Singapore stocks up on budget, UOB results and shareholder returns
Indonesian stocks snap a three-day rally, rupiah down 0.6%
Bank Indonesia rate decision awaited
South Korean stocks up for 7-days straight
By Rajasik Mukherjee and Roushni Nair
Feb 19 (Reuters) - Most Asian equities gained on Wednesday, with Singapore stocks hitting a record high on upbeat earnings and shareholder returns from United Overseas Bank UOBH.SI as well as favourable reviews for the city-state's budget for this year.
In currencies, the rupiah tumbled ahead of an expected pause in Bank Indonesia's easing cycle later in the day.
Singapore's benchmark stock index .STI rose 0.6% to a record peak of 3,949.65 points and has gained 4% this year. UOB, Singapore's third-biggest bank, logged a 9% rise in quarterly profit and announced $2 billion special dividend and share buyback package.
Singapore's budget for 2025 - newly unveiled on Tuesday - included vouchers, tax rebates and cash handouts to help consumers.
JP Morgan analysts also lifted their rating for Singapore stocks to "overweight", citing inexpensive valuations, low volatility compared to regional peers, and government efforts to boost the local stock market.
Shares in South Korea .KS11 climbed 2.1%, on track for their seventh consecutive session of gains, aided by a rally in chip stocks. Gains were powered by a 3.4% jump for Samsung Electronics 005930.KS and a 4.3% surge for SK Hynix 000660.KS.
Stocks in Manila .PSI advanced 0.8% to hit their highest level in more than a week while those in Thailand .SETI and Malaysia .KLSE traded flat.
Asian currencies were largely range-bound against a firm U.S. dollar as tariff concerns and tense Russia-Ukraine negotiations kept investors vary of riskier assets.
But the Indonesian rupiah IDR= fell as much as 0.6% to clock its worst session since February 3 as investors exercised caution ahead of policy meeting later in the day at which the country's central bank is widely expected to stand pat on rates.
The rupiah, the worst performing regional currency of 2024, has fallen over 1.5% this year.
Stocks in Jakarta .JKSE declined 0.5%, snapping a three-day rally.
The dollar index =USD, which measures the greenback against a basket of rivals, swung between positive and negative territory. It was last down 0.07%.
HIGHLIGHTS:
** Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips
** BOJ must keep raising rates gradually, says board member Takata
Asian stocks and currencies as of 0520 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.05 | +3.42 | .N225 | -0.45 | -0.54 |
China | CNY=CFXS | -0.15 | +0.21 | .SSEC | 0.58 | -0.24 |
India | INR=IN | +0.00 | -1.54 | .NSEI | 0.00 | -2.96 |
Indonesia | IDR= | -0.49 | -1.59 | .JKSE | -0.45 | -3.35 |
Malaysia | MYR= | +0.05 | +0.61 | .KLSE | -0.26 | -3.75 |
Philippines | PHP= | +0.07 | -0.08 | .PSI | 0.66 | -6.03 |
S.Korea | KRW=KFTC | -0.07 | +2.21 | .KS11 | 1.94 | 11.60 |
Singapore | SGD= | -0.04 | +1.73 | .STI | 0.21 | 3.86 |
Taiwan | TWD=TP | +0.01 | +0.06 | .TWII | -0.18 | 2.56 |
Thailand | THB=TH | -0.15 | +1.81 | .SETI | 0.69 | -9.58 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Edwina Gibbs)
((Rajasik.Mukherjee@thomsonreuters.com))
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