Philippine stocks rebound; India weighs in on loan moratorium decision

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Philippine stocks rebounded

Tuesday after two days of losses, as India reversed early

gains as investors scramble with a decision from the country’s highest authorities

court on the extension of the moratorium on loans.

Indian stocks, which had risen to 0.9%

during the day were trading flat at 06:25 GMT as Supreme

Court refused to extend moratorium on loans beyond six months

period that ended on August 31.

Battered bank stocks first surged after the ruling

but reduced earnings as court said borrowers cannot be charged


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any form of additional interest for non-payment during the

moratorium period.

The Philippine benchmark, which lost nearly 4% in the

for two sessions, an increase of 0.8% boosted by real estate companies

, which gained 2%.

Real estate firm Megaworld Corp led gains on the

benchmark, up 3.9%, and real estate developer SM Prime Holdings

added more than 2%.

Investors would have been encouraged by repeated pullback

Philippine authorities on strict lockdowns, ING said

economist Nicolas Mapa.

Philippine authorities prefer smaller, targeted restrictions

on a hard lockdown to support the economy, President Rodrigo

Duterte said in a briefing broadcast live Monday night,

according to Bloomberg


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Weighing on sentiment, Chinese markets lost more than 1% as

tensions between Beijing and Western countries have intensified

sanctions related to human rights violations in Xinjiang.

South Korea’s benchmark closed lower for the third year in a row

day, while Malaysia was down 0.7%.

Singapore stock market was flat, investors

ignoring data that showed the city-state’s February principal

the price indicator turned positive for the first time in a year,

fueled by rising service costs and increasing food


Most regional currencies weakened as the US dollar

stabilized before a testimony from the United States Congress

Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen

later in the day.

The Malaysian ringgit and the Philippine peso


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fell 0.2% each, while the South Korean won and

The Indonesian rupiah lost 0.1%.

Strong points:

** Yields on 10-year Thai government bonds are down 5

basis points at 1.72%

** Top losers of the FTSE Bursa Malaysia Kl index

include Genting Bhd; Genting Malaysia Bhd;

Supermax Corporation Bhd

** Shares of CapitaLand in Singapore jump on restructuring


Asian stock indices and

currencies at 0646 GMT




Japan +0.07 -5.07 -0.61 5.65


India +0.10 +1.07 0.07 5.47

Indonesia -0.07 -2.57 -0.39 4.98

that is to say

Malaysian -0.24 -2.47 -0.70 -1.34


Philippe -0.21 -1.23 0.80 -9.71


South Korea

Singapore -0.10 -1.54 0.05 10.05


Taiwan -0.02 -0.06 -0.07 9.81

Thai -0.06 -3.14 0.07 8.15


(Reporting by Shruti Sonal in Bengaluru; Editing by Amy Caren



In-depth reporting on The Logic’s innovation economy, presented in partnership with the Financial Post.


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