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CORRECTED-EMERGING MARKETS-Thai baht at 10-month high on foreign buying of bonds, stocks

 (Corrects first bullet point in Highlights section to read
yields are down so far this week, not up)
    * Thai baht adds about 2.5% since U.S. election
    * Vaccine distribution timeline a risk to baht - analyst
    * Malaysia, Singapore stocks drop

    By Anushka Trivedi
    Nov 11 (Reuters) - Thailand's baht hit a 10-month peak on
Wednesday as foreign investors flocked to the country's
high-yielding debt and equity markets after progress in a
COVID-19 vaccine trial lifted prospects for the trade- and
tourism-dominated economy.
    The baht firmed as much as 0.8% to 30.210 against
the dollar, bringing its gains to about 2.5% since the U.S.
election last week resulted in Joe Biden winning the presidency.
Local stocks were up 0.5%.
    Drugmakers Pfizer Inc and BioNTech SE
flagged a 90% efficacy rate for their vaccine over the weekend,
compounding gains in Asia that had been buoyed by Biden's win as
he is expected to be less hawkish on trade compared to Donald
Trump. 
    Democrat Biden's new administration and the high chances
that Republicans will keep control of the Senate will result in
a slimmer round of new stimulus and may cap U.S. long-term
yields, adding to the appeal of Asian bonds offering high real
yields.
    "The gains in baht are driven by foreign inflows...they have
been net buyers of equity and fixed income last week," Poon
Panichpibool, a market strategist at Krung Thai Bank said. 
    Progress on a vaccine bodes well for the ailing economy as
it counts exports and tourism as its main sources of revenue
generation, but the pandemic still remains a key factor in
determining the baht's movement in the near-term.
    "If the COVID-19 outbreak is still not under control and
there's no further positive development in distribution of the
vaccine, the market sentiment could shift from risk-on to
risk-off, adding to the U.S. dollar's strength," Poon said.
    Other currencies were rangebound against a tepid greenback,
with the Taiwanese dollar again firming more than 1% to
outperform its peers.
     Meanwhile, stock markets in Singapore and Malaysia
 declined 0.5% and 1%, respectively, after a euphoric
rally in the previous session was sparked by the vaccine news.
         
    
    HIGHLIGHTS
    
    ** Thailand's 10-year government bond yield down
about 3.8% this week
    ** Top losers on FTSE Bursa Malaysia Kl Index
include IHH Healthcare Bhd down 3.36% and Hap Seng
Consolidated Bhd down 2.93%
    ** Top drags on the Singapore STI include: Ascendas
Real Estate Investment Trust down 6.3% and Mapletree
Industrial Trust down 4.3% 
    
    
 Asia stock indexes and currencies at                                           
 0434 GMT                                                           
 COUNTRY      FX RIC       FX DAILY %  FX YTD %    INDEX    STOCKS  STOCKS YTD %
                                                           DAILY %  
 Japan                          +0.15     +3.32               1.75          7.12
 China                          +0.29     +5.55               0.09         10.26
 India                          -0.11     -3.88               1.01          4.85
 Indonesia                      -0.14     -1.28               0.85        -12.55
 Malaysia                       -0.05     -0.75              -1.05         -1.90
 Philippines                    +0.06     +4.95               0.05         -9.93
 S.Korea                        +0.30     +4.01               1.14         12.89
 Singapore                      +0.11     -0.16              -0.54        -16.52
 Taiwan                         +1.20     +5.58               0.98         10.11
 Thailand                       +0.66     -1.12               0.48        -14.69
 
    

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Kim
Coghill)
  
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