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EMERGING MARKETS-Philippine stocks, peso rise as c.bank promises simple policy

* Financial markets in Singapore, Japan closed for public holidays * Filipino c.bank to keep policy accommodating * Emerging market currencies fall due to the strength of the dollar By Harish Sridharan 9th would keep monetary policy loose longer, while emerging Asian currencies versus a strong one Dollars weakened. The peso bucked the broader trend, gaining 0.6% while local stocks rose 1.4% and became the top winner in the region after Bangko Sentral ng Pilipinas (GNP) posted a strong economic second quarter Had forecast recovery. Filipino policymakers will meet on Thursday to decide policy rates, while economic data for the second quarter will be released on Tuesday. Governor Benjamin Diokno said the central bank will remain accommodating for as long as necessary to ensure a sustained economic recovery from the coronavirus pandemic as the capital Manila remains in lockdown. However, some market views on the growth outlook for the Philippines were less optimistic as ING Senior Economics Nicholas Mapa expected a decline from the previous quarter. “With the economy likely to come out of the recession and then come back in, we expect GNP to maintain monetary support for the remainder of 2021 and well into 2022,” he added. The financial markets in Japan and Singapore were closed for a public holiday. Meanwhile, the greenback has strengthened after a strong US labor market report fueled bets that bond purchases could start falling this year and higher rates could follow as early as 2022. The Thai baht, Indonesian rupiah and South Korean won lost between 0.1% and 0.3%. Shares in China rose 1% despite the recent COVID-19 outbreak in the country entering week three and the unpredictability of the country’s regulatory raids keeping investors in suspense. Shares in Kuala Lampur rose 0.4%. Malaysia’s Prime Minister Muhyiddin Yassin said Sunday that some COVID-19 restrictions on fully vaccinated people would be relaxed in eight states that have met criteria such as reduced case numbers and higher vaccination rates. Highlights ** Indonesian 10-year benchmark returns fell 10.29 basis points to 6.288% ** In the Philippines, Ayala Land Inc was the biggest winner in the index, rising 3.72% ** China’s semiconductor sub-index, CSI All Share Semiconductors & Semiconductor Equipment Index fell 3.4% Asia share indices and currencies by 0517 GMT LAND FX RIC FX FX YTD INDEX SHARES DAILY% DAILY S YTD%%% China +0.13 +0.81 0.97 0, 54 India -0.09 -1.56 0.36 16.56 Indonesia -0.14 -2.30 -0.14 3.60 Malaysia -0.13 -4.80 0.35 -8.13 Philippines + 0.56 -4.53 1.42 -7.10 S.Korea -0.22 -5.10 -0.14 13.65 Taiwan -0.05 +2.35 -0.38 18.51 Thailand – 0.30 -10.41 1.01 6.05 (Reporting by Harish Sridharan in Bengaluru; Editing by Lincoln Feast.)

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