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EMERGING MARKETS-Indonesian shares pare gains ahead of GDP data; other Asian markets mixed

    * Graphic: World FX rates tmsnrt.rs/2RBWI5E
    * Indonesia to post first annual GDP contraction since 1998-
poll
    * Thai consumer confidence hits a 9-month low
    * Taiwan dollar extends rally

    By Shruti Sonal
    Feb 4 (Reuters) - Indonesian shares pared earlier gains on
Thursday ahead of GDP data, while most other Asian stock markets
were mixed as investors exercised caution triggered by worries
about policy tightening in China and mixed cues from Wall
Street. 
    The Jakarta benchmark, which climbed as much as 1.7%
earlier in the session, was trading up 0.3% at 0747 GMT.
    Indonesia, which has suffered the worst COVID-19 outbreak in
Southeast Asia, is expected to post its first annual contraction
in gross domestic product (GDP) since 1998 on Friday, a Reuters
poll showed.
    Although analysts expect the fourth-quarter GDP growth to
contract less severely than the previous quarter, they have
flagged recovery risks.
    "That the gradual improvement in GDP growth in Q4 will be
carried forward into 2021 cannot be assumed given the recent
rise in COVID-19 cases", said Venkateswaran Lavanya, economist
at Mizuho Bank.
    "Fundamentally, improvement in growth will be uneven,
possibly even temporary, depending on the pandemic situation as
infection rates rise in waves", she added. 
    Initial gains were driven by the country's plan to expand
its COVID-19 recovery budget this year to $44.2 billion and
extend tax incentives for businesses to boost economic recovery.

    Elsewhere, equities presented a mixed front due to fresh
investor worries over signs of liquidity tension in China ahead
of the upcoming Lunar New Year holiday.  
    Trade-reliant Singapore bourse shed 0.9%, while
Philippines and India were trading higher 0.6%
and 0.3%, respectively.
    The Thai benchmark pared early gains after data
showed consumer confidence in the tourism-reliant economy
dropped to a nine-month low in January following a fresh wave of
COVID-19 infections.
    Central banks and vaccination drives remained in focus.
    Bank of England is expected to keep its benchmark interest
rate on hold later in the day, while China's central bank said
it will keep liquidity reasonably ample and resume injecting
cash via 14-day reverse repos.
    On the vaccine front, Singapore became the first Asian
country to approve Moderna's COVID-19 vaccine on
Wednesday, while Thailand's resort island of Phuket is planning
private coronavirus vaccinations.
    Among currencies, the Taiwan dollar added over
1.5%, extending a strong rally that has been driven by robust
demand for the country's tech exports. 
    Most others, including the Malaysian ringgit and
Philippine peso fell as the dollar traded near its
strongest levels in more than two months against the euro and
the yen.
    
    Highlights:
    
    ** Taiwan c.bank plans to limit overseas loan remittances
for firms
    ** Malaysia's 10-year benchmark yield is up 3.6 basis points
at 2.755%
    ** Top losers on the Singapore STI include: UOL Group
Ltd, Jardine Matheson Holdings Ltd and
Capitaland Ltd 
    
  Asia stock indexes and                              
 currencies at   0811 GMT                        
 COUNTRY  FX RIC        FX     FX  INDE  STOCKS  STOCK
                     DAILY  YTD %     X   DAILY  S YTD
                         %                    %      %
 Japan               -0.16  -1.84  <.N2   -1.06   3.27
                                   25>           
 China    <CNY=CFX   -0.00  +1.03  <.SS   -0.44   0.83
          S>                       EC>           
 India               +0.07  +0.22  <.NS    0.26   6.06
                                   EI>           
 Indones             -0.07  +0.21  <.JK    0.48   2.14
 ia                                SE>           
 Malaysi             -0.17  -0.89  <.KL   -0.36  -3.07
 a                                 SE>           
 Philipp             -0.17  -0.12  <.PS    0.65  -3.30
 ines                              I>            
 S.Korea  <KRW=KFT   -0.32  -2.89  <.KS   -1.35   7.45
          C>                       11>           
 Singapo             -0.15  -1.03  <.ST   -0.99   1.92
 re                                I>            
 Taiwan              -0.02  +0.36  <.TW   -0.41   6.61
                                   II>           
 Thailan             +0.03  -0.23  <.SE    0.46   2.71
 d                                 TI>           
 


 (Reporting by Shruti Sonal in Bengaluru; Editing by Bernard
Orr)
  
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