Emerging markets - Singapore, Thailand rise as Philippine shares lead gains on robust data but currencies muted

SINGAPORE, Sept 16 (Reuters): Philippine shares snapped a three-day decline to mark their best session in three weeks, leading gains among emerging Asian markets on Thursday as strong economic data aided sentiment.

It was a good day for leading Asean countries as the share market also rose in Singapore and Thailand.

Regional currencies traded sideways against a largely unchanged dollar, with market participants looking to next week's U.S. Federal Reserve policy meeting for clues on how soon the central bank would begin tapering pandemic-era stimulus.

Equities in broader Asia were largely subdued, dragged by heavy losses in Chinese property stocks amid fears that cash-strapped real estate giant China Evergrande's financial woes could trigger a contagion.

Shares in China fell 1%, while South Korea dropped 0.7% to snap a four-day rally.

On a brighter note, Indian shares rose as much as 0.3% to hit yet another record high, benefiting from gains in banks and consumer goods companies, while stocks in Singapore and Thailand also rose.

Stocks in Manila added 1.3% a day after the nation's cash remittances for July showed a 2.5% rise from last year. "(The) market could move north as investors take opportunities out of the three-day decline.

The growth in July cash remittances may help spur positive sentiment," Manila-based brokerage Philstocks said.

Earlier this week, the Philippine government said it would shift from wide-scale restrictions to localised lockdowns in its capital region to balance economic recovery and health risks. The peso, however, weakened 0.5%.

Separately, the Philippine government offered $866.2 million worth of retail dollar bonds at a price-setting auction on Wednesday to raise extra cash for pandemic recovery, promote bond market activity and boost foreign exchange inflows. Markets in Malaysia were closed for a public holiday. - Reuters

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Asean , Share Market , Singapore , Thailand , Philippines , Rising


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