Asian emerging equities declined, with Philippine and Singapore shares leading the losses as worries over rising coronavius cases in the region dented sentiment, while consumer and IT names helped Indian stocks scale a record high.
Philippine stocks shed 3.6 percent in their worst day since August last year. The benchmark index was also the worst weekly performer in the region, losing more than 3 percent.
Singapore shares were down 0.5 percent for the week after a six-week gaining streak, while India’s Nifty 50, the Thai benchmark and the Kuala Lumpur index were set to add between 0.7 percent and 1.5 percent.
India’s Nifty 50 scaled an all-time high on Friday, boosted by a slowdown in July retail inflation and government assurance on continued economic support. .BO
Asian currencies were mostly subdued and on track for weekly losses, with South Korea’s won being the top loser in the region and on path to mark its worst week since September 2015. It declined 0.7 percent on Friday.
“Given that there are three full Bank of Korea hikes priced in over the next year, the won remains vulnerable to any retreat in those expectations, if for example the COVID-19 outbreak were to worsen much further,” analysts at RBC Capital Markets said in a note.
Thailand’s baht started trading after a public holiday on Thursday and advanced up to 0.6 percent in its best day since mid-April, making it the only currency in the region that was on track for a weekly gain.
