ANL 10.41 Decreased By ▼ -0.73 (-6.55%)
ASC 9.21 Decreased By ▼ -0.34 (-3.56%)
ASL 11.77 Decreased By ▼ -0.88 (-6.96%)
AVN 76.05 Decreased By ▼ -2.65 (-3.37%)
BOP 5.49 Decreased By ▼ -0.19 (-3.35%)
CNERGY 5.37 Decreased By ▼ -0.41 (-7.09%)
FFL 6.71 Decreased By ▼ -0.29 (-4.14%)
FNEL 5.93 Decreased By ▼ -0.23 (-3.73%)
GGGL 11.30 Decreased By ▼ -0.80 (-6.61%)
GGL 16.50 Decreased By ▼ -1.30 (-7.3%)
GTECH 8.53 Decreased By ▼ -0.63 (-6.88%)
HUMNL 7.22 Decreased By ▼ -0.38 (-5%)
KEL 2.87 Increased By ▲ 0.03 (1.06%)
KOSM 3.10 Decreased By ▼ -0.18 (-5.49%)
MLCF 25.99 Decreased By ▼ -1.81 (-6.51%)
PACE 3.15 Decreased By ▼ -0.13 (-3.96%)
PIBTL 6.04 Decreased By ▼ -0.45 (-6.93%)
PRL 18.15 Decreased By ▼ -1.36 (-6.97%)
PTC 7.01 Decreased By ▼ -0.22 (-3.04%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 33.25 Decreased By ▼ -0.60 (-1.77%)
TELE 11.12 Decreased By ▼ -0.45 (-3.89%)
TPL 9.22 Decreased By ▼ -0.82 (-8.17%)
TPLP 20.17 Decreased By ▼ -1.44 (-6.66%)
TREET 28.70 Decreased By ▼ -1.50 (-4.97%)
TRG 75.75 Decreased By ▼ -2.45 (-3.13%)
UNITY 20.28 Decreased By ▼ -0.91 (-4.29%)
WAVES 12.60 Decreased By ▼ -0.88 (-6.53%)
WTL 1.45 Decreased By ▼ -0.02 (-1.36%)
YOUW 4.75 Decreased By ▼ -0.35 (-6.86%)
BR100 4,083 Decreased By -179.3 (-4.21%)
BR30 14,985 Decreased By -647.2 (-4.14%)
KSE100 41,052 Decreased By -1665.2 (-3.9%)
KSE30 15,662 Decreased By -690.8 (-4.22%)
Markets

Philippine stocks mark best day in 3 months; Asian currencies weaker

  • Malaysian stocks were down 0.2% and the ringgit 0.1% weaker despite government data showing exports jumped 31% in March from a year earlier, rising at their fastest pace in nearly four years.
28 Apr, 2021

Asian currencies were weaker on Wednesday as a rise in U.S Treasury yields ahead of a Federal Reserve meeting took some shine off risk assets, while stocks in Philippines marked their best session in nearly three months.

Equities in Philippines closed 1.8% higher, bouncing back from near six-month closing lows on Tuesday, ahead of an address by President Rodrigo Duterte where he is expected to propose some flexibility in lockdown restrictions.

Philippines' capital region and nearby provinces are currently observing their second strictest degree of lockdown, the Modified Enhanced Community Quarantine (MECQ).

"Investors in Philippine shares began early window dressing as investors start to buy ahead of more corporate earnings releases, while other are keeping positive with the proposal for flexible MECQ," said Luis Limlingan, head of sales of Regina Capital in Manila.

Limlingan expects macroeconomic indicators to take a backseat as investors focus on corporate earnings in the next few days.

Meanwhile, Indian stocks scaled a near three-weak peak and were on course for their third consecutive session of gains, as strong quarterly results boosted the benchmark, even as India's COVID-19 death toll surged past 200,000, amid shortages of oxygen, medical supplies and hospital staff.

Currencies in the region remained subdued after US bond yields rose on the back of higher inflation expectations, as investors bet that increased government spending and loose monetary policy will increase price pressures.

When the Fed's policy meeting concludes on Wednesday, Chair Jerome Powell is expected to reaffirm commitment to keeping monetary policy accommodative over a prolonged time, though signs of rising inflation expectations have raised some speculation.

Malaysian stocks were down 0.2% and the ringgit 0.1% weaker despite government data showing exports jumped 31% in March from a year earlier, rising at their fastest pace in nearly four years.

Earlier in the session, Singapore's central bank said the city-state's economic growth is likely to exceed 6% this year and added its accommodative monetary policy stance remained appropriate.

Shares and the Singapore dollar were both marginally weaker.

Comments

Comments are closed.