* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* S. Korea stocks hit highest since Jan. 27
* China, Hong Kong, Taiwan, U.S. markets shut
By Shashwat Awasthi
Feb 15 (Reuters) - Singapore and Thai share markets began a
data-heavy week on a firm footing on Monday after the two
Southeast Asian economies contracted less than expected in the
final quarter of 2020.
South Korean shares .KS11 jumped 1.5% and Malaysian shares
.KLSE touched a near one-month high as Asian stocks hit record
highs on optimism the rollout of coronavirus vaccines around the
world will speed up economic recovery. MKTS/GLOB
Singapore's economy is expected to recover gradually in
2021, the government said, after better-than-expected
fourth-quarter gross domestic product data. Though the city-state marked its worst recession on record
last year due to the COVID-19 pandemic, the FTSE Strait Times
Index .STI jumped as much as 0.7% and was on course for its
best day in a week, while the Singapore dollar SGD= firmed.
Analysts were also looking ahead to Singapore's 2021 budget,
due on Tuesday, for guidance on fiscal policy.
"We expect next year to be a somewhat normal year for fiscal
policy but that shouldn't be construed as reverting to a budget
surplus," ING analyst Prakash Sakpal said.
"Although accelerating recovery and GDP growth this year
should enable the government to scale back some of the measures,
we anticipate a broad stance of supporting jobs and business to
prevail."
Thai stocks .SETI rose 0.6% on the back of
December-quarter GDP data, but the baht THB=TH traded flat as
Southeast Asia's second-largest economy trimmed its growth
outlook for 2021. The tourism-reliant nation was hit hard last year as the
pandemic led to widespread international travel restrictions and
a COVID-19 outbreak in December has dealt a further blow to
prospects for a speedy recovery.
"We expect more of the same this year as the mainstay for
growth, i.e. tourist arrivals, will unlikely return until the
vaccination drive domestically and globally has gathered
momentum," Mizuho analysts wrote.
"In addition, the uneasy political situation will keep
domestic and foreign investments on the sidelines depriving the
economy of much needed support."
Elsewhere in the region, South Korea's KOSPI .KS11 scaled
a near three-week high and the won KRW=KFTC gained for the
fourth straight session. Data showed the country's exports
during the first 10 days of February surged 69.1% from a year
earlier. A raft of economic events expected this week, including
Singapore's budget and January trade data, Indonesia's central
bank policy decision, and minutes of the latest U.S. Federal
Reserve meeting, could drive steeper moves across the region.
Markets in China, Hong Kong and Taiwan were closed for the
Lunar New Year holiday. U.S. stock markets will be closed on
Monday for the Presidents Day holiday.
HIGHLIGHTS:
** Thailand's 10-year government bond yields are up 6 basis
points at 1.37%
** Top gainers on the Jakarta stock index include MNC Land
Tbk KPIG.JK up 33.33%, Kedaung Indah Can Tbk KICI.JK up
25.13% and Indomobil Sukses Internasional Tbk IMAS.JK up
18.83%
** Top gainers on FTSE Bursa Malaysia Kl Index include MISC
MISC.KL up 3.35%, Telekom Malaysia TLMM.KL up 2.12% and RHB
Bank RHBC.KL up 2.07%
Asia stock indexes and
currencies at 0352 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD % X S S YTD
% DAILY %
%
Japan JPY= -0.09 -1.69 <.N2 1.21 8.87
25>
China