Asian stocks, currencies gain as Omicron worries fade

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  • 10-day South Korean exports jump 20%
  • Singapore approves COVID-19 vaccine for children ages 5-11
  • Chinese stocks jump 1%
  • Thai baht nears 3-week high

December 13 (Reuters) – Stocks and currencies in emerging Asia rose on Monday as concerns over the fallout from the new variant of the Omicron coronavirus faded, while investors kept tabs on more a dozen meetings of global central banks scheduled for this week.

Shares of Malaysia (.KLSE), Thailand (.SETI) and Indonesia (.JKSE) rose 0.2% to 0.7%, while their respective currencies,, gained 0.1% to 0.3%.

Markets were relying on vaccines to curb Omicron’s impact after reports showed symptoms caused by the strain may not be as severe as initially feared, with a focus on recent political maneuvers in China and the upcoming central bank meetings.

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Most important is the Federal Reserve’s two-day review that ends on Wednesday, while in Asia, investors await meetings of central banks in Indonesia and the Philippines on Thursday.

“Asia’s economic adaptation to mobility restrictions has improved and increased vaccine coverage provides a layer of defense,” Citi analysts wrote in a note, adding that the economic reopening would continue to grow. fuel optimism.

Shanghai stock (.SSEC) jumped 1% to a three-month high after an agenda-setting meeting of key Chinese leaders ending Friday night pledged proactive fiscal policy to ensure economic stability in 2022. read more

The South Korean won strengthened 0.3% and stocks (.KS11) rose 0.4% as foreign investors continued to flow into the country’s markets. Separately, Monday’s data showed the Asian trade indicator’s 10-day exports jumped 20.4%.

Meanwhile, gains on the Kuala Lumpur index were tempered slightly by a 3.3% drop from Top Glove Corp (TPGC.KL), the world’s largest manufacturer of latex gloves, after brokers have downgraded the title. Read more

The reopening of stocks like recreation and beverages rose on the Singapore Stock Exchange (.STI) after the country’s health ministry approved COVID-19 vaccination for children aged 5 to 11. Read more

Among currencies, the rupee strengthened 0.1% to 14,350 per dollar. The Bank of Indonesia was expected to remain firm on interest rates as inflation remains subdued, but a first hike could be seen in the third quarter of 2022, according to a Reuters poll. Read more

The baht, which is sensitive to coronavirus headlines as Thailand’s economy relies heavily on tourism, rose 0.4% to a nearly three-week high.

STRONG POINTS

** Singapore-listed City Developments (CTDM.SI) rose 1.3% on the sale of a South Korean property for S $ 1.26 billion ($ 923.21 million)

** The Indonesian 3-year benchmark yield fell 2.6 basis points to 4.468%

** Singapore 5-year benchmark yield increased by around 1.1 basis points to 1.371%

($ 1 = 1.3648 Singapore dollars)

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Reporting by Anushka Trivedi in Bangalore; Editing by Stephen Coates

Our Standards: Thomson Reuters Trust Principles.


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