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REFILE-EMERGING MARKETS-Asian FX, stocks tepid as virus risk keeps mood gloomy

 (Refiles to correct formatting of bullet points)
    * Markets, which were closed for holiday on Tuesday, resume
trade
    * Singapore reimposes strict curbs, local dollar trips
    * India's financial markets closed for the day

    By Anushka Trivedi
    July 21 (Reuters) - Asia's equity and currency markets were
subdued on Wednesday as the threat of the highly contagious
Delta COVID-19 variant clouded the region's economic outlook,
with Philippine stocks falling 2% to their lowest level in
nearly eight weeks.
    Singapore shares were little changed but the local
dollar fell 0.2% after tight curbs were reimposed for one
month in the country, dealing a blow to its reopening plans.

    South Korea and Taiwan equities dropped 0.3%
each, but their currencies, were flat, while
the Thai baht and the Indonesian rupiah eased
0.2% each. 
    Despite some positivity in broader stock markets after Wall
Street firmed overnight, investors were cautious about Asia as
most countries in the region remain under lockdowns that have
curtailed economic activity as virus cases climb.  
    Overall, the mood was sombre with investors favouring
safe-haven assets. The U.S. dollar hit a three-month high
despite softer Treasury yields.
    "The pace of losses in emerging Asia's currencies seems to
be moderating, but most remain near interim lows versus the
dollar," Maybank analysts wrote in a note.
    "The recent spate of contagion spikes and accompanying curbs
in regional economies have notably weighed on sentiments."
    That prompted Manila-based Asian Development Bank to slash
2021 growth forecast for Indonesia, Thailand and Malaysia on
Tuesday and revise down its projections for "developing Asia".
     
    Philippines' stock index dropped to its lowest since
May 27 after trade resumed following a holiday, but the peso
 firmed 0.5% as the net oil importer's currency benefited
from a recent slump in crude prices.     
    But analysts warned the fact that the central bank stuck to
its growth forecast for this year and that COVID-19 cases have
fallen recently were not enough to sustain a currency rally.

    "The peso was ripe for a correction after being oversold...
but short term pressure should remain until overall sentiment
improves further as the country has been hit with a spate of not
so positive developments of late," said Nicholas Mapa, senior
economist at ING.
    India's financial markets, were shut for a
holiday.
    
    HIGHLIGHTS
    
    ** Malaysia's 10-year benchmark yield was down 7.9 basis
points at 3.115%​​
    ** Philippine stocks on track to drop for fourth session
    ** Top index losers in Philippines: Alliance Global Group
Inc down 5% and Metropolitan Bank and Trust Co
down 4.2% 

 Asia stock indexes and currencies at 0425 GMT                                            
 COUNTRY      FX RIC      FX DAILY %    FX YTD %    INDEX  STOCKS DAILY %     STOCKS YTD %
 Japan                         -0.05       -6.05                     0.67             0.47
 China                         +0.15       +0.82                     0.60             2.45
 Indonesia                     -0.21       -3.47                     0.33             0.97
 Malaysia                      -0.42       -5.19                     0.05            -6.54
 Philippines                   +0.44       -4.69                    -1.79            -9.39
 S.Korea                       -0.01       -5.59                    -0.28            12.19
 Singapore                     -0.18       -3.40                     0.01             9.42
 Taiwan                        +0.00       +1.51                    -0.30            18.62
 Thailand                      -0.15       -8.80                    -0.03             6.14
 

    
 (Reporting by Anushka Trivedi in Bengaluru; Editing by Ana
Nicolaci da Costa)
  
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