Asian currencies, stocks set for weekly rise after bumper Fed rate cut
Updates as at 0735 GMT
Philippine central bank lowers reserve ratios by 250 bps
Thai baht set for ninth straight weekly gain
Indonesian stock index tumbles as much as 2.1%
By Himanshi Akhand
Sept 20 (Reuters) -Most emerging Asian stocks and currencies were set for weekly gains on Friday, buoyed by strong risk appetite after a super-sized interest rate cut from the U.S. Federal Reserve.
Singapore's benchmark share index .STI continued to trade at a six-year high and was set for its sixth consecutive weekly gain. The Singaporean dollar SGD= was set for its best week in a month.
Malaysia's ringgit MYR=, Asia's best performing currency this year, rose 0.5% to its highest level since March 2022 and was set for its best week since late-July.
"The Fed has delivered a boost to EM and broader risk assets, and we expect further gains in the near term," Barclays analysts said in a note.
The Fed's 50-basis-point rate cut on Wednesday and smaller-than-expected weekly jobless claims data on Thursday sparked optimism that the U.S. economy could achieve a soft landing.
Barclays, however, expects the Fed cut to have little impact on the monetary policy paths of central banks in India, Malaysia, Thailand and Singapore, who will likely continue to hold rates due to inflation or financial-stability constraints.
Thailand need not reduce rates immediately after the Fed as its economic outlook remains unchanged, its central bank chief said.
The country's key interest rate has been at a decade-high of 2.50% for a year but the Bank of Thailand has resisted repeated government calls for a cut.
Thai equities .SETI traded at 11-month highs and the baht THB=TH was set for its ninth straight weekly gain, the longest such streak since June 2020.
In the Philippines, the peso PHP= and stocks .PSI pared gains after the central bank said it will reduce reserve requirements for banks by 250 bps, adding that the inflation outlook meant further cuts were possible.
Bangko Sentral ng Pilipinas was the first Asian central bank to start easing its policy in August, and was joined by Bank Indonesia (BI) earlier this week.
The BI's surprise rate cut boosted the rupiah IDR=, which appreciated up to 1% on Friday to a 13-month high.
However, Indonesia's benchmark stock index .JKSE fell as much as 2% to skid off an all-time peak it hit on Thursday, as panic selling took over after FTSE Russell decided to remove power giant Barito Renewables BREN.JK from its indexes just a day after its expected inclusion, citing shareholder concentration.
China's yuan CNY=CFXS touched a 16-month high on bets that Beijing will unveil fresh economic stimulus, even as the central bank unexpectedly left benchmark lending rates unchanged.
HIGHLIGHTS:
** BOJ keeps interest rate steady, upgrades view on consumption
** Indonesia issues new palm oil levies rule to boost competitiveness
Asian stocks and currencies at 0735 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.57 | -1.66 | .N225 | 1.53 | 12.73 |
China | CNY=CFXS | +0.18 | +0.66 | .SSEC | 0.03 | -8.00 |
India | INR=IN | +0.19 | -0.37 | .NSEI | 1.50 | 18.71 |
Indonesia | IDR= | +0.69 | +1.79 | .JKSE | -1.54 | 7.02 |
Malaysia | MYR= | +0.48 | +9.68 | .KLSE | 0.26 | 14.80 |
Philippines | PHP= | -0.05 | -0.28 | .PSI | 0.70 | 12.44 |
S.Korea | KRW=KFTC | -0.17 | -3.27 | .KS11 | 0.49 | -2.33 |
Singapore | SGD= | +0.08 | +2.22 | .STI | -0.41 | 11.67 |
Taiwan | TWD=TP | -0.15 | -3.89 | .TWII | 0.53 | 23.58 |
Thailand | THB=TH | +0.21 | +3.40 | .SETI | 0.16 | 2.91 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Himanshi Akhand in Bengaluru; Editing by Kim Coghill and Rashmi Aich
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