June 26, 2020 / 8:44 AM / 10 days ago

EMERGING MARKETS-Asian stocks on course for weekly losses as virus fears weigh

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Indonesian rupiah declines most
    * Philippine stocks reverse course to end higher 

    By Shriya Ramakrishnan
    June 26 (Reuters) - Asian stock markets steadied on Friday
but were still on course to end the week lower as a growing
number of coronavirus cases across the region and in other major
economies dented hopes for a swift economic rebound.
    The Indonesian rupiah was the worst hit after the
country reported another surge in domestic infections, while
most other Asian currencies moved in a tight range as investors
sought the relative security of the dollar.
    Several U.S. states have reported a record rise in
infections this week, while China, Indonesia, India and the
Philippines have also seen cases growing at an alarming rate,
keeping investors on edge.  
    In the absence of immediate catalysts, analysts said local
markets were being propped by huge quantities of capital central
banks have injected into the financial system. 
    "The enormous amounts of stimulus continues to boost
markets, but I'm not expecting a big rally until we get a
clearer picture on whether or not the rise in case counts is a
result of more expanded testing and will the mortality rates
rise," said Stephen Innes, chief global markets strategist at
AxiCorp. 
    Singapore and Thai stocks rose as much as
1.1% and 1.4%, respectively, in the session, while South Korean
shares and the won outperformed, boosted by
an improvement in consumer sentiment data. 
    Philippine stocks reversed early losses before the
bell to end higher, helped by a bout of last-minute buying of
blue-chip stocks. The benchmark index ended 1.2% higher after
falling as much as 0.4% earlier in the session.
    Indian shares rose and the rupee also edged
up, though gains were limited by geopolitical tensions and the
country's now swiftly rising coronavirus case numbers. 
    India on Thursday accused China of deploying large numbers
of troops and weapons along a disputed Himalayan border in
violation of bilateral agreements.
    Indian equities, one of this year's big underperformers,
were however the sole market in the region set for a weekly
gain, supported by increased inflows from global investors.
    Financial markets in China and Taiwan were closed for
holidays. 
    
    HIGHLIGHTS:
** Indonesian 3-year benchmark yields are up 0.1 basis points at
6.258%, while Thailand's 10-year government bond yields are down
4 basis points at 1.21%

** Top gainers on the Thailand's SETI include Royal
Orchid Hotel Thailand PCL up 14.63% at 35.25 baht,
Grande Asset Hotels and Property PCL up 14.29% at
0.64 baht, Thai Reinsurance PCL up 13.89% at 0.15 baht
** Top gainers on the Singapore STI include Singapore
Exchange Ltd up 2.11% at S$8.21, Wilmar International
Ltd up 1.96% at S$4.16, Mapletree Logistics Trust
 up ​ 1.55% at S$3.15
** In the Philippines, top index gainers are PLDT Inc
up 5.04% at 1250 peso, Aboitiz Equity Ventures Inc up
3.65% at 46.85 peso, Metro Pacific Investments Corp up
​ 3.54% at 3.8 peso
    

  Asia stock indexes and                                  
 currencies at   0810 GMT                          
 COUNTRY   FX          FX   FX YTD  INDEX  STOCKS   STOCKS
           RIC    DAILY %        %          DAILY    YTD %
                                                %  
 Japan     <JPY=    +0.22    +1.55  <.N22   1.13    -4.84
           >                        5>             
 India     <INR=    +0.05    -5.61  <.NSE    0.58   -14.96
           IN>                      I>             
 Indonesi  <IDR=    -0.35    -1.91  <.JKS    0.15   -22.15
 a         >                        E>             
 Malaysia  <MYR=    -0.21    -4.57  <.KLS   -0.23    -6.48
           >                        E>             
 Philippi  <PHP=    +0.02    +1.36  <.PSI    1.20   -20.77
 nes       >                        >              
 S.Korea   <KRW=    +0.34    -3.68  <.KS1    1.05    -2.87
           KFTC>                    1>             
 Singapor  <SGD=    -0.04    -3.39  <.STI    0.73   -19.05
 e         >                        >              
 Thailand  <THB=    +0.08    -3.19  <.SET    0.36   -15.77
           TH>                      I>             
 

 (Reporting by Shriya Ramakrishnan in Bengaluru; editing by
Patrick Graham and Anil D'Silva)
  
Nuestros Estándares:Los principios Thomson Reuters
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