South Korea"s KOSPI jumped 0.9% to a near one-month
high as high-profile chipmakers reported earnings and customs
data showed trade volume for the year had reached $1 trillion.
The won firmed 0.1% even as growth in the third
quarter slowed for Asia"s fourth-largest economy, with robust
exports offset by weak domestic demand and construction and
facility investments.
However, analysts were sure the Bank of Korea would go ahead
and raise interest rates at its policy meeting next month.
Malaysian stocks fell 0.2%, dragged by the world"s
biggest latex glove maker Top Glove and peer Hartalega
Holdings.
Top Glove and Hartalega fell 1.5% and 4.5%, respectively,
after Supermax Corp warned of a hit from a U.S. import
ban.
Supermax, which is not part of the benchmark stock index,
slid 1.6%. Its gloves were banned by the United States last week
over alleged forced labour practices, the fourth Malaysian firm
to face such a ban in the past 15 months.
Other Asian currencies were mixed against a steady dollar,
with the Malaysian ringgit and Taiwan"s dollar
firming up to 0.2% each, while the Philippine peso
slipped.
HIGHLIGHTS
** Indonesian 10-year benchmark yields are down 0.5 basis
points at 6.164%
** Malaysia"s 10-year benchmark yield is down 1.3 basis
points at 3.608%
** Singapore shares weighed down by conglomerate
Keppel Corp over a unit facing a lawsuit of about $819
million in the United States
Asia stock
indexes and currencies at 0716 GMT
COUNTRY FX FX FX INDEX STOCKS STOCKS
RIC YTD DAILY YTD
DAILY % % %
%
Japan -0.23 -9.41 1.77 6.06
China
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