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EMERGING MARKETS-Asian stocks firm as vaccine progress lifts trade outlook

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    * Travel stocks propel Asian equities higher
    * Indonesian rupiah at strongest level since June 18
    * Philippine economy contracts in Q3

    By Anushka Trivedi
    Nov 10 (Reuters) - Singapore, Thailand and Malaysia led
stock market gains in Asia on Tuesday after results from a
late-stage COVID-19 vaccine trial fuelled optimism about a
global reopening, which would help the region's tourism- and
trade-dependent economies.
    Other emerging currency and equities also rose as the
vaccine news came right after Joe Biden's presidential election
win over the weekend eased U.S. political uncertainty.
     Overnight, Wall Street benchmarks closed just shy of record
highs after drugmaker Pfizer and its German partner
BioNTech said that a large-scale trial of their vaccine
showed it was more than 90% effective in preventing COVID-19.
 
    Airline, cruise ship and hotel operators lifted share
markets in most of Asia, with Singapore, Thailand
and Malaysia indexes up between 1.5% to 2.9%.
    "The clearing of the election fog has permitted underlying
market fundamentals to come back into focus, resulting in a
strong push upwards," Seema Shah, chief strategist at Principal
Global Investors said.
    "The most recent vaccine news suggests 'return to normality'
should be coming sooner rather than later... all the chips are
starting to line up, and market sentiment may be in the early
stages of a burst of positive energy."
    Philippine equities rallied more than 3%, brushing
off a steep economic slump in the third quarter and helped by
government assurances that the economy would rebound in 2021.

    Local currency markets also inched higher and the Taiwanese
dollar stood out with a 1% rise after the island
reported an expectation-beating surge in October exports. 
   
     Citi said it expected Taiwan's dollar to continue to
strengthen in the medium-term on its regional economic
outperformance.
    The Indonesian rupiah, which has benefited from a
surge in bond inflows lately, firmed 0.3% to its highest since
June 18.
    However, among global emerging markets, the Turkish lira
 fell 2% against the dollar.
    Global ratings agency S&P expressed concern about Turkey's
sudden replacement of its central bank governor and the
departure of its finance minister.
    
    HIGHLIGHTS
    ** Indonesian 10-year benchmark yields are down
3 basis points at 6.234%
    ** Singapore Airlines soars 20% to near 5-month
high
    ** Malaysia top gainers:  Genting Bhd up 15.1% and
Genting Malaysia Bhd up 12.3%, while glove makers Top
Glove and Hartalega Holdings slumped


  Asia stock indexes and currencies                                        
 at   0317 GMT                                                   
 COUNTRY     FX RIC      FX DAILY %  FX YTD %    INDEX   STOCKS  STOCKS YTD
                                                        DAILY %           %
 Japan                        +0.49     +3.59              1.08        6.14
 China                        +0.18     +5.25             -0.04       10.57
 India                        +0.00     -3.76              0.00        2.40
 Indonesia                    +0.29     -0.93              1.49      -13.71
 Malaysia                     -0.17     -0.58              1.60       -2.52
 Philippine                   +0.03     +4.97              3.51      -11.45
 s                                                               
 S.Korea                      -0.18     +3.63             -0.10       11.25
 Singapore                    +0.07     -0.14              2.90      -16.68
 Taiwan                       +1.09     +5.59             -0.24        9.16
 Thailand                     +0.44     -1.66              2.53      -16.55
 

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Sam
Holmes)
  
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