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* Malaysia c.bank policy decision awaited
* S.Korea shares eye worst day in 3-weeks
* Asian equities track Wall Street weakness
By Harish Sridharan
Sept 9 (Reuters) - Malaysian shares dropped nearly 1% on
Thursday ahead of a central bank meeting at which it is expected
to hold interest rates, while South Korean shares eyed their
worst day in three weeks after policymakers there hinted at
further tightening.
Equities in the broader region came under pressure following
a weaker overnight session on Wall Street, as cautious sentiment
stemmed from worries that the Delta coronavirus variant could
blunt the economy's recovery.
A survey conducted by Reuters showed that the Bank Negara
Malaysia is likely to leave its key interest rate unchanged at
1.75%, as Malaysia gradually reopens its economy amid a
ramped-up COVID-19 vaccination drive.
Shares in Kuala Lumpur dropped 0.8%, their biggest
fall since Sept. 1, while the ringgit gained 0.1%.
"With a macroeconomic policy focus on supporting economic
recovery and given low and stable core inflation, our house view
expects the overnight policy rate (OPR) to stay at the current
record low until end-2021," analysts at Maybank said in a note.
The Bank of Korea said in a monetary policy report that
raising rates should help slow the pace of household debt growth
going forward, and reiterated that it will continue to tighten
policy as inflationary pressures persist.
Stocks in Seoul dropped as much as 1.5% and were on
course for their worst session since Aug. 19. The won
weakened 0.4%.
Most other currencies in the region logged gains, with the
Philippine peso, Taiwanese dollar and Thai baht
up modestly, even as the U.S dollar firmed.
In the Philippines, government data showed the trade deficit
remained above $3 billion for a fourth consecutive month in
July, as imports rose faster than exports. Stocks in Manila
dropped 0.4.
Separately, China's factory gate inflation hit a 13-year
high in August driven by roaring raw materials prices despite
Beijing's attempts to cool them, further pressuring
manufacturers in the world's second-largest economy.
HIGHLIGHTS
** Indonesian 10-year benchmark yields are up 3.4 basis
points at 6.186%
** Top loser on FTSE Bursa Malaysia Kl Index was
MISC Bhd, down 4.38%
** Taiwan shares down 0.1%, eye fourth consecutive session
of losses
Asia stock indexes and
currencies at 0428 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCK
DAILY YTD % DAILY S YTD
% % %
Japan +0.05 -6.30 -0.80 9.10
China -0.01 +1.03 0.09 5.92
India 0.00 -0.73 -0.22 23.84
Indonesia -0.11 -1.58 -0.29 0.50
Malaysia +0.14 -3.06 -0.82 -2.62
Philippines +0.17 -4.07 -0.37 -3.02
S.Korea -0.35 -7.23 -1.31 8.64
Singapore -0.02 -1.84 0.14 8.06
Taiwan +0.06 +2.72 -0.01 17.21
Thailand +0.00 -8.52 -0.16 13.00
(Reporting by Harish Sridharan in Bengaluru)
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