* Philippine stocks set for best day since Feb. 1
* S. Korean won, Taiwan dlr lead gains
* Singapore, Malaysia, Indonesia, Thailand closed
By Arundhati Dutta
May 26 (Reuters) - Philippine shares were headed for their
best day in nearly four months on Wednesday, with much of the
region being closed for a holiday, while the U.S. Federal
Reserve's dovish stance on rates boosted Asia's emerging
currencies.
The South Korean won led the region's gains with
a 0.5% rise, followed by the Taiwan dollar, up 0.3%, as
the dollar wallowed around January lows.
U.S. Federal Reserve officials continued to insist on
Tuesday that monetary policy would stay accommodative despite
inflationary pressures, weighing on the dollar and U.S.
Treasuries. [USN?]
The Philippine benchmark index surged 2.9%, its
biggest intraday jump since Feb. 1.
Large cap industrial and real estate stocks drove most of
the gains, with Megaworld Corp adding 2%, while Ayala
Corp jumping 3.2%.
Philippine equities are the worst hit across Asia so far
this year, down nearly 11% in 2021 as of last close.
Neighbouring Singapore, Malaysia, Indonesia and Thailand
markets were closed for a holiday.
Stocks in Taiwan edged higher, while South Korean
shares dipped.
Bank of Korea's rate decision is expected on Thursday, where
it is seen keeping interest rates at record lows for the rest of
2021 to combat COVID-19 uncertainties and worries about
financial imbalances offset signs of a broader economic
recovery.
HIGHLIGHTS:
** Industrial and real estate sectors drive Philippine
shares higher
**Philippine 10-year benchmark yield is unchanged at 3.951%P
Asia stock indexes and
currencies at 0706 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.09 -5.16 <.N2 #VALUE #VALUE
25> ! !
China <CNY=CFXS +0.26 +2.08 <.SS 0.26 3.39
> EC>
India - +0.41 <.NS 0.54 9.37
EI>
Indonesi - -1.99 <.JK - -2.73
a SE>
Malaysia - -2.90 <.KL - -3.04
SE>
Philippi -0.07 -0.24 <.PS 2.33 -11.18
nes I>
S.Korea <KRW=KFTC +0.46 -2.75 <.KS -0.09 10.26
> 11>
Singapor - -0.21 <.ST - 10.63
e I>
Taiwan +0.27 +2.45 <.TW 0.29 12.97
II>
Thailand - -4.43 <.SE - 8.23
TI>
(Reporting by Arundhati Dutta in Bengaluru; Editing by Rashmi
Aich)
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