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EMERGING MARKETS-Rupiah, ringgit rise on energy prices, stocks extend rally

·3-min read

* Commodity prices boost rupiah, ringgit * Surveys show Asia factory activity grew in Feb * Indonesian stocks hit record high By Harshita Swaminathan March 1 (Reuters) - Indonesia's rupiah and Malaysia's ringgit rose on Tuesday, powered by higher energy and palm oil prices in the wake of Russia's invasion of Ukraine. Russia's rouble also regained some stability after its plunge to a record low, following Moscow and Ukraine's ceasefire talks. "The fact that both sides are talking is positive, but there hasn't been any resolution, and the conflict is ongoing. So I think markets are still taking a very cautious view about the current situation, and there's certainly no indication of risk getting put back on", said Khoon Goh, head of Asia research at ANZ Banking Group (Singapore). The rupiah and ringgit rose 0.2% and 0.1% respectively, as the prices of oil, coal and natural gas climb on supply concerns from the Ukraine crisis. Indonesian stocks climbed as much as 1.6% to hit their highest level on record, boosted by energy and coal producers, as investors returned from a market holiday. Palm oil prices, which hit fresh peaks on Tuesday, provided further support to their currencies, Goh said, as both Malaysia and Indonesia are among the largest exporters of the commodity. Data from Refinitiv also showed that foreigners became net buyers of Indonesian debt during the first three weeks of the month ended Feb. 24, injecting $720.1 million of capital. That was in contrast with January, when there was an outflow of $282.4 million. The country's bond yields rose 102 basis points to 6.515% over the period. Indonesia's annual inflation rate also came in below market expectations, but analysts at ING expect price pressures to continue to build with the escalation of Ukraine crisis. Surveys also showed Asia's factory activity grew strongly in February, with China's output returning to growth and manufacturing activity in Malaysia, Philippines and Vietnam expanding as the shock impact of Omicron eased. The Philippine peso lost 0.1%, and the Vietnam dong was flat. The Thai baht also rose 0.3%, undoing some of the prior day's 0.7% drop. Other equity markets in the region recovered from last week's steep selloff, with the main stock indexes in Philippines , Singapore and Thailand adding between 0.8% and 1.2% each. Malaysian shares were the only losers in the emerging Asian markets. Taiwan's main stock index rose 1.4% in its best session in nearly two weeks. Markets in India and South Korea were shut for public holidays. HIGHLIGHTS: ** Top gainer among Indonesian stocks is Pradiksi Gunatama Tbk Pt, a palm oil producer, after palm oil prices hit record high, stock climbs over 20% ** Malaysia's CIMB Group top loser on stock index, down 5.8% over writing off a $67 million provision Asia stock indexes and currencies at 0654 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.08 +0.00 <.N2 1.20 -6.76 25> China EC> India 0.00 -1.34 <.NS 0.00 -3.23 EI> Indonesia +0.21 -0.59 <.JK 0.76 5.46 SE> Malaysia +0.12 -0.64 <.KL -0.61 1.98 SE> Philippines -0.14 -0.49 <.PS 1.14 3.81 I> S.Korea 11> Singapore +0.04 -0.37 <.ST 1.20 5.04 I> Taiwan -0.11 -1.29 <.TW 1.39 -1.76 II> Thailand +0.28 +2.55 <.SE 0.76 2.43 TI> (Reporting by Harshita Swaminathan; Editing by Anil D'Silva)