* June manufacturing activity in China falls to a four-month low * Thai equities reach a one-week high * Graphic: World FX rates tmsnrt.rs/2RBWI5E
* tmsnrt.rs/2zpUAr4 Asian stock markets
Soumyajit Saha contributed to this article.
30 JUNE (Reuters) – On Wednesday, Singapore stocks were set to post their biggest day increase in over a month after the central bank indicated growth this year could exceed expectations due to stronger global demand and progress in the country’s immunization campaign.
After the central bank warned growth could exceed the upper end of the official 4 percent -6 percent projected range this year, the FTSE Strait Times index in Singapore jumped as high as 1.6 percent.
Government data bit.ly/3AcQr7f showing a recent drop in daily coronavirus cases, as well as local media reporting bit.ly/3y6wP2D, bolstered the mood. According to Mitul Kotecha, head EM Asia and Europe analyst at TD Securities, the vaccination process is ramping up.
“With regard to the virus in Singapore, the picture is getting more positive,” Kotecha said.
As the region continues to grapple with a developing coronavirus outbreak, the situation in Singapore helped its shares outperform largely lackluster stock markets across the rest of Southeast Asia.
Philippine equities fell 0.3 percent on Monday, a day after the country extended mobility and business restrictions in the capital Manila and neighboring provinces until mid-July while maintaining harsher COVID-19 restrictions in other areas.
Despite this, the index was expected to rise by more than 4.6 percent for the month.
Thailand’s stocks extended Tuesday’s gains to a one-week high, after declining for eight straight sessions, and were on track to gain 0.7 percent in the second quarter.
Thailand’s tourism-dependent economy, which has been hammered by a drop in foreign tourists, may find some relief in its auto sector, which is expected to achieve a new high this year.
Even as the country confronts a raging viral outbreak, Indonesian equities have continued to recover from Monday’s 1% dip.
The rupiah and South Korea’s won both weakened marginally, as did most developing Asian currencies.
The drop in China’s June manufacturing activity to a four-month low had no impact on sentiment, as overnight data showing an increase in U.S. consumer confidence propelled a barometer of global stocks to near-record highs.
HIGHLIGHTS ** Indonesian 10-year benchmark yields have risen 3.3 basis points to 6.643 percent. ** Malaysia’s 10-year benchmark yield has fallen 2.3 basis points to 3.292 percent.
At 0357 GMT, Asian stock indices and currencies were trading.
COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY PERCENTAGE YTD PERCENTAGE S YTD PERCENTAGE DAILY PERCENTAGE DAILY PERCENTAGE DAILY PERCENTAGE DAILY PERCENTAGE DAILY PERCENTAGE DAILY
+0.00 -6.57 0.05 5.03 +0.00 -6.57 0.05 5.03 +0.00 -6.57 0.05 5.
China +0.10 +1.09 0.24 3.13 China +0.10 +1.09 0.24 3.13 China +0.10 +1.
India +0.00 -1.56 0.18 12.84 +0.00 -1.56 0.18 12.84 +0.00 -1.56 0.18
Indonesia -0.14 -3.17 0.51 0.01 -0.14 -3.17 0.51 0.01 -0.14 -3.17
Malaysia -0.05 -3.18 -0.35 -5.19 -0.05 -3.18 -0.35 -5.19 -0.05 -3.18
-0.05 -1.41 -0.22 -2.78 Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines Philippines
S.Korea -0.13 -3.88 0.40 14.84 S.Korea -0.13 -3.88 0.40 14.84 S.Korea –
Singapore +0.07 -1.73 1.34 10.09 Singapore +0.07 -1.73 1.34 10.09 Singapore +0.07 -1.
Taiwan +0.08 +2.14 0.99 20.63 Taiwan +0.08 +2.14 0.99 20.63 Taiwan +0.08 +2.14
Thailand +0.06 -6.43 0.44 10.28 Thailand +0.06 -6.43 0.44 10.28 Thailand +0.06 -6.
(Bengaluru-based reporter Soumyajit Saha contributed to this report; Ana Nicolaci da Costa edited it.)
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