EMERGING MARKETS-Stocks rise on China regulatory easing hopes, S.Korea leads gains

Credit: REUTERS/Kim Hong-Ji

By Arundhati Dutta

Nov 12 (Reuters) - South Korea shares led gains in Asia on Friday, as the technology sector tracked a rally in U.S. semiconductor stocks and investors nurtured hopes that China was scaling back regulatory clampdowns.

Seoul equities .KS11 climbed 1.5% in their best session since Nov. 2, but ended the week flat. Taiwan's tech-heavy stock bourse .TWII advanced as much as 0.9%, while Indian shares .NSEI added 0.9%

Didi Global DIDI.N will relaunch its apps in China by the end of 2021 in anticipation that Beijing's probe into the firm will be wrapped up by then, Reuters reported.

There were also signs that the government could ease some tight curbs in the property sector, which had initially boosted Shanghai equities .SSEC by 0.3%.

"Some easing in regulatory concerns are helping to boost Chinese stocks, which in turn is helping to underpin regional markets," said Mitul Kotecha, chief EM Asia & Europe strategist at TD Securities.

Additionally, a 1.9% rise overnight in the Philadelphia SE Semiconductor index .SOX after a heavy sell-off in the previous session boosted tech stocks in South Korea and Taiwan, according to Kelvin Wong, an analyst at CMC markets. .N

In Malaysia, the benchmark stock index .KLSE gained 0.7%, even as data showed the economy shrunk more than expected in the third quarter. However, the index was set for a fourth straight week of losses.

"The economy seems to have turned a corner of-late with improvement in the virus situation and vaccination coverage... there has been substantial re-opening and a recovery is falling in place," ANZ Research said in a note.

On the downside, Singapore shares .STI edged lower, with transport firm Comfortdelgro CMDG.SI being the top loser for a second day in a row after it halted plans for an initial public offering of its Australian unit.

Singapore Airlines SIAL.SI also weighed on the benchmark with a drop of 1.8% after it posted a loss in the second quarter.

The region's currency market was subdued as the dollar scaled a 16-month peak. The Philippine peso PHP=, the South Korean won KRW=KFTC and that Thai baht THB=TH gained 0.1% each.

HIGHLIGHTS:

** Indonesian 10-year benchmark yields are up 3 basis points at 6.201%​​

** Malaysia's 10-year benchmark yield is up 0.6 basis point at 3.569%​​

** Chipmakers Silergy Corp 6415.TW & Alchip Technologies 3661.TW lift Taiwan benchmark

Asia stock indexes and currencies at 0810 GMT

COUNTRY

FX

RIC

FX

DAILY %

FX

YTD %

INDEX

STOCKS

DAILY %

STOCKS

YTD %

Japan

JPY=

-0.02

-9.49

.N225

1.13

7.89

China

CNY=CFXS

-0.04

+2.13

.SSEC

0.18

1.90

India

INR=IN

+0.08

-1.86

.NSEI

0.89

28.97

Indonesia

IDR=

+0.19

-1.36

.JKSE

-0.60

11.24

Malaysia

MYR=

+0.07

-3.44

.KLSE

0.85

-5.87

Philippines

PHP=

+0.32

-3.73

.PSI

0.70

3.41

S.Korea

KRW=KFTC

+0.10

-7.92

.KS11

1.50

3.32

Singapore

SGD=

+0.01

-2.44

.STI

-0.26

13.56

Taiwan

TWD=TP

+0.01

+2.32

.TWII

0.38

18.91

Thailand

THB=TH

+0.21

-8.66

.SETI

0.20

12.86

(Reporting by Arundhati Dutta in Bengaluru; Editing by Subhranshu Sahu)

((Arundhati.Dutta@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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