By Rishav Chatterjee
Nov 6 (Reuters) – The South Korean won led Monday gains among Asian currencies as stocks surged, with sentiment buoyed by the dollar’s decline and markets, awaiting economic data from major countries in the region, priced in early cash rate cuts.
The dollar index =USD which fell more than 1% last week to a six-week low, was trading little unchanged at 105.1.
China, the world’s second largest economy, is set to release its import and export figures for October on Tuesday and also its bank lending and credit and key consumer price inflation(CPI) data on Thursday.
“Tuesday’s trade will likely show imports running at a subdued level given the sluggish economy and CPI on Thursday will show benign price pressures again,” HSBC analysts said.
China’s Yuan CNY=CFXS was muted in trading and was more or less unchanged. China’s shares .SSEC surged 0.9% to a more than two-week high.
Indonesia and Thailand print inflation figures on Monday.
The Indonesian rupiah IDR= surged 1.2% to 15540 and was set for its best day since March 24. Stocks in Jakarta .JKSE gained 1%.
Analysts at ING expect growth in Indonesia to be steady over the next few quarters, then picking up early next year ahead of a presidential election in February.
The Philippines will start from Monday allowing short-selling, a practice that seeks to profit off bets on a stock falling, two weeks behind the initial target, the bourse operator said on Friday.
“I think the Philippines is trying to attract more foreign equity inflows after years of shrinking stock transactions,” Nicholas Chia, macro strategist at Standard Chartered.
“This could be positive for the PHP (Philippine peso), but it also introduces more two-way risk to both the currency and the equity market.”
The peso PHP= gained 0.5% against the dollar while stocks in Manila .PSI surged 1%.
Thailand’s inflation rate fell for the first time in 25 months, reflecting lower energy prices due to government support measures and lower food prices, the commerce ministry said.
The baht THB= was trading 0.1% higher while the Thai share market was flat.
The Malaysian ringgit MYR= gained 1.4% against the dollar to hit its highest level since Sept.6 while the Singapore dollar SGD= added 0.3%.
Asia stock indexes and currencies at 0411 GMT
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
-0.13
-12.34
.N225
2.44
25.43
China
CNY=CFXS
-0.03
-5.25
.SSEC
0.88
-1.03
India
INR=IN
+0.14
-0.54
.NSEI
0.60
6.86
Indonesia
IDR=
+1.19
+0.16
.JKSE
0.96
0.05
Malaysia
MYR=
+1.35
-5.64
.KLSE
0.75
-2.32
Philippines
PHP=
+0.45
-0.27
.PSI
1.01
-7.87
S. Korea
KRW=KFTC
+1.64
-2.81
.KS11
4.10
10.24
Singapore
SGD=
+0.25
-0.83
.STI
0.47
-2.86
Taiwan
TWD=TP
+0.55
-4.42
.TWII
1.10
18.04
Thailand
THB=TH
+0.14
-2.33
.SETI
-0.03
-14.94
HIGHLIGHTS:
** S. Korea to re-impose stock short-selling ban through June to ‘level playing field’
**Singapore DBS Q3 profit beats view, sees steady earnings next year
** Philippines’ finance minister to vote to hold rate in next c.bank policy meeting
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
(Reporting by Rishav Chatterjee in Bengaluru)
(([email protected];))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Tags: EMERGING MARKETSAsian stocks surge softer dollar markets await China data
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