Indonesia stocks jump 1% on bargain hunting, lead subdued emerging Asia
Stocks in Indonesia jumped more than 1% to outperform a subdued emerging Asia, as investors took advantage of low prices following sharp losses last week. Philippine stocks declined as much as 1% as annual inflation accelerated to 7.2% in September.
4% By Nikita Maria Jino Oct 6 (Reuters) — Stocks in Indonesia jumped more than 1% to outperform a subdued emerging Asia on Tuesday as investors took advantage of low prices following sharp losses last week, while regional currencies remained muted against a firm greenback. The Indonesian benchmark has been the worst performer in the region so far this year, down nearly 30% after an MSCI review in January highlighted the market's opaque ownership, weak free-float visibility and unreliable trading data. Last week, a new exchange rule removing the minimum share price to improve liquidity and price discovery, ahead of another MSCI review in November, took effect.
The index lost more than 3% that week. 704 on Tuesday, its highest level since September 28. 4% on Monday. "Indonesia's rebound looks partly like bargain-hunting after last week's sharp losses, helped by lower oil prices and reduced expectations of an October Fed hike.
Tuesday's gains across banking, infrastructure and property suggest participation beyond commodity stocks," said Glenn Yin, director of research at ACCM. Philippine stocks declined as much as 1% a day after scoring their highest close in a week. 6%, per a Reuters poll. 5%," Goldman Sachs analysts said in a note.
9% on the back of declines in chipmakers Samsung Electronics and SK Hynix. 5%. MSCI's broad index of emerging Asia equities was little changed, while the EM currencies gauge was flat in Asian trade. The US dollar firmed against the euro, which languished near 17-month lows.
4%. The Indian rupee weakened to its lowest point since July, ahead of the central bank's interest rate decision on Wednesday. com;)