Asian currencies subdued on strong dollar; Thai stocks at 1-yr high
.
Thai stocks at highest level since September 2023
Singapore stocks advance more than 1%
Malaysian ringgit falls 0.4% among tepid currencies
TSMC posts 54% rise in Q3 profit
By Adwitiya Srivastava and Himanshi Akhand
Oct 17 (Reuters) -Asian currencies were subdued onThursday as the dollar firmed on improving prospectsof a Donald Trump presidency, while most regionalstocks gained, with Thai equities staying ata one-year high a day after a surprise rate cut by its centralbank.
The Malaysian ringgit MYR=, the region's best performing currency this year, fell 0.4% and the South Korean won KRW=KFTC was down 0.3%.
The U.S. dollar USD= hovered near an 11-week high, supported by recent upbeatdata that led traders to price in a smaller rate cut. An improvement inTrump's fortunes in the presidentialelection next month also buoyed the greenback. FRX/
Meanwhile, theBank of Thailand (BOT) delivered a surprise 25-basis-point ratereduction on Wednesday, but indicated the cut was not the start of an easing cycle.
Equities in Bangkok .SETI rose 0.7%, staying at a more thanone-year high, while the baht THB=TH, one of the few regional currencies with year-to-date gains so far, inched 0.1% lower.
"While the ASEAN-6 central banks have a dovish tendency, they are not on a pre-determined rate cut path. The quantum and timing are likely to be dictated by financial market volatility, domestic growth-inflation mix and U.S. Fed's moves," DBS analysts said in a note.
The Philippine central bank also delivered a 25-basis-point rate cut, while Bank Indonesia kept rates unchanged, both as expected.
The depreciation of the rupiah has previously forced the central bank to pause and await better opportunities to ease policy, Barclays analysts said.
"Historically, bouts of IDR depreciation – as well as poor trade or current account balance data prints – have resulted in a start-stop pattern in previous BI rate-cutting cycles," they said.
The Indonesian rupiah IDR= ticked 0.1% higherand stocks .JKSE rose 1%.
Other regional equities were also higher, with Singapore stocks .STI rising as much as 1.1%, scalingtheir highest level in over three weeks.
Taiwanese stocks .TWII closed up 0.2%. Chip giant TSMC 2330.TW fell almost 1% in the session. It reported a forecast-beating 54% jump in third-quarter profit.
Elsewhere, China promised to improve builders' access to funding for finishing thousands of projects, and the central bank's deputy governor said cuts to down payments had already improved confidence and sales.
Chinese equities .SSEC fell 0.7%, while the yuan CNY=CFXS was largely flat.
Investors are now awaiting China's third-quarter GDP data due on Friday.
HIGHLIGHTS:
** Indonesia's Prabowo gets support from biggest party, but no coalition deal yet
** Japan's exports fall for first time in 10 months on China, US slowdown
Asian stocks and currencies as at 0635 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.00 | -5.72 | .N225 | -0.69 | 16.89 |
China | CNY=CFXS | -0.03 | -0.34 | .SSEC | -0.67 | 6.94 |
India | INR=IN | -0.04 | -0.98 | .NSEI | -0.76 | 14.03 |
Indonesia | IDR= | +0.06 | -0.65 | .JKSE | 0.97 | 6.19 |
Malaysia | MYR= | -0.37 | +6.60 | .KLSE | 0.30 | 12.57 |
Philippines | PHP= | +0.00 | -4.07 | .PSI | 0.33 | 15.68 |
S.Korea | KRW=KFTC | -0.30 | -5.89 | .KS11 | -0.04 | -1.73 |
Singapore | SGD= | +0.01 | +0.46 | .STI | 1.12 | 12.06 |
Taiwan | TWD=TP | +0.05 | -4.43 | .TWII | 0.19 | 28.57 |
Thailand | THB=TH | -0.06 | +2.88 | .SETI | 0.69 | 5.61 |
Reporting by Adwitiya Srivastava and Himanshi Akhand in Bengaluru; Editing by Stephen Coates and Sonia Cheema
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