* Asian currencies weaker as dollar firms on safe-haven
flows
* Singapore stocks hit lowest in four weeks
* South Korea stocks mark worst day in nearly 2 months
By Harish Sridharan
April 21 (Reuters) - Asian stocks and currencies fell on
Wednesday as renewed concerns over India's mounting coronavirus
crisis and a global spike in COVID-19 cases raised questions
over the pace and strength of a global economic recovery.
Equity markets in export-focused countries such as Singapore
and South Korea took the biggest hit in the
region as riskier assets came under pressure globally.
The dollar benefited from safe-haven demand
overnight, weighing on most Asian currencies, while a negative
lead from Wall Street didn't help either.
"We are likely to see modest amount of equity outflows in
the region at this point in time," said Chang Wei Liang,
macro-strategist at DBS Bank.
However, he did not expect too much volatility to be
transmitted to Asian currencies, unless there was a more
significant downswing in equities, which he said looked
unlikely.
India reported its worst daily death toll on Tuesday, as the
world's second most populous country's stretched healthcare
system struggles to cope with the pandemic's sweeping impact and
imposition of curbs in major cities.
Indian currency and equity markets, which were shut for a
local holiday, could be in for a torrid reception when they
re-open on Thursday.
Singapore stocks fell as much as 1.5% earlier in the session
to hit a four-week low, while South Korean shares closed 1.5%
lower and marked its worst day since Feb. 26.
South Korean data earlier in the day showed the country's
exports during the first 20 days of April jumped 45.4% from a
year earlier, but that did little to lift sentiment in the face
of an uncertain global trade outlook.
The Indonesian rupiah was off 0.3% even as the
country's central bank stood pat on interest rates on Tuesday
and pledged its commitment to keep the rupiah currency stable.
Highlights
** Top losers on the Singapore STI was SATS Ltd
, down 3.13%
** Among the heavyweights in South Korea, SK Hynix
fell 3.25%,
** Djasa Ubersakti Tbk PT fell 6.98% and was among
the top losers on the Jakarta stock index
Asia stock indexes and currencies at 0707
GMT
COUNTRY FX RIC FX DAILY % FX YTD % INDE STOCKS STOCK
X DAILY S YTD
% %
Japan +0.03 -4.45 <.N2 -2.03 3.88
25>
China +0.08 +0.50 <.SS 0.02 0.01
EC>
Indonesia -0.28 -3.41 <.JK -0.48 0.51
SE>
Malaysia -0.06 -2.32 <.KL -0.37 -1.57
SE>
Philippines -0.04 -0.79 <.PS -0.94 -9.81
I>
S.Korea -0.56 -2.90 <.KS -1.52 10.38
11>
Singapore +0.01 -0.59 <.ST -1.21 10.89
I>
Taiwan +0.01 +1.24 <.TW -0.70 16.76
II>
Thailand -0.10 -4.28 <.SE -0.01 9.01
TI>
(Reporting by Harish Sridharan in Bengaluru; Editing by
Shailesh Kuber)
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