* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA
* Jakarta shares hit near two-week low
* Taiwan dollar tracks best day in more than five months
By Shashwat Awasthi
Aug 31 - Indonesian shares fell more than 1% on Monday, weighed down by a surge in new
COVID-19 cases and the discovery of a more infectious mutation of the coronavirus in the country
as the impact of upbeat Chinese services sector data faded.
Fears of a further surge in daily infections, already tracking above the past month's daily
average in recent days, put the benchmark index .JKSE on track for its worst day since August
3.
South Korean shares also sank more than 1% on a sell-off led by foreign investors worried by
downbeat July factory data and tougher coronavirus-led measures to curb a new burst of
infections.
Taiwan, another export-centric market was also lower and Daishin Securities analyst Lee
Kyoung-min said the July data in South Korea, timed before the resurgence in COVID-19 cases,
raised worries that economic indicators could worsen going forward.
He said the selling by foreign investors had focussed in the electronics sector.
Emerging Asian currencies rose early in the session on the back of data showing China's
service sector activity expanded at a much faster pace in August. By the afternoon in Asia most
had retreated, with only Taiwan's dollar TWD=TP and the rupiah IDR= booking gains.
The U.S. Federal Reserve's new strategy favouring higher inflation and growth has weakened
the U.S. dollar since its unveiling last Thursday, despite signs it may push longer-term
Treasury yields - a driver for the currency - higher.
Speeches by Fed officials including Vice Chairman Richard Clarida this week may shed more
light on the policy and its potential impact on the currency.
India's rupee INR=IN , fresh off its best week in two years, gave up 0.3% and stocks
.NSEI slid 0.8% ahead of June-quarter gross domestic product data which is likely to show a
record slump. Mizuho analysts forecast India's recovery to be stymied by "ongoing pandemic proliferation",
which they said would hinder activity and lead to more fiscal constraints.
Markets in Malaysia and the Philippines were shut for a holiday.
HIGHLIGHTS
** Singapore's 5-year benchmark yield is down 3.2 basis points at 0.53%
** Top gainers on the Thailand's SETI .SETI include JCK International JCK.BK up 13.14%,
Apex Development APEX.BK up 12.5% and Luxury Real Estate Investment Fund LUXFu.BK up 12%
** Top losers on the Jakarta stock index .JKSE include Pelangi Indah Canindo Tbk PICO.JK
down 6.95%, Toba Bara Sejahtra Tbk TOBA.JK down 6.81% and Sunson Textile Manufacturer Tbk
SSTM.JK down 6.79%
Asia stock indexes and currencies at 0723 GMT
COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD %
Japan JPY= -0.36 +2.73 .N225 1.12 -2.18
China CNY=CFXS +0.14 +1.58 .SSEC -0.24 11.33
India INR=IN -0.14 -2.87 .NSEI -0.60 -4.86
Indonesia IDR= +0.48 -4.57 .JKSE -1.58 -16.46
Malaysia MYR= 0.00 -1.78 .KLSE 0.00 -4.00
Philippines PHP= 0.00 +4.67 .PSI 0.00 -24.71
S.Korea KRW=KFTC -0.29 -2.64 .KS11 -1.17 5.85
Singapore SGD= -0.18 -1.16 .STI -0.02 -21.21
Taiwan TWD=TP +0.64 +2.64 .TWII -1.08 4.95
Thailand THB=TH +0.06 -3.92 .SETI 0.27 -16.01