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By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
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Reuters Southeast Asia News Highlights 0900 GMT Dec 9
Reuters - 2 hours 48 minutes ago
- - - -
SINGAPORE - Foreign buying of Indonesian assets and suspected central bank dollar buying drove the rupiah up 2 percent, while the Philippine peso hit a one-month peak as it benefited from greater risk appetite.
Other Asian currencies edged up in line with regional stocks after U.S. President-elect Barack Obama said at the weekend he would undertake the biggest infrastructure spending since the 1950s. That boosted hopes of a revival in U.S. economic activity.
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JAKARTA - Recent strengthening in Indonesia's rupiah currency has been mainly due to external factors, central bank deputy governor Budi Mulya said.
The rupiah hit 10,900 per dollar at 0700 GMT, up around 6 percent from Friday's close. The currency market was shut on Monday for a public holiday.
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HO CHI MINH CITY - Vietnam's currency could be devalued next year due to a worsening balance of payments and bad bank debts while the government also needs to prop up slowing exports, economists said.
The country's central bank, the State Bank of Vietnam, last month for the third time this year widened the daily band in which the dong is allowed to move, increasing it to 3 percent either side of a fixed mid-point it sets each day, up from 2 percent.
- - - -
KUALA LUMPUR - Malaysian palm futures gained 1.9 percent, in a market propped up by growing fears that production in the next two or three months will be hit by heavy rains and floods amid expectations of robust exports.
Slightly higher crude oil and steady vegetable oil markets in Asia following overnight rallies also lent some support to palm oil, which has tumbled more than 66 percent in the past 10 months, from a peak of 4,486 ringgit.
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KUALA LUMPUR - Malaysian planter Boustead Holdings <BOUS.KL> will boost the size of the world's first sharia plantation real estate investment trust to 805 million ringgit , the firm said citing strong demand for palm oil and Islamic banking products.
Boustead's plan to inject 189 million ringgit of plantation assets into the REIT comes as property and palm oil markets struggle to cope with excess supply and a grim global economic outlook.
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