Thai, Philippine shares lead Asian equities lower; rupiah drops
Rupiah at over 3-month low
Thailand stocks down 1.3%
India shares down over 1%
By Roshan Thomas
Nov 21 (Reuters) -Asian equities were mostly downbeat on Thursday, with shares in Thailand and Philippines leading the losses, while currencies in emerging markets were mixed as investors weighed tensions between Russia and the West.
Equities in Manila .PSI fell 1.2%, while shares in Bangkok lost 1.3% with investors flocking to safe-haven assets and shunning risky emerging assets on the back of concerns over the escalating conflict in Ukraine.
"Markets need to monitor the dangerous escalation in the Ukraine-Russia war, now driven by increased military engagements from both sides, strategic policy shifts, and heightened international involvement," DBS analysts said in a note.
The Indian stock market was a major highlight among Asian equities, which were dragged down by a slump in Adani Group stocks following the indictment of its billionaire chairman in New York over his alleged involvement in a bribery and fraud scheme. Stocks in Mumbai fell as much as 1.1%.
Among other stock markets, shares in Taipei .TWII fell 0.2% after the bourse, dominated by chip-makers, tracked a move in AI-giant NVIDIA NVDA.O which dropped after a mixed earnings report.
"Taiwanese stocks, which are in large part also driven by the same AI narrative as NVIDIA, are also down a little in the early morning session, though the decline is quite modest," said Lynn Song, chief economist, Greater China at ING.
Currency markets in developing countries in Asia were mostly mixed, with the Indonesian rupiah pinned at an over three-month low. Stocks in Jakarta .JKSE gained 0.3%.
The country's central bank flagged there was less room for it to further ease borrowing costs, after staying pat on rates a day earlier.
"Bank Indonesia's cautious tone after the Nov pause strengthens our base-case for another hold in Dec and possibly Jan," said Citi analysts in a note.
Other currencies including the South Korean won KRW=KFTC and Malaysian ringgit gained 0.2% and 0.1% respectively.
HIGHLIGHTS:
** Indonesian central bank says will ensure balance in FX market
** Thai 2-year c.bank bond yield 2.1043% at auction
** Indian billionaire Adani charged in US with bribery; Adani Group shares tumble
Asian stocks and currencies as of 0440 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.28 | -8.99 | .N225 | -0.94 | 14.13 |
China | CNY=CFXS | +0.04 | -2.00 | .SSEC | -0.10 | 13.10 |
India | INR=IN | -0.01 | -1.44 | .NSEI | -0.91 | 7.24 |
Indonesia | IDR= | -0.52 | -3.44 | .JKSE | 0.28 | -1.00 |
Malaysia | MYR= | +0.13 | +2.85 | .KLSE | 0.02 | 9.89 |
Philippines | PHP= | +0.05 | -6.04 | .PSI | -1.18 | 6.87 |
S.Korea | KRW=KFTC | +0.23 | -7.85 | .KS11 | 0.50 | -6.05 |
Singapore | SGD= | +0.04 | -1.70 | .STI | 0.12 | 15.67 |
Taiwan | TWD=TP | -0.24 | -5.64 | .TWII | -0.39 | 26.04 |
Thailand | THB=TH | -0.14 | -1.47 | .SETI | -1.32 | 1.93 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Roshan Thomas in Bengaluru; Editing by Stephen Coates
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
