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* Thailand c.bank to sit tight on rates - Reuters poll
* Philippine stocks up for 5th day
* Malaysia, Philippine Q3 GDP figures awaited later this
week
By Arundhati Dutta
Nov 8 (Reuters) - Thai stocks rose and the baht gained on
Monday ahead of the Bank of Thailand"s policy decision later
this week, as the Southeast Asian nation struggles to recover
from the collapse of its vital tourism sector.
The Thai baht THB-TH gained up to 0.7%, and was at its
strongest in two weeks.
A Reuters poll expects Thailand"s central bank to hold
interest rates at a record low of 0.50% until at least 2023 to
support the flailing economy. Its next policy meeting is on
Wednesday.
"Bank of Thailand will probably have sufficient policy
flexibility for a prolonged hold," Mizuho Bank analysts said in
a note.
"Concerns of a weak THB will, however, be the bitter
trade-off," they added.
The baht is the region"s worst performing currency in 2021,
having weakened over 9% against the dollar.
Most other currencies in the region were little changed, as
the dollar firmed ahead of Wednesday"s U.S. inflation data which
is expected to test the Federal Reserve"s stance on patient rate
hikes.
Bucking the trend, the Indonesian rupiah strengthened
as much as 0.5% and was set for its best day in nearly four
weeks, gaining ground after it slumped in the last session due
to disappointing economic growth figures.
Among equity markets, the Philippines led gains with
a 1% jump. The benchmark extended gains for a fifth session and
hit its highest in 10 months.
Mizuho analysts say the Philippines" third-quarter GDP data
due on Tuesday will stress the need for policy accommodation to
be extended, while Malaysia"s GDP, due on Friday, is set to show
a return to contraction amid coronavirus-induced restrictions.
"Silver lining of higher oil (although constrained by
production) aiding the recovery are not immune to China risks,"
they added, referring to Malaysia"s economy.
The Philippines" agricultural output, which usually accounts
for less than 10% of overall output, contracted at an annual
pace of 2.6% in July-September, reflecting production declines
in crops, livestock and fisheries sectors.
Other regional stock markets cheered a robust employment
report from the United States and the congressional passage of a
long-delayed $1 trillion infrastructure bill.
South Korean stocks were the outlier, shedding more
than 1% and extending losses for a fourth day.
HIGHLIGHTS:
**Indonesia 10-year government bond yields are down around 2
bps to 6.180%
**Financials and consumer stocks drive gains in the
Philippines
Asia stock indexes and
currencies at 0354 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.20 -9.14 <.N2 -0.12 7.77
25>
China
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