EMERGING MARKETS – Philippine stocks rebound; India weighs in on loan moratorium decision


graphic: global exchange rates https://tmsnrt.rs/2RBWI5E

Philippine stocks rally after 2 days of losses

South Korea’s shares fall for third day in a row

India’s highest court rules against extension of loan moratoriums

March 23 (Reuters)Philippine stocks rebounded Tuesday after two days of losses, while India reversed its first gains as investors scrambled with a ruling from the country’s highest court on extending the moratorium on loans.

indian stocks .NSEI, which had risen 0.9% during the day, traded flat at 06:25 GMT, with the Supreme Court refusing to extend the moratorium on loans beyond the six-month period that ended on August 31.

Decrepit bank stocks initially surged after the ruling, but reduced earnings as the court said borrowers could not be charged any form of additional interest for non-payment during the moratorium period.

The Filipino reference .PSI, which has lost nearly 4% over the last two sessions, climbed 0.8% boosted by the real estate companies .PSPR, which gained 2%.

Megaworld Corp Real Estate MEG.PS led the gains on the benchmark, up 3.9%, and real estate developer SM Prime Holdings SMPH.PS added more than 2%.

Investors were said to have been encouraged by the Philippine authorities’ repeated reservations about the severe lockdowns, ING economist Nicholas Mapa said.

Authorities in the Philippines prefer smaller, targeted restrictions to a strict lockdown to support the economy, President Rodrigo Duterte said in a briefing that was broadcast live Monday evening, according to Bloomberg.

Weighing in on sentiment, Chinese markets lost more than 1% as tensions between Beijing and Western countries escalated over sanctions related to human rights violations in Xinjiang.

South Korea’s benchmark closed lower for a third day in a row, while Malaysia was down 0.7%.

Singapore Stock Exchange .STI was stable, with investors ignoring data that showed February’s main city-state price indicator turned positive for the first time in a year, fueled by rising service costs and higher food inflation.

Most regional currencies weakened as the US dollar stabilized ahead of congressional testimony by US Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen later today.

Malaysian ringgit MYR = and the Philippine peso PHP = fell 0.2% each, while South Korea gained KRW = KFTC and Indonesian rupiah IDR = lose 0.1%.

Strong points:

** Thai 10-year government bond yields are down 5 basis points to 1.72%

** Top losers of the FTSE Bursa Malaysia Kl index .KLSE include Genting Bhd GHENT.KL; Genting Malaysia Bhd GENM.KL; Supermax Corporation Bhd SUPM.KL

** Shares of CapitaLand in Singapore jump as part of restructuring plan

Asian Stock Indices and Currencies at 0646 GMT

COUNTRY

FX RIC

DAILY FX%

FX YTD%

INDEX

DAILY STOCKS%

STOCKS YTD%

Japan

JPY =

+0.07

-5.07

.N225

-0.61

5.65

China

CNY = CFXS

-0.05

+0.26

.SSEC

-1.15

-2.00

India

INR = IN

+0.10

+1.07

.NSEI

0.07

5.47

Indonesia

IDR =

-0.07

-2.57

.JKSE

-0.39

4.98

Malaysia

MYR =

-0.24

-2.47

.KLSE

-0.70

-1.34

Philippines

PHP =

-0.21

-1.23

.PSI

0.80

-9.71

South Korea

KRW = KFTC

-0.12

-3.85

.KS11

-1.01

4.57

Singapore

SGD =

-0.10

-1.54

.STI

0.05

10.05

Taiwan

TWD = TP

-0.02

-0.06

.TWII

-0.07

9.81

Thailand

THB = TH

-0.06

-3.14

.SETI

0.07

8.15

(Reporting by Shruti Sonal in Bangalore; Editing by Amy Caren Daniel)

(([email protected]; Twitter: @ shrutisonal26;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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