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EMERGING MARKETS-Philippine shares reverse losses, lead region higher on global recovery bets

    * FTSE Russel decision on Malaysia bonds due 
    * Vietnam Q1 GDP growth at 4.5% y/y
    * Philippines to reimpose stricter COVID-19 curbs in capital

    March 29 (Reuters) - The Philippines reversed early losses
to rise more than 1% on Monday, leading gains across Asia's
emerging stock markets after Wall Street ended last week with
strong gains on bets for a faster economic recovery.
    Stricter COVID-19 restrictions in Manila for this week
initially sent shares down 1.7%. But they were lifted as
investors await details of a proposed U.S. fiscal spending
package that could spur the global economy. Stocks in Taiwan
, Vietnam and Thailand climbed around 1%.
    "The positive sentiment should lift regional shares today,"
said Michael McCarthy, chief market strategist at CMC Markets
and Stockbroking.
    Inflation concerns remained, however, and the dollar held
firm with 10-year Treasury yields still elevated,
keeping pressure on Asia's risk-sensitive and higher-yielding
currencies.
    The Malaysian ringgit was little changed, while the
yield on its benchmark 10-year bonds was marginally
off ahead of the FTSE Russel decision on whether Malaysian debt
will stay in the government bond index.
    OCBC Bank expects Malaysia to stay in the index and be
removed from the watchlist, which it says will see sentiment for
bonds improve at the margin. A surprise removal could prompt
outflows.
    In other news, Malaysian exports in February rose a
higher-than-expected 17.6% on shipments of electrical and
electronic goods as well as commodity-based products.

    Vietnam shares rose after data showed the economy
grew 4.5% in the first quarter, supported by robust exports.

    "Vietnam's growth prospects will continue to outshine
regional peers," Mizuho Bank said in a note.
    The southeast Asian nation has been successful in
controlling the spread of COVID-19 through stringent measures,
which have helped it reopen its economy earlier than most other
regional peers. 
    Indian markets were closed for a public holiday.       
       
    HIGHLIGHTS:
    ** Indonesian 10-year benchmark yields are down 0.5 basis
points at 6.744%
    ** DMCI Holdings Inc, SM Prime Holdings Inc
 and JG Summit Holdings Inc led gains in the
Philippines    
  Asia stock indexes and currencies at   0342 GMT
 COUNTRY      FX RIC      FX       FX     INDEX    STOCKS   STOCKS
                          DAILY %  YTD %           DAILY %  YTD %
 Japan                    +0.12    -5.73           1.06     7.43
 China                    -0.03    -0.24           0.70     -0.88
 India                    -        +0.77           -        3.76
 Indonesia                -0.14    -2.70           0.44     4.07
 Malaysia                 -0.04    -3.04           0.03     -1.56
 Philippines              -0.12    -0.95           1.46     -7.00
 S.Korea                  -0.19    -4.00           0.15     5.99
 Singapore                -0.08    -1.89           0.64     11.76
 Taiwan                   +0.32    -0.10           1.16     11.96
 Thailand                 -0.48    -3.97           0.82     9.55
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru)
  
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