for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

EMERGING MARKETS-Thai baht leads Asia FX gains as PM survives no confidence vote

    * Thai Baht, Taiwan dollar gain
    * Weaker dollar aids Asia FX
    * Indian shares hover near record high

    By Harish Sridharan
    Sept 6 (Reuters) - Thailand's baht strengthened against a
weaker dollar on Monday after the country's prime minister
survived a confidence vote in parliament, while a jump in
Reliance Industries Ltd vaulted Indian shares to a
record high. 
    The baht, up as much as 0.9%, has weakened more
than 8% this year and is among the worst performing currencies
in Southeast Asia. 
    Prime Minister Prayuth Chan-ocha and five cabinet ministers
comfortably survived a vote of no confidence in parliament on
Saturday, although activists planned more protests against the
government.
    "The market might think that since PM Prayut could maintain
his power, there will be less discontinuity in policies. Hence,
the market views this as positive news and that's why THB is
sort of rallying," said Poon Panichpibool, markets strategist at
Krung Thai Bank. 
    However, he said the victory "should be viewed as negative
to the long-term view of the Thai economy since the government
did fail to cope with the (COVID-19) outbreak effectively."
    Meanwhile, Thailand's commerce ministry said headline
inflation unexpectedly dropped for the first time in five months
in August from a year earlier, mainly due to government
subsidies.
    The greenback hovered near a one-month low after a
weaker-than-expected U.S payrolls report on Friday raised hopes
that the central bank would retain its accommodative monetary
policy for longer.
    That boosted Indian shares to a record high, with energy and
media stocks among the top gainers. 
    Oil-to-telecoms conglomerate Reliance added as much as 3.8%
to hit an all-time high. The company said on Friday its unit
invested 3.93 billion rupees in Strand Life Sciences Pvt
Ltd.
    Most equities across the region traded relatively subdued as
U.S. markets were shut for Labour Day. Shares in Singapore
 gained, while those in Malaysia and the
Philippines eased.
    Chinese equities rose over 1% after the country's
Vice Premier vowed to support the private economy, and
healthcare and consumer staples stocks rebounded from huge
sell-offs.
    
    HIGHLIGHTS
    ** Indonesian 10-year benchmark yields down 2.8 basis points
at 6.104%
    ** Taiwan dollar gains 0.4%
    ** Sinopec Shanghai Petrochemical Co Ltd top gainer on the
Shanghai SE Composite Index
    
  Asia stock indexes and currencies at 0646 GMT
 COUNTRY      FX RIC          FX     FX    INDEX  STOCKS  STOCK
                           DAILY  YTD %            DAILY  S YTD
                               %                       %      %
 Japan                     -0.05  -5.97             1.83   8.07
 China                     +0.08  +1.16             1.19   4.36
 India                     -0.07  -0.01             0.31  24.28
 Indonesia                 +0.26  -1.29            -0.11   2.36
 Malaysia                  +0.02  -2.97            -0.59  -2.91
 Philippines               +0.00  -3.73            -0.29  -3.68
 S.Korea                   +0.04  -6.08             0.07  11.48
 Singapore                 +0.01  -1.53             0.31   8.78
 Taiwan                    +0.40  +3.23            -0.12  18.75
 Thailand                  +0.65  -7.53             0.00  13.86
 
    
 (Reporting by Harish Sridharan in Bengaluru; Editing by Devika
Syamnath)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up