Singapore stocks on track for fifth straight weekly gain; FX upbeat
Singapore stocks at over six-year high
Thai shares add 0.6%
Growth likely at upper end of 2-3% range - MAS managing director
By Sneha Kumar and Ayushman Ojha
Sept 13 (Reuters) -Singapore equities were headed for their fifth straight week of gains on Friday as the island-state's strong economic outlook boosted investor sentiment, while Asian currencies were upbeat after encouraging U.S. data.
Stocks in Singapore .STI rose 0.2%by midday, hovering around the more-than-six-year-high they notched on Thursday. The Singapore dollar SGD= was trading 0.2%higher against the greenback.
"I think the economic outlook for Singapore is quite optimistic," said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking.
"The central bank is expected to continue to appreciate the currency in terms of the monetary policy funds. So I think that will continue to support the currency strength."
The managing director of the Monetary Authority of Singapore (MAS), the country's central bank, at a forum on Friday said the island's economy is likely to expand at upper end of its 2-3% growth range.
Elsewhere in the region, stocks in Thailand .SETI added 0.6%, a day after Prime Minister Paetongtarn Shinawatra outlined her government's plans to the parliament which included giving around $13.4 billion in one-time cash assistance to its citizens to spur consumption.
"We do note that the relative political stability could be boosting appetite for Thai stocks as inflows have been strong recently and this could also be giving support for the baht," said Maybank analysts.
The Thai baht THB=TH gained as much as 0.5%,hitting its highest in over 18 months as lawmakers move to boost Southeast Asia's second largest-economy.
Apart from relative political stability since the new PM has taken the helm and inflows from investors who are re-evaluating emerging markets as the U.S. Federal Reserve looks to cut interest rates, the Thai baht has also benefited from gold prices scaling record highs.
Other Asian currencies also were trading higher after traders increased their bets for a 50 basis points interest rate cut by the Fed after media reports suggested the decision was a tough one for officials.
The Indonesian rupiah IDR=, Philippine peso PHP=, Malaysian ringgit MYR= and Taiwan dollar TWD=TP gained between 0.2%and 0.4%.
A large half-point rate cut from the Fed this month is back on the table, with traders pricing a 43% chance for a such move, compared with just 14% a day earlier, according to CME FedWatch tool.
HIGHLIGHTS:
** Thailand's new PM outlines policies to parliament as consumer mood drops - nL1N3KU064
** Singapore growth likely at upper end of 2-3% range, MAS managing director says - nL4N3KV06D
All Asian currencies and stocks as of 0414 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.65 | +0.13 | .N225 | -0.77 | 9.80 |
China | CNY=CFXS | +0.17 | -0.11 | .SSEC | -0.09 | -8.75 |
India | INR=IN | +0.04 | -0.86 | .NSEI | -0.26 | 16.53 |
Indonesia | IDR= | +0.19 | +0.00 | .JKSE | 0.06 | 7.29 |
Malaysia | MYR= | +0.42 | +6.37 | .KLSE | 0.39 | 13.06 |
Philippines | PHP= | +0.25 | -1.16 | .PSI | 0.26 | 9.19 |
S.Korea | KRW=KFTC | +0.94 | -3.09 | .KS11 | -0.21 | -3.34 |
Singapore | SGD= | +0.21 | +1.58 | .STI | 0.15 | 9.92 |
Taiwan | TWD=TP | +0.31 | -4.04 | .TWII | 0.21 | 21.01 |
Thailand | THB=TH | +0.41 | +2.61 | .SETI | 0.57 | 0.98 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Ayushman Ojha and Sneha Kumar in Bengaluru; Editing by Kim Coghill
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