* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* Rupiah sees worst day since Nov. 19
* Malaysia stocks firm 1%
By Shashwat Awasthi
Dec 3 (Reuters) - The Philippines led gains among emerging
Asian stock markets on Thursday after an upbeat jobs report,
while optimism around further coronavirus vaccine developments
supported hopes of an economic recovery.
Other emerging currencies and stocks benefited from
investors shunning the U.S. dollar in favour of riskier assets
as Britain aimed to start vaccinating citizens next week, while
investors weighed possibilities for more U.S. stimulus.
FRX/
Manila shares .PSI surged for the third straight session
and added 1.6% after data showed the country's unemployment rate
in October eased further from a record-high hit in April, as
coronavirus curbs were gradually lifted. "It's good. Indeed, markets are reacting to the improving
unemployment numbers," said Ruben Carlo O. Asuncion, chief
economist at The Union Bank of the Philippines.
"Overall, the prospects are good and positive," Asuncion
said, though he flagged "cautious optimism" in the absence of a
vaccine in the country and concerns about new infections.
Indonesian stocks .JKSE gave up most of their early gains
and the rupiah IDR= was set for its worst day in two weeks
after President Joko Widodo called on Bank Indonesia (BI) to
take on "a more significant role" in reforms. "The statement does mean that the ghost of BI independence
has not been buried," said Kunal Kundu, an India-based economist
at Societe Generale.
Proposals to expand BI's mandate and worries over its
funding of burgeoning fiscal debt have raised doubts about the
central bank's independence in recent months.
"BI being expected to play an important role in the recovery
process suggests increasing dependence on BI, especially given
lack of fiscal space to stimulate the weak economy," Kundu said.
"If the line between monetary and fiscal policy gets
blurred, the central bank's independence will come under the
scanner."
Meanwhile, Thailand stocks .SETI climbed 0.5% after
officials on Wednesday announced plans for 43.5 billion baht
($1.44 billion) of additional stimulus to boost domestic
consumption. Gains were capped, however, by concerns of fresh virus
outbreaks after Thailand reported several nationals infected
with COVID-19 had illegally entered the country and skipped
quarantine. "While there is light at the end of the tunnel, we need to
be reminded that we are still in the tunnel," said Kobsidthi
Silpachai, head of capital markets research at Kasikornbank.
"News of fresh COVID-19 cases might provide investors with
an excuse to take money off the table."
HIGHLIGHTS:
** Thailand's 10-year government bond yields are down 3
basis points at 1.325%
** Top gainers on FTSE Bursa Malaysia Kl Index include RHB
Bank RHBC.KL up 4.68%, Telekom Malaysia TLMM.KL up 3.38% and
PETRONAS Chemicals Group PCGB.KL up 2.99%
** In the Philippines, top index gainers are Security Bank
SECB.PS up 6.88%, Metro Pacific Investments MPI.PS up 6.38%
and Bank of the Philippine Islands BPI.PS up 5%
Asia stock indexes and currencies
at 0647 GMT
COUNTRY FX RIC FX FX YTD INDE STOCK STOC
DAILY % X S KS
% DAILY YTD
% %
Japan JPY= -0.05 +3.98 <.N2 0.03 13.3
25> 3
China