Indonesian rupiah set for eight-day rally; Singapore stocks jump
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Singapore stocks at six-year high
Singapore's prelim Q2 GDP data beats expectations
Malaysian ringgit firms to six-month high
By Shivangi Lahiri
July 12 (Reuters) -The Indonesian rupiah rose for an eighth straight day on Friday, a rally that last occurred in September 2016, on easing concerns over its debt and fiscal policies, while Singapore equities hit a more-than-six-year high on accelerating economic growth.
The rupiah IDR= gained 0.3% against the U.S. dollar, while Indonesian stocks .JKSE were up 0.4%.
Indonesia's president-elect Prabowo Subianto has moved to dial down investor's concerns by planning to maintain the status quo on the country's debt-to-GDP ratio, his adviser told Reuters on Thursday.
That plan "is helping the rupiah sentiment into more of a positive side," said Fakhrul Fulvian, an economist at Trimegah Securities.
The Malaysian ringgit MYR= rose as much as 0.5% to a six-month high on the day and was set for its seventh consecutive session of gains, its longest rally since January this year.
The move in the ringgit, the best-performing Southeast Asia currency this year, comes a day after the country's central bank indicated it was in no hurry to ease rates this year.
"Bank Negara Malaysia maintained its assessment of continued global growth amid a resilient job market, global tech upcycle and trade recovery that cushion the impact of tight monetary policy," analysts at Maybank said.
Malaysian shares .KLSE, however, dropped 0.3%.
Stocks in Indonesia .JKSE, Philippines .PSI and Singapore .STI, though, added 0.4%, 0.6% and 0.7% respectively.
They rose alongside global equities after an unexpected drop in U.S. consumer prices boosted the odds of the Federal Reserve cutting rates in September to over 90%, from 74% two days back, according to CME FedWatch.
Singapore stocks also got a lift from data showing the city-state's second-quarter economic growth accelerated due to a rebound in manufacturing.
"A manufacturing rebound, led by the electronics sector, is broadening the growth recovery," Maybank analysts said in a note, raising their full-year growth estimate for the country.
Stocks in South Korea .KS11 and Taiwan TWII bucked the trend, dropping 1.2% and 1.9% respectively.
HIGHLIGHTS:
** China June iron ore imports retreat on anticipation of seasonal demand slowdown
** Malaysia's May industrial production up 2.4% y/y, below forecast
** POLL-Indonesia's trade surplus seen rising slightly to $3 bln in June
Asia stock indexes and currencies at 0925 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.23 | -11.38 | .N225 | -2.45 | 23.09 |
China | CNY=CFXS | +0.03 | -2.17 | .SSEC | 0.03 | -0.12 |
India | INR=IN | +0.04 | -0.39 | .NSEI | 1.00 | 13.01 |
Indonesia | IDR= | +0.34 | -4.59 | .JKSE | 0.37 | 0.75 |
Malaysia | MYR= | +0.39 | -1.65 | .KLSE | -0.25 | 11.30 |
Philippines | PHP= | -0.34 | -5.15 | .PSI | 0.59 | 3.07 |
S.Korea | KRW=KFTC | -0.19 | -6.35 | .KS11 | -1.19 | 7.60 |
Singapore | SGD= | -0.04 | -1.78 | .STI | 0.73 | 8.03 |
Taiwan | TWD=TP | -0.17 | -5.61 | .TWII | -1.94 | 33.38 |
Thailand | THB=TH | -0.26 | -5.60 | .SETI | 0.11 | -6.00 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'Souza
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