SINGAPORE, Sept. 16 (Reuters): Philippine stocks fell three days to mark their best session in three weeks, leading to gains among emerging Asian markets on Thursday as strong economic data helped sentiment.
It was a good day for the major ASEAN countries as the equity market rose in Singapore and Thailand as well.
Regional currencies traded sideways against a largely unchanged dollar, with market participants looking to next week’s US Federal Reserve policy meeting for clues as to when the central bank would begin to cut. gradually the stimulus measures of the pandemic era.
Stocks across Asia were largely subdued, dragged down by heavy losses in Chinese real estate stocks amid fears that the financial woes of cash-strapped real estate giant China Evergrande could trigger contagion.
Shares in China fell 1%, while South Korea fell 0.7% to mark a four-day rally.
On a brighter note, Indian stocks rose 0.3% to a new record high, benefiting from gains by banks and consumer goods companies, while stocks in Singapore and Thailand also rose.
Shares in Manila rose 1.3% per day after the country’s remittances for July rose 2.5% from a year ago. â(The) market could move north as investors take advantage of the opportunities of the three-day drop.
Growth in remittances in July could help spur positive sentiment, âsaid Philstocks, a Manila-based brokerage firm.
Earlier this week, the Philippine government said it would move from large-scale restrictions to localized lockdowns in its capital region to balance the economic recovery and health risks. The peso, however, weakened 0.5%.
Separately, the Philippine government on Wednesday offered $ 866.2 million in retail dollar bonds at a price auction to raise additional funds for pandemic recovery, promote business bond market and increase foreign currency inflows. Markets in Malaysia were closed for a public holiday. – Reuters