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* Malaysian stocks fall over 2%
* Thailand allows entry to vaccinated tourists
* C. bank meetings in Britain, Australia and U.S. scheduled
this
week
By Indranil Sarkar
Nov 1 (Reuters) - Most Asian currencies fell against a
strong dollar on Monday ahead of major global central bank
meetings through the week to determine the rates policy outlook,
with the Thai baht falling even after the country reopened its
doors to tourists.
Indonesia"s rupiah, the South Korean won
and the Philippine peso eased between 0.1% and 0.5% as
the greenback consolidated on expectations the U.S. Federal
Reserve would announce tapering of stimulus at its meeting on
Wednesday.
Tourism-reliant Thailand"s baht dropped 0.8% to a
two-week low to be among the top losers, despite a resumption of
travel for fully vaccinated people after months of restrictions.
Thai stocks also slipped 0.4%.
Investors want to see if there are new outbreaks after the
re-opening, said Poon Panichpibool, markets strategist at Krung
Thai Bank.
"After that, I think foreign investors will be more
confident and will start to accumulate Thai equities again."
South Korean shares rose 0.5% as risk appetite got a
lift after the country"s exports posted their eighth straight
month of double-digit growth in October.
Malaysian stocks fell more than 2% even after the
country announced plans to allocate 8.2 billion ringgit ($1.98
billion) for cash aid as part of its 2022 budget to be
distributed to 9.6 million recipients.
The market weakness is likely due to the announcement of new
tax measures in the budget 2022, which includes the one-off
prosperity tax on high-revenue generating companies as well as
higher stamp duties on trading of shares, said Julia Goh, senior
economist at UOB.
Malaysia"s central bank is also due to hold a policy review
on Wednesday where it is likely to keep interest rates on hold
to support the economy as it gradually reopens amid an intense
COVID-19 vaccination drive, according to a Reuters poll.
"Expansionary fiscal policy gives monetary policy
flexibility to address any inflation concerns, especially from
second half of 2022," analyst at Citibank wrote in a note.
Sentiment was also tepid after data over the weekend showed
China"s October factory activity contracted more than expected,
hurt by persistently high raw material prices and softer
domestic demand, pointing to further economic weakness in the
final quarter of 2021.
HIGHLIGHTS
** Indonesian 10-year benchmark yields are up 3.5 basis
points at 6.204%
** Singapore"s 10-year benchmark yield is up 1.8 basis
points at 1.861%
** Top losers on FTSE Bursa Malaysia Kl Index
include Telekom Malaysia Bhd and RHB Bank Bhd
down 4.5% each
Asia stock
indexes and currencies at 0451 GMT
COUNTRY FX FX FX INDE STOCKS STOCKS
RIC YTD X YTD %
DAILY % DAILY
% %
Japan -0.25 -9.66 <.N2 2.33 7.73
25>
China
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