EMERGING MARKETS-S.Korea, China, Philippine shares slide on risk of U.S. stimulus delay

    * Asian stock markets:
    * Public Bank surges, boosting Malaysia shares
    * Indonesia set to cross 1 mln COVID-19 cases
    * South Korea Q4 GDP beats expectations

    By Nikhil Nainan
    Jan 26 (Reuters) - South Korea, China and the Philippines
led declines across Asia's emerging stock markets on Tuesday, as
investors tempered hopes for the quick passage of $1.9 trillion
in U.S. stimulus that had boosted sentiment in recent weeks. 
    Markets priced in Republican lawmakers balking at the price
tag of the aid package and comments from Senate Majority Leader
Chuck Schumer, a Democrat, that the bill may be pushed through
by mid-March.
    Shares in South Korea, the Philippines,
Taiwan and China all fell more than 1%. 
    The U.S. dollar was steady even as Treasury yields sunk on
the worries around the relief bill and as coronavirus cases
surged, with Asia's emerging currencies flat to slightly higher.
    "At this stage, the price action looks more corrective then
structural. An increase in Republican stimulus resistance will
further dampen equity market spirits," said Jeffrey Halley, a
senior market analyst for Asia Pacific at OANDA.
    The weak sentiment was likely to spill into European
markets, he added. 
    On the other end, Malaysian shares eased off session
highs, still standing out from the regional mood as one of the
country's top banks surged to a near 23-month high in early
    Public Bank was last up 7.3%. The bank's 4-for-1
bonus share issue went ex bonus share date on Tuesday, raising
the float size but also making it more affordable for retail
    CGS-CIMB said in a note that Public Bank remains its top
banking pick and the most defensive considering an expected rise
in bad loans this fiscal year. 
    Better-than-expected fourth-quarter growth in South Korea
failed to spur investors, with stocks down 1.7% and the won
 dipping 0.1%.
    The country's economy grew at a seasonally adjusted 1.1% in
the December quarter from the third quarter, faster than a
median estimate of 0.7% in a Reuters poll. 
    Mizuho Bank said the good news is that growth is recovering,
but the "divergence between semiconductor-led exports growth
drivers and far more anaemic private consumption recovery are
likely to persist."
    Indonesia is slated to cross 1 million coronavirus cases on
Tuesday, highlighting the struggle the Southeast Asian nation is
facing in getting a handle on the outbreak. Shares and
the rupiah both edged lower.
    Indian markets were closed for the Republic Day holiday.    
    ** Indonesian 10-year benchmark yields are down 4 basis
points at 6.251%
    ** Aside from Public Bank, Dialog Group Bhd and
Genting Bhd fell around 3%
    ** Indonesia raises economic recovery budget to $39 billion
 Asia stock indexes and currencies at   0343 GMT      
 COUNTRY      FX          FX       FX      INDEX    STOCKS   STOCKS
              RIC         DAILY %  YTD %            DAILY %  YTD %
 Japan                    +0.02    -0.45            -0.63    4.36
 China                    +0.12    +0.87            -1.21    3.09
 India                    +0.00    +0.18            -0.93    1.84
 Indonesia                -0.07    +0.14            -0.05    4.63
 Malaysia                 +0.00    -0.57            0.58     -2.54
 Philippines              +0.04    -0.08            -1.20    -2.15
 S.Korea                  -0.14    -1.45            -1.65    9.84
 Singapore                +0.04    -0.43            -0.69    3.85
 Taiwan                   +1.39    +1.72            -1.16    6.98
 Thailand                 +0.00    +0.00            -0.46    3.13
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Jacqueline Wong)