* The Philippine peso is at its lowest level in over 11 months * Indonesia imposes restrictions to prevent the spread of the Zika virus FX rates around the world are depicted graphically. tmsnrt.rs/2RBWI5E * tmsnrt.rs/2RBWI5E tmsnrt.rs/2zpUAr4 Asian stock markets
Soumyajit Saha contributed to this article.
Reuters, 1 July – On Thursday, Philippine stocks outperformed their regional peers, hitting their highest level in over four months, as the country’s jobless rate decreased, while Indonesian stocks rose to near one-week highs.
As the economy progressively reopened, the Philippine Statistics Authority stated that the unemployment rate for May was anticipated to be 7.7%, down from 8.7% in April.
According to Ruben, the fall in unemployment was “sending a more bullish signal to markets.” The Union Bank of the Philippines’ head economist, Carlo O. Asuncion.
However, the relief may be short-lived, as the Philippines has extended travel and business restrictions in some areas of the country until mid-July in order to combat a surge in coronavirus infections.
After a 1.3 percent decline on Monday, Indonesian stocks were on course to rise for the third straight session, despite the country’s president confirming harsher emergency measures to control soaring prices. From July 3 to July 20, COVID-19 cases will be in place.
Indonesia’s inflation rate fell to a 10-month low in June as a result of stronger coronavirus controls, according to data released earlier in the day.
Since mid-2020, inflation has remained below the central bank’s goal range of 2% to 4%, as the epidemic has reduced domestic demand.
Meanwhile, currencies in broader developing Asia markets fell slightly as the Delta strain of the coronavirus spread, keeping risk sentiment in check, while the dollar rose to a 15-month high against the yen ahead of a major US jobs report.
As countries aim to increase vaccination rates, development in the region “will have to pick up significantly to deal with the spreads,” according to Yeap Jun Rong, a market strategist at IG.
The Philippine peso slid 0.5 percent to its lowest level in almost 11 months, while the Indonesian rupiah dropped 0.4 percent to its lowest level in over two months.
Malaysian stocks surged 0.5 percent to their highest level in nearly two weeks, while Singaporean stocks extended their recent run to gain as much as 0.6 percent.

HIGHLIGHTS ** Indonesian 10-year benchmark yields are down 1.6 basis points to 6.614 percent ** Ayala Land Inc and Aboitiz Power Corp are the top index gainers in the Philippines, up 3.33 percent and 3.07 percent, respectively.

At 0400 GMT, Asian stock indices and currencies were updated.
STOCK STOCKS DAILY YTD percent S YTD percent percent DAILY percent COUNTRY FX RIC FX FX INDEX COUNTRY FX RIC FX FX INDEX COUNTRY FX RIC FX FX INDEX COUNTRY FX RIC FX FX INDEX COUNT
+0.02 -7.06 -0.54 4.35 Japan +0.02 -7.06 -0.54 4.35 Japan +0.02 -7.06
-0.10 +0.99 -0.07 3.33 China China China China China China China China China China China China China China China China China China China China China China
India +0.00 -1.70 0.20 12.66 +0.00 -1.70 0.20 12.66 +0.00 -1.70 0.20
Indonesia -0.17 -3.31 0.42 0.52 Indonesia -0.17 -3.31 0.42 0.52 Indonesia -0.17 -3
Malaysia -0.07 -3.20 0.44 -5.40 -0.07 -3.20 -0.07 -3.20 -0.07 -3
Philippines -0.43 -2.12 1.32 -2.05 Philippines -0.43 -2.12 1.32 -2.05 Philippines -0.43 -2
S.Korea -0.57 -4.09 -0.52 14.13 S.Korea -0.57 -4.09 -0.52
Singapore -0.02 -1.82 -0.01 10.07 Singapore -0.02 -1.82 -0.01
Taiwan +0.00 +2.20 -0.16 20.32 Taiwan +0.00 +2.20 -0.16 Taiwan +0.00 +2.20 -0.16
Thailand +0.12 -6.38 0.14 9.70 +0.12 -6.38 0.14 9.70 +0.12 -6.38 0.

(Bengaluru-based reporter Soumyajit Saha contributed to this report; Kim Coghill edited it.)/nRead More