adplus-dvertising

Rupiah, ringgit gain amid muted Asian FX market, stocks continue rally

Article content

Indonesia’s rupiah and Malaysia’s

ringgit firmed on Tuesday, buoyed by higher energy and palm oil

prices in the wake of Russia’s invasion of Ukraine.

Russia’s rouble also held steady after a steep

plunge in the previous few sessions, after leaders from Russia

and Ukraine held ceasefire talks, but did not reach an

agreement.

“The fact that both sides are talking is positive, but there

hasn’t been any resolution, and the conflict is ongoing. So I

think markets are still taking a very cautious view about the

Advertisement

Article content

current situation, and there’s certainly no indication of risk

getting put back on,” said Khoon Goh, head of Asia research at

ANZ Banking Group (Singapore).

The rupiah and ringgit saw gains of 0.1% each.

Goh attributed the rise to surging prices of oil and natural

gas, which Malaysia and Indonesia are exporters of. Palm oil

prices, which hit a record high, also boosted the currencies.

Oil prices have been on an upward trajectory since the

Russia-Ukraine crisis began escalating, with Brent crude

touching a seven-year high of $105.79 a barrel, but have since

retreated below the $100 mark.

Indonesian stocks also led gains among equities in

the region, jumping as much as 1.6% to a record high, helped by

energy and coal producers, catching up on Monday’s broader

Advertisement

Article content

market gains after returning from a market holiday.

Data also showed the annual inflation rate in Indonesia was

2.06% in February, below market expectations.

The baht, which added 0.1%, was also likely

supported by Thailand’s central bank saying that its economy

likely improved in February.

Other equity markets in the region also continued their

upward movement as they rebounded from last week’s steep

selloff, with Philippine, Singaporean and Thai

stocks rising between 0.7% and 0.9%.

Stocks in Taiwan also climbed 1.4% in their best day

in nearly two weeks, while Malaysian stocks were the

only ones in losses, down about 0.4%.

Late on Monday, data also showed the Indian economy’s growth

slowed in the December quarter, compared to the previous two

Advertisement

Article content

quarters and failed to meet market expectations.

Markets in India and South Korea were closed for public

holidays.

HIGHLIGHTS:

Third top gainer among Indonesian stocks is Pradiksi

Gunatama Tbk Pt, a palm oil producer, after palm oil

prices hit record high

Top loser among Malaysian stocks is CIMB Group,

down 5.3% over writing off a $67 million provision

Asia stock indexes and currencies at

0511 GMT

COUNTRY FX RIC FX FX INDEX STOCKS STOCKS

DAILY YTD % DAILY YTD %

% %

Japan -0.09 -0.01 <.n225>

China -0.03 +0.69 <.ssec>

India 0.00 -1.34 <.nsei>

Indonesia +0.14 -0.66 <.jkse>

Malaysia +0.07 -0.69 <.klse>

Philippines -0.06 -0.41 0.86 3.53

S.Korea 0.00 -1.12 <.ks11>

Singapore -0.04 -0.46 0.85 4.68

Taiwan -0.11 -1.29 <.twii>

Thailand +0.09 +2.36 <.seti>

(Reporting by Harshita Swaminathan; Editing by Kim Coghill)

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.