EMERGING MARKETS – Philippine stocks jump on vaccine hopes, dovish c.bank


    * Baht jumps most in two weeks
    * Malaysia stocks gain most in a week
    * Graphic: World FX rates tmsnrt.rs/2RBWI5E
    * Asian stock markets: tmsnrt.rs/2zpUAr4

    By Soumyajit Saha
    June 25 (Reuters) - Philippine stocks hit more than one-week
highs on Friday, as market participants looked towards an
expected increase in vaccine supply, while the country's central
bank reiterating its dovish stance further boosted sentiment.
    A broader dollar retreat and a bipartisan U.S. Senate deal
on infrastructure spending also boosted emerging assets, with
the Thai baht strengthening from a 13-month low hit on Thursday.
    Manila stocks rose 0.9% to register their fourth
weekly gain in five, a day after the Bangko Sentral ng Pilipinas
(BSP) cited continued risks from rising coronavirus infections
to keep policy accommodative, and left benchmark rates at a
record low.
    The dovish stance means "local monetary policy normalisation
may indeed be a long way off and the real economy still has
leeway to take advantage of the low interest rate environment
and help lift economic recovery and expansion," said Ruben Carlo
O. Asuncion, chief economist at The Union Bank of the
    The country has also approved the emergency use of the
COVID-19 vaccine developed by Indian vaccine developer Bharat
Biotech, and will receive a million doses of AstraZeneca Plc's
 COVID-19 vaccine from Japan.
    The Thai baht strengthened as much as 0.28% in its
best session since June 11, recovering from two consecutive
sessions of hitting over 13-month lows.
    The baht had skidded lower after Thailand's central bank on
Wednesday downgraded annual growth forecasts and pledged an
accommodative policy stance
    Political uncertainty is also weighing. Hundreds of
pro-democracy protesters took to the streets on Thursday,
calling for the prime minister to resign.
    South Korea's won jumped most in more than a
month, a day after the country's central bank said it expected
upward inflationary pressure, reinforcing views it was shifting
to less accommodative stance
    Stock markets across Asia rose, tracking U.S. indexes which
hit record highs overnight after and President Joe Biden
embraced a bipartisan Senate infrastructure deal.    
    Jakarta stocks rose nearly 1% to snap two sessions
of losses, while Malaysian shares registered their best
session in a week.
** Indonesian 10-year benchmark yields are down 9 basis points
at 6.52%
** Malaysia's 10-year benchmark yield is up 1.09 basis points at
  Asia stock indexes and                                        
 currencies at   0709 GMT                                 
                           DAILY  YTD %            DAILY   YTD %
                               %                       %  
 Japan                     +0.08  -6.80             0.66    5.91
 China                     +0.28  +1.15             1.12    3.85
 India                     -0.05  -1.53             0.24   13.21
 Indonesia                 -0.03  -2.77             0.59    1.14
 Malaysia                  +0.14  -3.18             0.34   -4.06
 Philippines               +0.09  -0.97             0.94   -2.65
 S.Korea                   +0.64  -3.68             0.51   14.94
 Singapore                 +0.13  -1.51             0.12    9.83
 Taiwan                    +0.46  +2.19             0.55   18.81
 Thailand                  +0.35  -5.58             0.06    9.47

 (Reporting by Soumyajit Saha in Bengaluru; Editing by Rashmi


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