EMERGING MARKETS-Thai shares gain for fourth day on stimulus push; Philippines steadies

0 Comments

    * Thai benchmark index hits highest since Sept. 21
    * Most currencies edge up as U.S. dollar nurses losses
    * Chinese markets reopen after a week-long holiday on Friday

    By Shruti Sonal
    Oct 8 (Reuters) - Thai stocks climbed 1% on Thursday as the
government outlined measures to boost consumption in its
coronavirus-battered economy, while a late recovery helped
Philippine shares edge up in tandem with gains in most of Asia's
emerging markets.
    The safe-haven U.S. dollar nursed losses after the revival
of hopes for some stimulus spending in the world's biggest
economy improved investor sentiment, supporting local currencies
in Asia, which edged higher. The Taiwan dollar was
again the main standout, rising almost 1%.
    Thailand's benchmark index hit its highest in more
than two weeks after officials on Wednesday added a tax
deduction on purchases of goods and services to previously
announced cash handouts and subsidies.
    The tourism-reliant economy has also started receiving its
first visitors after months of travel curbs and its markets have
proven relatively immune to growing protests against the
army-backed government.
    "Overall, the outlook for the country's economy in the first
quarter should be better," said Sunthorn Thongthip, a
Thailand-based strategist at Kasikorn Securities.
    Siam City Cement PCL hit a near one-month high on
news that its unit was set to raise up to $1.5 billion,
Thailand's second-largest public offering this year, after
pricing shares for its initial offering at the top end of its
range.
    Philippine stocks, which closed lower for the last
three sessions, reversed losses from earlier in the session to
rise more than 1%.
    Nicholas Mapa, ING's senior economist for the Philippines,
attributed the reversal to bargain hunting as global sentiment
improved overnight on hopes for U.S. stimulus measures.
    Reports overnight of the Trump administration exploring
restrictions on China's Ant Group