Singapore stocks track 5th weekly gain; FX up on bets of big US rate cut
.
Singapore stocks hover near highest in more than six years
S.Korean won jumps 1%, Thai baht hits more than 18-month high
Growth likely at upper end of 2%-3% range this year-MAS official
By Sneha Kumar and Ayushman Ojha
Sept 13 (Reuters) -Singapore stocks were set for their fifth straight weekly gain on Friday as the island-state's strong economic outlook boosted investor sentiment, while Asian currencies firmed for the day on revived bets of a bigger rate cut in the United States.
Stocks in Singapore .STI rose 0.3% by 0622 GMT, hovering around the more-than-six-year-high notched on Thursday. The Singapore dollar SGD= was 0.2% higher against the greenback.
"I think the economic outlook for Singapore is quite optimistic," said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking.
"The central bank is expected to continue to appreciate the currency in terms of the monetary policy funds. So I think that will continue to support the currency strength."
The managing director of the Monetary Authority of Singapore (MAS) said at a forum that the city-state's economy was likely to expand at the upper end of its 2%-3% growth range this year.
Elsewhere in the region, stocks in Thailand .SETI climbed 0.5%, a day after Prime Minister Paetongtarn Shinawatra outlined her government's plans to the parliament which included giving around $13.4 billion in one-time cash assistance to citizens to spur consumption.
"We do note that the relative political stability could be boosting appetite for Thai stocks as inflows have been strong recently and this could also be giving support for the baht," Maybank analysts said in a note.
The Thai baht THB=TH gained as much as 0.5%, hitting its highest in more than 18 months as lawmakers move to boost Southeast Asia's second largest-economy.
Apart from relative political stability since the new PM has taken the helm, and inflows from investors who are re-evaluating emerging markets as the Federal Reserve looks set to cut rates next week, the baht has also benefited from gold prices scaling record highs.
Other Asian currencies were also trading higher as a large half-point Fed rate cut next week is back on the table after reports suggested the decision was a tough one for officials.
The Indonesian rupiah IDR=, Philippine peso PHP=, Malaysian ringgit MYR= and the Taiwan dollar TWD=TP gained between 0.2% and 0.8%. The South Korean won KRW=KFTC jumped 1%.
Next week, Indonesia's central bank will likely keep interest rates steady to support the rupiah but was expected to cut next quarter, according to a Reuters poll.
"The longer the Developing Asia (central) Banks can keep rates on hold after the Fed cuts, the better for the Developing Asia currencies and capital flows," Singapore Exchange market strategist Geoff Howie said.
HIGHLIGHTS:
** Thailand's new PM outlines policies to parliament as consumer mood drops
** Singapore growth likely at upper end of 2-3% range, MAS managing director says
All Asian currencies and stocks as of 0622 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.60 | +0.09 | .N225 | -0.68 | 9.32 |
China | CNY=CFXS | +0.24 | -0.03 | .SSEC | -0.18 | -8.83 |
India | INR=IN | +0.04 | -0.86 | .NSEI | -0.09 | 16.72 |
Indonesia | IDR= | +0.19 | +0.00 | .JKSE | -0.03 | 7.19 |
Malaysia | MYR= | +0.77 | +6.74 | .KLSE | 0.48 | 13.17 |
Philippines | PHP= | +0.32 | -1.09 | .PSI | 0.25 | 9.18 |
S.Korea | KRW=KFTC | +0.97 | -3.06 | .KS11 | 0.10 | -3.04 |
Singapore | SGD= | +0.16 | +1.53 | .STI | 0.34 | 10.13 |
Taiwan | TWD=TP | +0.38 | -3.97 | .TWII | 0.49 | 21.35 |
Thailand | THB=TH | +0.36 | +2.54 | .SETI | 0.45 | 0.86 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Ayushman Ojha and Sneha Kumar in Bengaluru; Editing by Kim Coghill and Subhranshu Sahu
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
