DBS, OCBC lead gains among Singapore shares
Taiwan stocks drop 1.6%
Indonesian rupiah loses 0.3%
Updates as of 0640 GMT
By Rishav Chatterjee
April 22 (Reuters) - Singapore stocks rose for a sixth straight session on Tuesday, marking their longest winning streak in over four months, while recent gains in emerging Asian currencies fizzled out as the dollar steadied after a sharp drop.
Singapore's Straits Times index .STI rose up to 1.7%, their highest since April 4, driven by top banks DBS Group DBSM.SI and Oversea-Chinese Banking Corp OCBC.SI.
The city-state's defensive and high-yielding stocks, once sidelined for their limited growth outlook, have drawn renewed interest from foreign investors seeking steadiness through rampant volatility.
"Singapore can be viewed as a safe haven in the current turbulent environment. It has an attractive dividend yield, resilient currency and multi sectors that are not directly exposed to tariffs," said Paul Chew, Head of Research at Phillip Securities.
Investors were likely to remain focused on defensive sectors, with global markets expected to stay volatile in the coming months, said Carmen Lee, Head of OCBC Investment Research.
Elsewhere in Southeast Asia, markets were mixed, with Jakarta .JKSE up 0.9% and Bangkok .SETI flat, while Taiwan .TWII fell 1.6% to a near two-week low, tracking weak cues from Wall Street.
In Malaysia, both the ringgit MYR= and the local benchmark index .KLSE were trading in the red after an advance print on Monday showed gross domestic product moderating in the first quarter and prompted brokerages to revise their annual growth expectations.
Brokerages Barclays and CGS International Securities downgraded their annual gross domestic product growth estimates for Malaysia, while Citigroup saw "downside risks" to annual growth.
Currencies in the Philippines PHP= and Taiwan TWD=TP edged lower after hitting multi-month highs in earlier sessions. The South Korean won KRW=KFTC drifted marginally higher.
Mizuho Bank's chief Asian FX strategist, Ken Cheung Kin Tai, said the lingering concerns over U.S. reciprocal tariffs and U.S. recession could dampen the risk appetite for emerging currencies.
The Indonesian rupiah IDR=, among the worst-performing emerging market currencies globally, has depreciated around 5% this year amid concerns over fiscal spending plans and capital flight driven by tariff fears.
The currency was trading 0.3% lower ahead of Bank Indonesia's policy decision on Wednesday, where the central bank is widely expected to stay pat on interest rates.
The U.S. dollar =USD was trading 0.2% lower at 98.18.
HIGHLIGHTS:
** Bank Indonesia to hold rates on April 23
** Thai industrial sentiment drops in March, US tariffs a concern
** US finalizes tariffs on Southeast Asian solar imports
Asian currencies and stocks as of 0640 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.38 | +12.02 | .N225 | -0.16 | -12.93 |
China | CNY=CFXS | -0.22 | -0.13 | .SSEC | 0.49 | -1.32 |
India | INR=IN | +0.05 | +0.62 | .NSEI | 0.37 | 2.41 |
Indonesia | IDR= | -0.33 | -4.54 | .JKSE | 0.85 | -8.18 |
Malaysia | MYR= | -0.30 | +2.01 | .KLSE | -0.96 | -9.58 |
Philippines | PHP= | -0.07 | +2.56 | .PSI | -0.05 | -6.03 |
S.Korea | KRW=KFTC | +0.06 | +3.64 | .KS11 | -0.07 | 3.63 |
Singapore | SGD= | -0.08 | +4.53 | .STI | 0.82 | 0.06 |
Taiwan | TWD=TP | -0.04 | +0.95 | .TWII | -1.64 | -18.41 |
Thailand | THB=TH | -0.20 | +3.38 | .SETI | -0.01 | -18.97 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
(Reporting by Rishav Chatterjee in Bengaluru;Editing by Nivedita Bhattacharjee)
((Rishav.Chatterjee@thomsonreuters.com;))
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