* Thai shares gain 1%, led by tech and consumer stocks
* China to chart policy targets at parliamentary meeting on
Friday
* Indonesia greenshoe option debt auction awaited
March 3 (Reuters) - Asia's emerging stock markets rose
cautiously on Wednesday, led by China, as investors placed their
bets back on a global economic recovery, while regional
currencies inched higher as U.S. Treasury yields retreated.
Shares on Shanghai's Composite Index .SSEC climbed over
1%, recouping Tuesday's losses, while Singapore's stock index
.STI rose half a percent.
China will chart out a five-year plan at its annual
parliamentary gathering on Friday, setting macroeconomic policy
targets beyond the COVID-19 pandemic. The world's second largest
economy has steadily recovered from the coroanvirus shock.
"We expect these targets to revert partly or fully to
pre-pandemic norms, and to be less constraining than in the
past," analysts at Goldman Sachs said, noting the policies would
have substantial implications for the rest of Asia.
Regional currencies edged higher as lower U.S. yields sapped
some demand for the dollar. The ringgit MYR= gained 0.2% while
the rupiah IDR= advanced 0.1%. US/
Indonesia will hold a greenshoe option debt auction on
Wednesday after Tuesday's bond sale raised a below-target 17
trillion rupiah ($1.19 billion). The weighted average yields of
the bonds sold on Tuesday were higher than the comparable bonds
sold at the previous auction in mid-February. "If there is still no reversal in sentiment, the government
may need to accept higher bid yields, or cut down on planned
spending," OCBC said in a note.
Thai shares .SETI climbed over 1%, led by technology and
consumer stocks. PTT PCL PTT.BK led energy stocks higher as
oil prices rose, reversing earlier losses.
The Organization of the Petroleum Exporting Countries (OPEC)
and allies, known as OPEC+, meet on Thursday to discuss output
and demand and markets expect it will announce that it will ease
production cuts. O/R
HIGHLIGHTS:
** Indonesian 10-year benchmark yields up 2.19 basis points
to 6.607%
** Top gainers on the Singapore STI .STI include top bank
DBS Group Holdings Ltd DBSM.SI , which rose 1.6%
Asia stock indexes and currencies at 0344 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY % YTD % DAILY % YTD %
Japan JPY= -0.18 -3.39 .N225 0.18 7.34
China CNY=CFXS +0.10 +0.98 .SSEC 1.34 2.37
India INR=IN +0.00 -0.40 .NSEI 0.00 6.70
Indonesia IDR= +0.07 -1.75 .JKSE 0.27 6.64
Malaysia MYR= +0.22 -0.69 .KLSE 0.38 -3.15
Philippines PHP= -0.21 -1.13 .PSI -0.18 -3.26
S.Korea KRW=KFTC +0.04 -3.32 .KS11 0.51 6.47
Singapore SGD= +0.02 -0.67 .STI 0.53 5.13
Taiwan TWD=TP +1.78 +2.37 .TWII 1.14 9.47
Thailand THB=TH -0.03 -1.09 .SETI 0.99 4.75
($1 = 14,280.0000 rupiah)