* Indonesia Q3 GDP growth slows more than expected
* Philippine inflation eases in October
* Most Asian currencies heading for weekly declines
By Indranil Sarkar
Nov 5 (Reuters) - Indonesia"s rupiah and shares slipped on
Friday after data showed third-quarter economic growth slowed
more than expected, while Philippine stocks rose as easing
inflation cemented hopes the central bank policy would stay
accommodative for some time.
Most Asian currencies were on track to end the week lower
after the U.S. Federal Reserve unveiled its stimulus tapering
plan, with the Malaysian ringgit weakening 0.2%.
The rupiah cut earlier losses fuelled by data showing
southeast Asia"s largest economy slowed in the last quarter due
to pandemic-related restrictions. However, recent data suggests
growth may be back on track in the current quarter.
The rupiah was set for its worst week since August 2020,
while stocks were down 0.5%.
"Although there are several factors that will constrain the
pace of the recovery, the upshot is that economic activity is
regaining traction," ANZ Research analysts wrote in a note,
adding elevated commodity prices were a boon for the
resource-rich economy.
Meanwhile, Philippine stocks rose 1.9% to their
highest since January after annual inflation slowed to a
three-month low in October, reaffirming expectations the central
bank would keep rates on hold for a while.
"We expect Bangko Sentral ng Pilipinas to maintain its
current policy setting for the balance of 2021 and we retain our
expectation for a possible rate adjustment from monetary
authorities in the second quarter of 2022," analysts at ING
wrote.
South Korean shares fell 0.5% and posted their third
weekly decline, failing to catch a broader global rally as
growing inflationary threats dented risk appetite.
The won eased 0.2%.
A key U.S. jobs report is due later in the day that could
sway the timing of rate hikes by the Federal Reserve in the wake
of its move to scale back its massive pandemic-era support.
HIGHLIGHTS
** In the Philippines, top index gainers are Robinsons Land
Corp, up 6.5%, and Bloomberry Resorts Corp,
up 6.1%
** Indonesian 10-year benchmark yields are down 1.7 basis
points at 6.207%
** Singapore"s 10-year benchmark yield is down 5.1 basis
points at 1.8%
Asia stock
indexes and currencies at 0700 GMT
COUNTRY FX FX FX INDEX STOCKS STOCK
RIC DAILY YTD % S
% DAILY YTD
% %
Japan +0.09 -9.16 <.N22 -0.61 7.90
5>
China
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