* Malaysian ringgit on track for a third year of losses * Thai stocks post biggest yearly drop in 15 years * Taiwan stocks up nearly 27% in 2023 By Echha Jain Dec 29 (Reuters) - The Malaysian ringgit was set to lose most among emerging Asian currencies this year, while stock markets in Taiwan, India and South Korea were set for bumper yearly gains as rate-cut optimism continued to boost investors' risk-on sentiment. The ringgit, which firmed 0.4% on Friday, was on track to record a third consecutive year of losses, depreciating more than 4% for the year. The ringgit suffered more than most Asian currencies this year in large part to the sluggish nature of Chinese economic growth throughout 2023, said KCM Trade analyst Tim Waterer. Emerging Asian currencies have been subject to the changing expectations for U.S. interest rate policy. "For much of the year, bond yields supported the U.S. dollar which made advances for EM currencies hard to come by," said Waterer. "However, bond yields have come off the boil in recent months which has opened the door for EM currencies to post gains against the greenback." The Indian rupee was on track to lose 0.5% for the year. The Chinese yuan was set to lose 2.8% for the year. The South Korean won shed 1.8% for the year, although it was not trading on Friday. Data on Friday showed South Korea's annual consumer inflation eased for a second month in December and came in below market expectations. Data from Singapore, Thailand and the Philippines earlier this month also showed that inflation eased in November, likely providing central banks a little breathing room in terms of rates. The Singapore dollar, which appreciated 0.2% on Friday, was the best performing currency in the region, eking out a 1.7% gain for the year closely followed by the Thai baht which was not trading on Friday but has gained 1.2% this year. Meanwhile, the regional share market, which had been gaining ground through the week, received further boost overnight after a stream of data from the U.S. painted a picture of a softening but resilient economy and helped cement bets the Federal Reserve might cut its policy rate sooner than expected. Stocks in Taiwan were on track to end the year 26.7% higher. This would be its strongest yearly performance since 2009 and would make it the second best performing major Asian stock market this year, behind Japan. Closely following Taipei were India stocks which had gained 20% for the year. Equities in Seoul recorded a 18.7% jump for the year. Bangkok's benchmark index ended the year 15.2% lower, its biggest yearly drop since 2008. HIGHLIGHTS: ** Vietnam 2023 economic growth slows to 5.05%, missing government target ** Philippines c.bank sees Dec inflation at 3.6%-4.4% ** China says it won't turn a blind eye to Philippines' repeated 'provocations' Asia stock indexes and currencies at 0429 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY % YTD % % Japan -0.03 -7.30 -0.34 28.09 ChinaIndia +0.02 -0.51 -0.22 20.03 Indonesi -0.25 +0.72 -0.38 6.21 a Malaysia +0.37 -4.10 -0.02 -2.57 Philippi +0.27 +0.40 -0.34 -1.06 nes S.Korea Singapor +0.16 +1.65 0.79 -0.35 e Taiwan -0.15 -0.19 -0.02 26.67 Thailand - +1.23 - -15.15 (Reporting by Echha Jain in Bengaluru; Editing by Lincoln Feast)
MSCI TAIWAN (STRD)
Index
End-of-day quote MSCI 10:00:00 2024-04-26 am EDT | 5-day change | 1st Jan Change | ||
690.6 USD | +1.81% | +3.39% | +8.11% |
Apr. 28 | Week Ahead for FX, Bonds : Focus on Fed Decision, U.S. Jobs Data and Weak Japanese Yen | DJ |
Apr. 27 | Taiwan reports Chinese military activity after Blinken leaves Beijing | RE |
Stocks mentioned in the article
Price
|
Change
|
5d. change
|
Capi.
| ||
---|---|---|---|---|---|
2,686 PTS | +0.86% | +2.29% | - | ||
1,376 KRW | 0.00% | +0.15% | - | ||
1,007 KRW | -0.00% | +0.77% | - | ||
899.4 KRW | +0.01% | +1.95% | - | ||
690.6 USD | +1.81% | +3.39% | - | ||
89.18 INR | 0.00% | +0.40% | - | ||
83.38 INR | 0.00% | +0.05% | - | ||
60.98 INR | -0.00% | +0.67% | - | ||
54.47 INR | +0.02% | +1.79% | - | ||
16.51 KRW | 0.00% | +0.10% | - | ||
7.266 CNH | -0.01% | +0.23% | - | ||
7.246 CNY | 0.00% | +0.08% | - | ||
1.702 SGD | +0.03% | +0.97% | - | ||
1.457 SGD | +0.01% | +0.46% | - | ||
1.361 SGD | -0.08% | 0.00% | - | ||
1.25 USD | +0.07% | +1.01% | - | ||
1.07 USD | +0.09% | +0.42% | - | ||
0.7317 USD | +0.10% | +0.54% | - | ||
0.6538 USD | +0.09% | +1.90% | - | ||
0.5945 USD | +0.12% | +0.80% | - | ||
0.0163 SGD | -0.04% | 0.00% | - | ||
0.012 USD | 0.00% | 0.00% | - | ||
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