Singaporean stocks at 17-year high led by banks; Asian currencies slip
Singaporean bank stocks hit all-time highs
Philippine stocks hit highest since February 2022
Malaysia's ringgit eyeing best quarter since 1973
Updates at 0723 GMT
By Shivangi Lahiri and Sameer Manekar
Sept 23 (Reuters) -Singapore shares scaled a near 17-year peak on Monday and were among stock markets to gain in emerging Asia, as the city-state's biggest banks touched all-time highs on strong investor inflows owing to their attractive dividend yields.
Currencies in emerging Asia were rangebound, slipping against the U.S. dollar =USD, which remained above the one-year low it hit last week after the U.S. Federal Reserve's super-sized rate cut.
Indonesia's rupiah IDR= and the Philippine peso PHP= were the top losers of the day.
Singapore's bank and property heavyStraits Times index .STI advanced 0.7% to its highest level since early November 2007, with top banks DBS Group DBSM.SI, OCBC OCBC.SI, and UOB UOBH.SI trading at their record-high levels.
"Given potential market volatilities ahead, such as the upcoming U.S. Presidential election, it is possible that investors may be seeking refuge in stocks with qualities such as attractive dividend yields and defensive earnings," said research analysts at RHB Singapore.
"We believe the Singapore banks possess these qualities."
The Singapore dollar SGD=, which hit a near 10-year high last week, shed as much as 0.3% to 1.293 per U.S. dollar.
Singapore's key consumer price gauge rose 2.7% in August from a year earlier, data showed on Monday, exceeding economists' expectations.
Analysts at Barclays do not expect the Monetary Authority of Singapore (MAS) to turn "materially dovish" and predict its foreign exchange policy settings to remain unchanged through 2025.
In the Philippines, stocks .PSI rose as much as 2.3% to top their February 2022 level, helped by a broad-based rally across sectors. The peso PHP= slipped 0.4%, coming off a near six-month high scaled in the previous session.
Thai stocks .SETI slipped 0.5% while the baht THB=TH was down 0.2%.
Thailand's stock index is set to break a six-quarter losing streak, rising almost 11% so far in the September quarter, and is on track to clock its best quarter since December 2020, helmed by strong foreign inflows partly aided by the establishment of government-backed mutual fund Vayupak.
The Thai baht is also likely to outperform in the near term, driven by equity inflows and elevated gold prices, Goldman Sachs said in a note.
Malaysia's ringgit MYR= was flat onMonday but was set for a blockbuster quarter, appreciating around 12% so far in the September quarter, making it the currency's best three months since January 1973, if the trend continues.
"Malaysia remains in pole position to attract investors and that is generating significant support for the MYR," analysts at Maybank said in a note.
Elsewhere, the South Korean won KRW=KFTC fell around 0.2%.Stocks in Indonesia .JKSE were largely flat, while those in Malaysia .KLSE were down 0.2%.
HIGHLIGHTS:
** Malaysia's inflation rises slower than forecast in August
** Philippine central bankcuts banks' reserve requirement ratios from Oct. 25
** China's central bank injects cash, lowers 14-day reverse repo rate
** South Korea, U.S., Japan foreign ministers to meet on Monday, says Seoul
Asia stock indexes and currencies as at 0723 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.16 | -1.82 | .N225 | - | 13.32 |
China | CNY=CFXS | -0.13 | +0.57 | .SSEC | 0.44 | -7.60 |
India | INR=IN | +0.05 | -0.38 | .NSEI | 0.28 | 19.02 |
Indonesia | IDR= | -0.39 | +1.25 | .JKSE | -0.08 | 6.38 |
Malaysia | MYR= | 0.00 | +9.29 | .KLSE | -0.21 | 14.48 |
Philippines | PHP= | -0.39 | -0.86 | .PSI | 2.27 | 15.00 |
S.Korea | KRW=KFTC | -0.24 | -3.61 | .KS11 | 0.33 | -2.01 |
Singapore | SGD= | -0.23 | +2.04 | .STI | 0.31 | 12.21 |
Taiwan | TWD=TP | -0.22 | -4.06 | .TWII | 0.57 | 24.29 |
Thailand | THB=TH | -0.18 | +3.66 | .SETI | -0.62 | 1.89 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Shivangi Lahiri and Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman and Eileen Soreng
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