BENGALURU (June 3): Stocks in the Philippines and Malaysia led losses among calm emerging Asian markets on Thursday, while Indian shares hit a record high ahead of a central bank meeting this week.
Moves in other regional stock markets were muted while currencies traded flat as investors awaited crucial US economic data due on Friday for any signs of tightening of the Federal Reserve's dovish policy.
Prospects of US economic recovery would further stir up talk of the Fed scaling back support measures earlier than expected, and that could unsettle Asia's risk-sensitive markets.
As Asian countries reeled under the Covid-19 pandemic and growing inflationary pressures, equities in May clocked their biggest foreign outflows in more than a year. Data showed foreigners sold US$12.05 billion worth of equities in South Korea, Taiwan, Philippines, Thailand, Vietnam, Indonesia, and India last month.