EMERGING MARKETS-Asian stocks swing higher after Democrats sweep U.S. Senate

    * Graphic: World FX rates
    * Malaysia stocks down after 2,593 new coronavirus cases 
    * Thailand plans COVID-19 relief measures, stocks rise
    * Asian currencies pare early losses against struggling

    By Anushka Trivedi
    Jan 7 (Reuters) - Asian stocks rallied on Thursday on the
prospects of a large fiscal stimulus in the United States after
Democrats won control of the Senate, while Malaysian shares
slipped 1% as COVID-19 cases rose as at a record pace in the
    India's benchmark index opened at an all-time high,
while equities in South Korea surged 2.6% to break above
the 3,000 handle again. Indonesia, Singapore, and
Taiwan shares all climbed more than 1%.
    Democrat victories in two Georgia races handed them control
of the Senate, making it easier for incoming U.S. President Joe
Biden to push his reforms which includes higher fiscal spending.

    Hopes that a big borrowing and big spending Democrat
administration would drive growth boosted risk sentiment and
spurred gains in global equities, outweighing concerns about
chaotic protests in Washington.    
    "ASEAN markets are likewise expected to relish this
positivity with the anticipated unleashing of further fiscal
injections by the incoming U.S. administration enthusing assets
sensitive to economic growth," said Jingyi Pan, a
Singapore-based market strategist with financial services firm
    Thailand's bourse took heart from authorities
planning more relief measures to ease the impact of a new
coronavirus outbreak.
    Meanwhile, the Kuala Lumpur index was the sole
decliner after adding 2,593 coronavirus cases to its tally by
Wednesday, the director general of health said here,
 further straining the country's healthcare system.
    Several local here
 media here
 outlets reported the Malaysian government was mulling targeted
lockdowns in parts of the country after New Year celebrations
increased caseload, including Sabah, one of the worst hit by the
    Travel stocks led declines on the Malaysian benchmark, while
heavyweight latex glove makers surged.
    Asian currencies pared early losses to trade flat to lower
against a sudued dollar. 
    Improving risk appetite and bets that a growing U.S. trade
and budget deficit would weigh on the greenback pressured the
    The Taiwan dollar jumped 1.5%, while the Malaysian
ringgit recouped declines of 0.4% to trade flat. The
Singapore dollar and the Indonesian rupiah eased

    ** Top losers on Malaysia's index: Genting Malaysia Bhd
, down 5% and Genting Bhd, down 4.2% while
Supermax Corp and Hartalega Holdings top the
    ** Singapore's 10-year benchmark yield is down 1 basis
points at 0.924%
    ** Top gainers on the Jakarta stock index include
Natura City Developments Tbk PT up 34.3% and PT
IndoSterling Technomedia Tbk up 24.9%

  Asia stock indexes and currencies at                                                        
   0510 GMT                                                                     
 Japan                           -0.09       +0.11                        1.50            0.06
 China                           +0.12       +1.11                        0.37            2.61
 India                           -0.01       -0.06                        0.29            1.47
 Indonesia                       -0.14       +1.01                        1.21            2.68
 Malaysia                        -0.07       +0.22                       -0.46           -2.61
 Philippines                     -0.01       -0.05                        1.02           -0.28
 S.Korea                         -0.18       -0.13                        2.37            5.75
 Singapore                       -0.07       +0.18                        1.49            2.17
 Taiwan                          +1.53       +1.80                        1.74            3.48
 Thailand                        -0.20       +0.10                        1.36            4.37

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Lincoln