* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* Malaysia stocks set for best day since Nov. 10
* Thai shares jump more than 1%
By Shashwat Awasthi
Dec 1 (Reuters) - Emerging Asian equities rallied on Tuesday
on the back of upbeat Chinese data and positive vaccine news,
recovering from a bout of profit-taking in the previous trading
session.
Data on Tuesday showed China's factory activity accelerated
at the fastest pace in a decade in November, helping factories
across the region to steadily recover from the COVID-19 crisis.
Malaysia led gains, with shares in Kuala Lampur .KLSE on
track for their best day in three weeks, while those in the
Philippines .PSI and South Korea .KS11 advanced more than 1%
each.
Regional stock markets had a stellar run in November, as the
outcome of the U.S. election and progress on a coronavirus
vaccine prompted investors to snap up riskier assets.
Adding to recent vaccine optimism, U.S. pharmaceutical
company Moderna MRNA.O said on Monday it had applied for U.S.
emergency authorisation for its COVID-19 vaccine and would also
seek European approval for the treatment. The data and vaccine progress "could be helping to anchor
buy-risk on-dips narratives," analysts at Maybank said in a
note.
Meanwhile, developments regarding a potential vaccine were
being closely watched by financial markets as investors try to
gauge how quickly and when the global economy will fully
recover.
"A potential vaccine is definitely a game changer," said
Frank Benmirza, head of Asia equity strategy at Societe
Generale.
"The market is aware of hurdles including timing,
distribution, production, whether people will want to have a
vaccination. Any news addressing these issues is positively
taken."
Shares in Indonesia .JKSE , which has seen a record daily
spike in coronavirus infections since last week, bounced back
from Monday's steep losses to surge as much as 2%.
Investors also took stock of news that an Indonesian
parliamentary panel would likely drop a plan to revise the
central bank's law to expand its mandate. Thai equities .SETI rebounded after sliding in the
previous session amid persistent anti-government protests, while
the baht THB=TH edged higher.
Thailand's central bank said on Monday it will hold a
briefing on Dec. 9 to unveil additional measures to contain the
baht, which has firmed more than 4.5% since October.
Moves among other currencies were tepid, though the
tech-reliant Taiwan's dollar TWD=TP stood out with a more than
1% gain. Data on Tuesday also showed factory activity grew in
Taiwan and in Indonesia in November.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields are up 3.1 basis
points at 6.219%
** Top gainers on FTSE Bursa Malaysia Kl Index include
PETRONAS Chemicals Group PCGB.KL up 9.03%, Tenaga Nasional
TENA.KL up 7.34% and Hong Leong Bank HLBB.KL up 4.77%
** In the Philippines, top index gainers are Robinsons Land
RLC.PS up 5.42%, GT Capital GTCAP.PS up 5% and Manila
Electric MER.PS up 4.12%
Asia stock indexes and currencies
at 0420 GMT
COUNTRY FX RIC FX FX YTD INDE STOCK STOC
DAILY % X S KS
% DAILY YTD
% %
Japan JPY= -0.14 +4.01 <.N2 1.48 13.3
25> 9
China