AIRLINK 189.36 Increased By ▲ 1.33 (0.71%)
BOP 11.10 Decreased By ▼ -0.76 (-6.41%)
CNERGY 7.28 Decreased By ▼ -0.26 (-3.45%)
FCCL 36.65 Decreased By ▼ -1.14 (-3.02%)
FFL 14.95 Decreased By ▼ -0.29 (-1.9%)
FLYNG 26.19 Increased By ▲ 0.66 (2.59%)
HUBC 130.89 Increased By ▲ 0.74 (0.57%)
HUMNL 13.47 Decreased By ▼ -0.14 (-1.03%)
KEL 4.28 Decreased By ▼ -0.07 (-1.61%)
KOSM 6.08 Decreased By ▼ -0.09 (-1.46%)
MLCF 45.94 Increased By ▲ 0.26 (0.57%)
OGDC 201.86 Decreased By ▼ -4.57 (-2.21%)
PACE 6.12 Decreased By ▼ -0.26 (-4.08%)
PAEL 38.36 Decreased By ▼ -1.95 (-4.84%)
PIAHCLA 16.73 Decreased By ▼ -0.22 (-1.3%)
PIBTL 7.94 Decreased By ▼ -0.09 (-1.12%)
POWER 9.86 Decreased By ▼ -0.17 (-1.69%)
PPL 173.46 Decreased By ▼ -5.38 (-3.01%)
PRL 34.73 Decreased By ▼ -1.63 (-4.48%)
PTC 23.95 Decreased By ▼ -0.44 (-1.8%)
SEARL 101.74 Decreased By ▼ -1.42 (-1.38%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 32.70 Decreased By ▼ -3.54 (-9.77%)
SYM 17.93 Decreased By ▼ -0.30 (-1.65%)
TELE 8.14 Decreased By ▼ -0.24 (-2.86%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.40 Increased By ▲ 0.07 (0.1%)
WAVESAPP 11.80 Decreased By ▼ -0.21 (-1.75%)
WTL 1.52 Decreased By ▼ -0.05 (-3.18%)
YOUW 3.90 Increased By ▲ 0.01 (0.26%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

BENGALURU: Asian equities were poised to end a turbulent week on a steady note, with Thailand’s stocks leading the charge on Friday, while currencies edged higher ahead of crucial US monthly payrolls data that could set the stage for outsized rate cuts.

The MSCI Emerging Markets index increased 0.4% on Friday, but was on track for a weekly decline of more than 2%.

Thailand’s benchmark stock index gained 1.8% to its highest since Jan. 5 and was on track for its strongest weekly rise since January 2021 with a near 5% jump as a stabilising political environment and measures taken to boost capital flows improved risk appetite.

Taiwan’s shares rose 1.1%, but were poised for their biggest weekly drop since mid-April. Stocks in Jakarta advanced 1% to a record high of 7,754.48.

Market focus was on the US nonfarm payrolls data due later in the day and the report is expected to influence the size of the interest rate cut that the US Federal Reserve will likely deliver on Sept. 18.

Traders view a quarter-point reduction as the more probable action, but they also assign about a 49% chance to a 50-basis-point cut, according to rate futures contracts.

“A much weaker report may further raise concerns about its cooling labour market,” said Christopher Wong, a currency strategist at OCBC.

“Risk-off trades may pressure high-beta FX, including AUD, NZD, KRW, while JPY, CHF and to some extent, USD can benefit.”

Asian currencies traded higher, with Thailand’s baht, the Taiwanese dollar, and South Korea’s won gaining 0.2%, 0.3%, and 0.4%, respectively.

Indonesia’s rupiah and Malaysia’s ringgit added 0.2% each.

Mixed US data has heightened concerns about economic growth in the world’s largest economy and tarnished the dollar’s allure.

The dollar index, a measure against six major peers, hovered near a one-week low after slipping about 0.2% overnight.

Comments

Comments are closed.