* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Eyes on Powell, Yellen comments
* Philippine shares recover after 2 days of losses
* Singapore inflation data due later in the day
By Shruti Sonal
March 23 (Reuters) - Most emerging Asian stocks inched
higher on Tuesday, tracking the risk appetite recovery on Wall
Street as bond yields pulled back, even as investors avoided
making big bets ahead of testimony by top U.S. policymakers
later in the day.
The market's immediate focus remained on the Congressional
testimony by U.S. Federal Reserve Chair Jerome Powell and
Treasury Secretary Janet Yellen, expecting comments on the rise
of bond yields.
Yellen is likely to paint an optimistic picture for the U.S.
economy as it emerges from the pandemic, telling U.S. lawmakers
that she sees both growth and possibly full employment next
year. Movements, however, were range-bound, as investors kept a
close eye on rising COVID-19 cases in Europe, with lockdowns
being reintroduced in Italy, France and Germany.
The Philippine benchmark .PSI , which has shed nearly 4% in
last two sessions, climbed 0.5% in a move attributed by analysts
to bargain hunting.
The property sector is also helping drive the bounce, with
investors reportedly encouraged by repeated pushback from
authorities about hard lockdowns, said ING economist Nicholas
Mapa.
The country's central bank is expected to leave its
benchmark interest rate unchanged on Thursday, a Reuters poll
showed. Singapore bourse .STI added 0.2%, ahead of the release of
data likely showing an uptick in February CPI inflation figures.
"The figures will reveal the impact of the 21% hike in the
petrol duty announced in the FY2021 Budget", wrote ING analyst
Prakash Sakpal. "In addition, the seasonal increase in demand
during the Chinese New Year holiday will pressure inflation
higher."
Boosting the benchmark, shares of Singapore's largest
developer CapitaLand CATL.SI rose as much as 21% in morning
trade after the company unveiled a major business restructuring
plan, under which it plans to split in two. Taiwan's benchmark .TWII gained 0.2% and the Taiwan dollar
TWD=TP strengthened after the country's February export orders
rose more than expected for the 12th month in a row to a record
high on Monday. Elsewhere, the currencies presented a mixed front as the
U.S. dollar hovered below recent highs. The Philippine peso
PHP= and Thai baht THB=TH weakened 0.2% and 0.1%
respectively against the dollar. On the other hand, the South
Korean won KRW=KFTC added 0.1%.
Highlights:
** Top losers on FTSE Bursa Malaysia Kl Index .KLSE
include Genting Bhd GENT.KL ; Genting Malaysia Bhd GENM.KL ;
Dialog Group Bhd DIAL.KL
** Thailand's 10-year government bond yields are down 4.5
basis points at 1.725%
Asia stock indexes and
currencies at 0413 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS
DAILY YTD % DAILY YTD %
% %
Japan JPY= +0.11 -5.03 .N225 -0.10 6.19
China