(Corrects RIC for Thai stock market in second paragraph)
* Jardine Strategic and Jardine Matheson boost Singapore
shares
* Petronas Chemicals Group top gainer in Malaysia
March 8 (Reuters) - Asian shares broadly rose on Monday
after the passage of a $1.9 trillion U.S. stimulus bill boosted
optimism about the global economic recovery, with stock markets
in Singapore and Malaysia outperforming on local company news.
Shares in Taiwan, India and Thailand
were higher, as upbeat Chinese exports data also underpinned
appetite for risk.
Asia's emerging currencies, however, came under pressure as
the dollar firmed on the back of stronger-than-expected jobs
data and the pandemic relief bill. The U.S. Senate passed the
COVID-19 relief plan on Saturday and U.S. President Joe Biden
said he hoped for a quick passage of the revised bill by the
House of Representatives.
Higher U.S. yields also kept pressure on Asia's bond markets
and valuations.
Mizuho Bank analysts said the U.S. fiscal passage "may be
fanning the embers of reflation further this week."
"On the other (hand) discomfort with excessive and abrupt
pick-up in UST bond yields could roil some parts of EM."
A spike in oil prices past $70 for the first time since the
pandemic sparked some worries about inflation for energy-hungry
Asia.
Singapore's stock index rose to its highest in over a
year, led by a rally in the shares of Jardine Strategic
and Jardine Matheson, which climbed nearly 20% and 8%,
respectively.
Jardine Matheson said it plans to buy the remaining 15% of
Jardine Strategic that it does not already own for about $5.5
billion to simplify structures of the sprawling Asian
conglomerate that has a foot in construction to aviation.
The Singapore dollar dipped 0.2% to its lowest since
late November.
In Malaysia, shares jumped 1.5%, with Petronas
Chemicals Group the biggest gainer. The petrochemical
product maker jumped around 10% after CGS-CIMB upgraded the
stock to "Add" and raised its price target.
Meanwhile, Philippine shares fell more than 1%,
giving up last week's gains.
Stocks in Indonesia and the rupiah dipped.
The country is susceptible to higher U.S. yields given that the
Southeast Asian nation houses some of the highest-yield debt in
emerging markets.
The yield on Indonesia's 10-year bonds shot up
19.2 basis points this session to 6.817%.
Chinese exports grew at a record pace in February from a
year earlier, data showed over the weekend. Exports in dollar
terms surged 154.9% from a year ago when COVID-19 battered the
economy.
HIGHLIGHTS:
** Indonesian 3-year benchmark yields are up 7.7 basis
points to 5.518%
** Genting Malaysia, Genting Bhd were
among the top gainers in Malaysia
** In the Philippines, Megaworld Corp and Jollibee
Foods Corp led losses
Asia stock indexes and currencies at 0411 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY % YTD %
Japan -0.04 -4.74 -0.25 4.91
China -0.21 +0.27 -1.01 -0.19
India +0.00 +0.08 0.65 7.53
Indonesia -0.21 -1.96 -0.23 4.44
Malaysia -0.39 -1.66 1.53 -0.16
Philippines +0.04 -1.17 -1.49 -5.05
S.Korea -0.60 -4.12 -0.37 4.93
Singapore -0.21 -1.81 2.06 8.16
Taiwan +0.80 +1.54 0.26 7.90
Thailand -0.68 -2.44 0.82 7.42
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Ana
Nicolaci da Costa)
.Source
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