EMERGING MARKETS-Philippines, Indonesia recover on upbeat U.S. data; Thai baht firms

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Top glovemaker Hartalega slips after posting Q1 earnings
    * Thai baht firms 0.6% to four-week high ahead of BOT meet

    By Rashmi Ashok
    Aug 4 (Reuters) - Share markets in Indonesia and the
Philippines recovered more than 1% on Tuesday after sharp falls
a day earlier, as strong U.S. manufacturing data lifted investor
spirits globally, offsetting worries over surging coronavirus
cases at home.
    Indonesia's rupiah also dipped by a third of a percent but
other currencies across Asia's developing economies were steady
to marginally higher, with the Thai baht up 0.6% ahead of this
week's central bank meeting. 
    Manila and Jakarta's benchmarks had slid on
Monday after both countries extended lockdowns in their capitals
as healthcare facilities struggled to handle cases.
    A number of analysts have said the second round of
restrictions will spell more economic pain than the first, given
that corporate cash reserves have now dried up and many citizens
are already out of work.
    Jeffrey Halley, senior market analyst for Asia Pacific at
OANDA, said that Monday's U.S. PMI survey had propped up
expectations that a modest global recovery was on the way,
fuelling gains in most Asian shares. 
    He said that gains in the Philippines and Indonesia could be
partially driven by bargain hunting, as investors snap up
cheapened stocks in the wake of Monday's near 4% drop.
    "The flows look very much like fast money and it wouldn't
take much to send them scurrying for the exit doors just as
quickly," he added.
    Malaysian equities edged higher close to the bell,
recovering from losses of more than 1% sustained earlier after
the country's biggest glove maker Hartalega Holdings
fell after first-quarter results.
    Hartalega, which has had a massive 250% run of gains so far
this year and is trading at 48 times its forecast 12-month
earnings - much higher than its peers, dipped despite posting a
huge jump in profit and revenue.
    Smaller rival Top Glove Holdings, also steeply valued and
fighting a U.S. import ban over its labour practices, slipped
after Hartalega's earnings update.
    On currency markets, the baht touched its best
level in four weeks ahead of Wednesday's central bank decision
on interest rates.
    Having cut three times this year to an all-time low of
0.50%, the Bank of Thailand (BOT) is expected to stand pat.
    "The space for conventional rate cuts has diminished and
comments from BOT officials suggest a 0% policy rate is
unlikely," analysts at ANZ wrote in a note.
    The BOT's focus would be on improving the effectiveness of
its current policies, while yield curve control could be studied
as another potential option, they added.
    
    HIGHLIGHTS:
    ** In the Philippines, top index gainers were Semirara
Mining and Power Corporation up 4.71% and DMCI Holdings
Inc up 4.58% 
    ** Top gainers on the Jakarta stock index included
Sekar Bumi Tbk PT up 24.29% and Wismilak Inti Makmur
Tbk PT up 20.81%
    ** Singapore's 10-year benchmark yield climbed 4.1 basis
points to 0.888%​​ while its 5-year benchmark yield rose 0.7
basis point to 0.512%​​ 
    
    
 Asia stock                                             
 indexes and                                            
 currencies                                             
 at   0803                                              
 GMT                                                    
 COUNTRY      FX          FX     FX     INDEX    STOCK  STOCKS
                RIC                YTD           S        YTD
                          DAILY  %                      %
                          %                      DAILY  
                                                 %      
 Japan                    +0.01  +2.53           1.70   -4.58
 China                    -0.05  -0.32           0.11   10.54
 India                    -0.04  -4.88           1.64   -9.03
 Indonesia                +0.07  -4.60           1.37   -19.44
 Malaysia                 +0.12  -3.04           0.42   -0.60
 Philippines              -0.06  +3.11           1.04   -26.10
 S.Korea                  -0.06  -3.16           1.29   3.74
 Singapore                +0.09  -2.20           1.46   -21.77
 Taiwan                   -0.03  +1.92           1.57   5.94
 Thailand                 +0.43  -3.81           0.84   -15.66
 
 (Reporting by Rashmi Ashok; editing by Patrick Graham and
Subhranshu Sahu)
  

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