Philippine assets remain weak after rate hike; Asian stocks gain on Nvidia beat

Aug. 27 (Reuters) - Philippine assets remained weak on Thursday after the central bank hiked its key rate by a quarter percentage point, as expected, to combat inflation and support the peso, while South Korean and Taiwan equities closed higher on Nvidia results.

The peso PHP= held steady at 61.739 per dollar, lower than the previous session's close of 61.635, after the Bangko Sentral ng Pilipinas raised its key interest rate by 25 basis points to 5.00% — a third consecutive tightening of policy.

The hike comes as the Philippines grapples with inflationary pressures and a weak currency. The oil-sensitive peso is among the region's worst performers after the Middle East conflict drove up energy prices.

"The hike was fully priced, so the muted market reaction makes sense. It makes me slightly more constructive on the peso, as the BSP is clearly prioritizing inflation control and currency stability," said Glenn Yin, director of research at ACCM.