Baht tracks best day in 2 weeks after PM survives confidence vote

0
21

Article content

Thailand’s baht was on track for its best

session in nearly two weeks on Monday after the country’s prime

minister survived a confidence vote in parliament, while a

weaker U.S. dollar also supported the currency.

The baht, which has weakened more than 8% and is

among the worst performing currencies in Southeast Asia this

year, added as much as 0.9%.

Prime Minister Prayuth Chan-ocha and five cabinet ministers

comfortably survived a vote of no confidence in parliament on

Saturday, though activists planned more protests against the

Article content

government.

Opposition lawmakers over four days accused his government

of mishandling the pandemic and criticized him for the severe

economic impact, taking aim at the government’s slow vaccine

rollout.

The country’s benchmark stock index traded

marginally lower at 0414 GMT, and analysts at Maybank warned

that “some downside risks to THB sentiments could come from the

possibility of escalating pro-democracy protests.”

Meanwhile, Thailand’s commerce ministry said headline

inflation unexpectedly dropped in August from a year earlier,

mainly due to government subsidy measures.

The greenback languished near a one-month low after a

weaker-than-expected U.S payrolls report on Friday raised hopes

that the U.S. central bank would retain its accommodative

Article content

monetary policy for longer.

Currencies across emerging Asian markets were mostly subdued

though. The Taiwanese dollar shone, however, as it

strengthened 0.4%.

Equities across the region traded relatively mixed as U.S.

markets were shut for Labour Day. Shares in Singapore and

Taiwan gained, while those in Malaysia and the

Philippines eased.

Chinese equities added over 1%, with healthcare and

consumer non-cyclical stocks leading the gains.

HIGHLIGHTS

** Indonesian 10-year benchmark yields are down 2.8 basis

points at 6.104%

** Top loser on FTSE Bursa Malaysia Kl Index was IOI

Corporation Bhd, down 1.48%

** Zhongmin Energy Co Ltd top gainer on the

Shanghai SE Composite Index

Asia stock indexes and currencies at 0358 GMT

COUNTRY FX RIC FX FX INDEX STOCKS STOCK

DAILY YTD % DAILY S YTD

% % %

Japan -0.08 -5.99 1.65 6.14

China +0.06 +1.14 1.02 4.18

India +0.00 +0.07 0.44 24.44

Indonesia +0.14 -1.40 -0.15 2.32

Malaysia +0.02 -2.97 -0.49 -2.82

Philippines +0.06 -3.67 -0.39 -3.77

S.Korea -0.01 -6.13 -0.08 11.31

Singapore -0.04 -1.58 0.21 8.67

Taiwan +0.41 +3.24 0.18 19.11

Thailand +0.62 -7.56 -0.10 13.75

(Reporting by Harish Sridharan in Bengaluru; Editing by SImon

Cameron-Moore)