Emerging markets: Casino stocks clobber Manila equities as Bloomberry Resorts sinks 10% on the Philippine benchmark


MANILA, Dec 1(Reuters): South Korea's won rallied to a two-week high and shares rebounded on Wednesday on encouraging domestic trade data, while the leisure sector dragged Philippine stocks lower by almost 4% as trade resumed after a holiday.

Most Asian equities regained some lost ground after volatiliy on Tuesday, following remarks by drugmaker Moderna's chief that existing vaccines may not be as effective against the new Omicron coronavirus variant. Shares in Thailand, India and Taiwan gained between 0.9% to 1.2% on Wednesday, while Singapore stocks advanced 1.9% after six days of losses.

The won firmed 0.7%, while Seoul shares climbed 2% to recover from closing at an 11-month low after data showed that exports in November grew at their fastest pace in three months and monthly factory activity also expanded.

"Robust external demand should continue to sustain Korean growth momentum, supporting further policy normalization by the Bank of Korea and lifting the won," said Wei Liang Chang, a macro-strategist at Singapore-based DBS Bank.

"We are more cautious on the risk-sensitive Indonesian rupiah and the Indian rupee where there are prospects of portfolio outflows, but North Asian export-oriented currencies such as the won could be better buffered."

The won was up for a third straight day, with total gains of 1.2% so far, even as other Asian currencies were hurt by the Omicron-driven rout this week.

The Taiwanese dollar, Singapore's dollar and the Philippine peso firmed around 0.1%, anchored by strength in the Chinese yuan which had touched a six-month high versus greenback earlier in the session.

The Indian rupee jumped 0.4% after data showed the country's economy grew by 8.4% in the September quarter, the fastest among any major economy for the period.

Bucking the trend, Manila stocks tumbled to a more than seven-week low, with casino operator Bloomberry Resorts Corp shedding 10%, tracking its Hong Kong-listed peers on China's crackdown on cross-border gambling.

Other outdoor stocks such as mall operators and retailers also fell on the Philippine benchmark to catch up with the broader global Omicron-induced selloff in the previous session. - Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Aseanplus News

Malaysian Embassy in Seoul to reopen Monday (Jan 31)
Wealthy Saudi visitors likely to jump ten-fold, say Thai travel agents
Former Chinese envoy to US urges Washington to respect China's core interests
Covid-19 pandemic, border restrictions may hinder Singapore's economic recovery: Experts
Mark your calendar: Studio Ghibli park to open in Japan in November
New electricity tariff rates to be affected by rising global coal prices, says analyst
Bangkok zebra crossing claims more casualties, days after doctor killed
China confirms it will team up with Russia to explore the Moon
More than 175,000 Singapore children aged between five and 11 have at least one Covid-19 vaccine dose
Brunei jails bathroom voyeur

Others Also Read


Vouchers