EMERGING MARKETS-Tech sell-off hurts S.Korea stocks; most Asian FX fall on rising bond yields

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* South Korean benchmark hits over 2-month low
* Indonesia's 10-year benchmark yield scales a 5-month high

By Shruti Sonal
March 9 (Reuters) - South Korean shares fell as much as 2%
on Tuesday, as heavyweight technology stocks tracked an
overnight sell-off in their Wall Street peers, while rising bond
yields hurt appetite for most emerging Asian currencies.
South Korea's benchmark KOSPI .KS11 fell for a fourth
straight session, hitting its lowest in over two months.
Samsung Electronics 005930.KS slipped 1.5% and peer SK
Hynix 000660.KS dropped 3.3%, in tandem with a sell-off in
technology-related shares which pushed the Nasdaq into
correction territory - down 20% from its peak - on Monday.
Most regional currencies weakened against the dollar, as the
greenback held near a 3-1/2-month high, on the back of higher
bond yields and expectations of faster economic recovery from
the pandemic in the United States. FOREX/
MSCI's emerging market currency index .MIEM00000CUS
dropped to a three-month low, with high-yielding currencies hit
hard.
"Export-led Asian currencies have not taken kindly to
prospects of a more normalised global economy paved by
vaccinations", DBS Bank analysts said in a note.
The South Korean won KRW=KFTC and Malaysian ringgit MYR=
fell 0.5% each, while the Indonesian rupiah IDR= shed 0.4%.
Bond yields in the region scaled new peaks, as investors
continued to find refuge in the higher yields and relative
stability offered by Asian junk-rated debt. Indonesia's 10-year benchmark yield ID10YT=RR hit a
5-month high, while its Malaysian counterpart MY10YT=RR hits
its highest levels in a nearly a year.
Foreign investors have bought a net $41.5 billion of Chinese
bonds since the start of 2021, already about a third of what
they did in all of last year. Inflows into other emerging Asia
bond markets this year are $2.8 billion, or 61% of last year's
total.
On the equities front, the trade-reliant Singapore bourse
.STI climbed over 1%, while India .NSEI and Malaysia .KLSE
added about 0.8% each.
Positive cues from U.S. Treasury Secretary Janet Yellen
aided sentiment. Yellen said on Monday that U.S. President Joe
Biden's $1.9 trillion coronavirus aid package would provide
enough resources to fuel a "very strong" U.S. economic recovery.
Indonesian 10-year benchmark yields are up 6 basis points
at 6.817%
** Top gainers on the Singapore STI .STI include Jardine
Matheson Holdings Ltd JARD.SI , Hongkong Land Holdings Ltd
HKLD.SI , Comfortdelgro Corporation Ltd CMDG.SI
** Indonesia approves AstraZeneca (NASDAQ:AZN) vaccine for emergency use
Asia stock indexes and
currencies at 0431 GMT
COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS
DAILY % DAILY YTD %
% %
Japan JPY= -0.25 -5.40 <.N22 0.96 5.74
5>
China S> C>
India INR=IN +0.14 -0.12 <.NSE 0.82 7.84
I>
Indones IDR= -0.35 -2.50 <.JKS -0.13 4.37
ia E>
Malaysi MYR= -0.46 -2.52 <.KLS 0.79 -0.16
a E>
Philipp PHP= +0.40 -1.08 <.PSI 0.06 -5.31
ines >
S.Korea C> 1>
Singapo SGD= +0.01 -2.13 <.STI 1.27 9.36
re >
Taiwan TWD=TP -0.18 +0.45 <.TWI -0.08 7.29
I>
Thailan THB=TH -0.26 -2.88 <.SET 0.00 6.52
d I>