Malaysian, Thai stocks slide 1% on tighter virus curbs

Article content material

Equities in Malaysia and Thailand led

losses amongst rising Asian inventory markets on Monday, as the 2

Southeast Asian international locations ramped up restrictions to manage

rising home coronavirus infections.

Malaysian shares dropped as a lot as 1.2% to their

lowest since Nov. 10, 2020, after Prime Minister Muhyiddin

Yassin stated on Sunday the nationwide lockdown that was set to finish

on Monday could be prolonged until each day circumstances fell under 4,000.

Thai shares had been on monitor for his or her eighth

consecutive session of losses, with the benchmark falling as

a lot as 1.1% to its lowest in over a month. The baht misplaced

0.3%.

The federal government on Sunday introduced new restrictions centered

across the capital Bangkok in a bid to sort out the nation’s

worst coronavirus outbreak.

Additional souring sentiment, the Financial institution of Thailand’s deputy

governor stated the financial system was anticipated to return to pre-pandemic

ranges solely within the first quarter of 2023, because the tourism sector

has been sluggish to recuperate.

Spiking infections additionally took a toll on Indonesian shares

which fell for the third time in 4 periods after the

nation reported its greatest each day improve, whereas the rupiah

shed 0.2%.

“Markets in Asia are but to see the type of opening up that

Article content material

Europe and the US are experiencing… we will proceed

to anticipate volatility in Asian markets within the brief time period because of

fluctuating virus circumstances,” Mitul Kotecha, chief EM Asia and

Europe strategist at TD Securities, stated.

Elsewhere, Taiwan shares prolonged their rally to a

fifth consecutive session, whereas Singapore shares had been on

monitor for a fourth straight day of beneficial properties.

Most regional currencies had been pressured because the U.S. greenback

held agency after barely softer-than-expected U.S. inflation

continued to maintain buyers on edge about potential financial

coverage tightening from the Federal Reserve.

HIGHLIGHTS

** The Philippines launches benchmark-sized U.S. greenback bond

providing to lift extra funds for budgetary help

Article content material

** Indonesian 10-year benchmark yields are up 6.4 foundation

factors at 6.591%

** Singapore’s 10-year benchmark yield is up 3.1 foundation

factors at 1.591%

Asia inventory indexes and

currencies at 0317 GMT

COUNTRY FX RIC FX FX INDEX STOCKS STOCKS

DAILY YTD % DAILY YTD %

% %

Japan +0.07 -6.73 -0.28 5.61

China -0.13 +1.01 -0.08 3.79

India +0.00 -1.53 0.00 13.44

Indonesia -0.21 -2.84 -0.66 0.06

Malaysia +0.12 -3.11 -1.06 -5.16

Philippines -0.10 -1.19 -0.46 -3.10

S.Korea -0.27 -3.94 -0.09 14.84

Singapore -0.12 -1.70 0.35 10.16

Taiwan +0.11 +2.18 0.45 19.34

Thailand -0.28 -6.08 -0.64 8.50

(Reporting by Soumyajit Saha in Bengaluru; Modifying by

Jacqueline Wong)