* South Korean won snaps three-day winning streak * Malaysian ringgit falls 0.7% * Indonesia stocks slump 0.6% By Rishav Chatterjee Nov 7 (Reuters) - South Korea's equities and the won currency fell sharply on Tuesday after a recent rally as it announced a ban on short selling of shares, while other emerging Asian equities and currencies also declined. The South Korean won fell 0.8% against the dollar, snapping a three-day winning streak, while stocks in Seoul were down 3% after four consecutive sessions of gains. South Korea on Sunday re-imposed a ban on short-selling shares, at least until June, starting Monday. The ban had helped shares to rally. "With risk-reward remaining amongst the most favourable in Asia and re-acceleration in semiconductor sector growth cycle gaining pace, we think that the short selling ban could further add to tailwinds for the market," analysts at Societe Generale said. Elsewhere, the Malaysian ringgit dropped 0.7%, while the Indonesian rupiah eased 0.4%. Stocks in Jakarta eased 0.6%. Analysts at Maybank expect further downside to the USD-MYR pair as the U.S. dollar index and U.S. Treasury yields continue to pull back. Indonesia on Monday reported solid economic growth in the third quarter, although its pace eased more than expected to its weakest in two years. "We expect Bank Indonesia (BI) to hold the policy rate in the 22-23 Nov meeting, provided that the rupiah maintains its stability in the lead up to the meeting," Maybank said in a note. "Currency depreciation has slowed over the past two weeks, with the rupiah strengthening back to early October levels following the Federal Reserve meeting on Nov. 1," Maybank added. Among other countries, annual inflation in the Philippines slowed for the first time in three months in October mainly due to slower increases in food prices, data showed. The inflation print will likely ease pressure on the central bank, which meets next on Nov. 16, to decide on its monetary policy. Another deciding factor will be Thursday's economic growth data. The peso was trading 0.4% down while stocks in Manila gained 0.1%. In contrast to South Korea, the Philippine stock exchange launched its short-selling programme on Monday. "This is the culmination of extensive efforts on the part of the stock exchange launching its securities financing solution that provides a short-selling infrastructure to market participants," said Stephen Howard, CEO of Pan Asia Securities Lending Association. Elsewhere in the region equities were trending lower, with stocks in Singapore and India both falling 0.3%. Equities in Taiwan and Thailand were largely flat. Asia stock indexes and currencies at 0449 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan -0.12 -12.7 <.N2 -1.26 23.77 4 25> ChinaEC> India -0.04 -0.64 <.NS -0.30 6.89 EI> Indones -0.42 -0.22 <.JK -0.58 -0.17 ia SE> Malaysi -0.69 -5.68 <.KL -0.07 -2.13 a SE> Philipp -0.44 -0.98 <.PS 0.10 -7.35 ines I> S.Korea 11> Singapo -0.17 -0.98 <.ST -0.33 -2.50 re I> Taiwan -0.20 -4.65 <.TW 0.01 17.78 II> Thailan -0.06 -2.63 <.SE -0.02 -15.0 d TI> 8 HIGHLIGHTS: ** Philippines inflation slows in October, eases rate hike pressure ** Malaysia drops plans for proposed transborder haze pollution bill (Reporting by Rishav Chatterjee in Bengaluru; editing by Robert Birsel)
MSCI TAIWAN (STRD)
Index
End-of-day quote MSCI 15:00:00 23/05/2024 BST | 5-day change | 1st Jan Change | ||
767 USD | +0.92% | +3.12% | +20.07% |
05:51pm | Taiwan Semiconductor Manufacturing Forecasts 10% Annual Sales Growth in Semiconductor Industry | MT |
12:03pm | Morning bid: Nvidia aces Fed, tense Taiwan and UK poll | RE |
Stocks mentioned in the article
Price
|
Change
|
5d. change
|
Capi.
| ||
---|---|---|---|---|---|
2,755 PTS | +0.64% | +0.87% | - | ||
1,368 KRW | +0.29% | +1.17% | - | ||
996.2 KRW | -0.01% | +0.20% | - | ||
903.4 KRW | +0.01% | -0.24% | - | ||
767 USD | +0.92% | +3.12% | - | ||
16.43 KRW | +0.30% | +1.34% | - | ||
7.241 CNY | +0.01% | +0.31% | - | ||
1.269 USD | -0.21% | +0.02% | - | ||
1.081 USD | -0.11% | -0.69% | - | ||
0.7281 USD | -0.31% | -0.99% | - | ||
0.6603 USD | -0.23% | -1.45% | - | ||
0.6098 USD | -0.01% | -0.51% | - | ||
0.012 USD | +0.01% | 0.00% | - | ||
- PTS | -.--% | +1.02% | - | ||
Headlines
- Stock Market
- Indexes
- MSCI TAIWAN (STRD)
- News MSCI TAIWAN (STRD)
- Asian FX take breather after rally; S. Korean won snaps winning streak