AGL 37.75 Decreased By ▼ -0.40 (-1.05%)
AIRLINK 129.26 Increased By ▲ 4.19 (3.35%)
BOP 7.36 Increased By ▲ 0.51 (7.45%)
CNERGY 4.62 Increased By ▲ 0.17 (3.82%)
DCL 8.40 Increased By ▲ 0.49 (6.19%)
DFML 38.60 Increased By ▲ 1.26 (3.37%)
DGKC 81.00 Increased By ▲ 3.23 (4.15%)
FCCL 32.75 Increased By ▲ 2.17 (7.1%)
FFBL 74.24 Increased By ▲ 5.38 (7.81%)
FFL 12.36 Increased By ▲ 0.50 (4.22%)
HUBC 109.50 Increased By ▲ 5.00 (4.78%)
HUMNL 13.98 Increased By ▲ 0.49 (3.63%)
KEL 5.05 Increased By ▲ 0.40 (8.6%)
KOSM 7.50 Increased By ▲ 0.33 (4.6%)
MLCF 38.20 Increased By ▲ 1.76 (4.83%)
NBP 71.99 Increased By ▲ 6.07 (9.21%)
OGDC 187.05 Increased By ▲ 7.52 (4.19%)
PAEL 25.31 Increased By ▲ 0.88 (3.6%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 151.00 Increased By ▲ 7.30 (5.08%)
PRL 25.15 Increased By ▲ 0.83 (3.41%)
PTC 17.15 Increased By ▲ 0.75 (4.57%)
SEARL 82.49 Increased By ▲ 3.92 (4.99%)
TELE 7.56 Increased By ▲ 0.34 (4.71%)
TOMCL 32.85 Increased By ▲ 0.88 (2.75%)
TPLP 8.50 Increased By ▲ 0.37 (4.55%)
TREET 16.50 Increased By ▲ 0.37 (2.29%)
TRG 56.48 Increased By ▲ 1.82 (3.33%)
UNITY 28.20 Increased By ▲ 0.70 (2.55%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,536 Increased By 446.8 (4.43%)
BR30 30,966 Increased By 1457.5 (4.94%)
KSE100 98,197 Increased By 3622.6 (3.83%)
KSE30 30,619 Increased By 1174 (3.99%)

Most Asian currencies were subdued on Friday, while the Philippines peso hit a fresh 11-year low, as markets shied away from riskier assets amid rising doubts about US President Donald Trump's ability to push through his economic agenda. Investors fretted over the implications for Trump's plans for tax cuts and infrastructure spending after the president disbanded two high-profile business advisory councils on Wednesday. That action came after several chief executives quit in protest over Trump's remarks on violence in Virginia.
Most of the regional currencies traded flat, with the exception of the South Korean won which fell as much 0.6 percent, and the Philippine peso lost upto 0.5 percent for its tenth straight session of losses. On the week, though, the won gained 0.2 percent, snapping three weeks of losses.
"I think a large part of it is still the risk appetite not returning, there is very cautious trading," said Christy Tan, head of markets strategy, National Australia Bank in Hong Kong Ahead of the weekend, investors are also wary of the risk of a flare-up in tensions in the Korean peninsula," Tan said, adding "so that is still keeping everyone on the defensive."
The Taiwan dollar declined 0.1 percent ahead of revised second quarter gross domestic product numbers due out later in the session, while the Chinese yuan fell 0.05 percent. The Malaysian ringgit was marginally lower, largely shrugging off data showing the economy grew at a faster than expected pace in the second quarter.
On the other hand, the Thai baht and the Singapore dollar edged up, adding 0.1 percent each. The Philippine peso fell to another 11-year low on Friday, its third time this week, having only briefly pulled ahead in the previous session when data showed economic growth quickened at a solid pace in the second quarter.
"While we saw positive GDP, the general confidence regarding the Philippines is still quite soft given that the trade performance has been very disappointing, and that is something everyone is more focused on and it's not helping the peso in any way," Tan said. A government-driven infrastructure drive has seen a surge in capital goods imports, and accounted for a sizable reason for a trade deficit of $13.2 billion in the first half of the year.
That puts the nation on track for its first annual current account deficit in 15 years - an unfavourable state of affairs for the peso especially as traders worry about how the gap would be funded if foreign investment doesn't keep pace.

Comments

Comments are closed.