* Singapore shares drop 1.3%
* S. Korea tightens virus curbs on gatherings beyond Seoul
* Indonesian rupiah eases; central bank meet on Thursday
By Anushka Trivedi
July 19 (Reuters) - Stock markets in the Philippines, South
Korea and Singapore fell more than 1% on Monday while all Asian
currencies tumbled as some countries tightened COVID-19 curbs to
tackle a surge of infections that sparked a sell-off in risky
assets.
Manila shares slid 2%, slumping for a third day after
last week's detection of a Delta variant infection spurred
extension of stay-at-home orders, while Singapore's index
experienced its worst day since July 7.
Among currencies, the South Korean won declined
0.6% to lead losses on widened curbs beyond Seoul, the capital,
while the baht, peso and ringgit fell
between 0.2% and 0.4%.
As coronavirus infections have risen even in nations with
high vaccination rates, such as Britain and the United States,
Asia is still grappling with a slow inoculation pace and tough
curbs, clouding its prospects for near-term growth.
"Asia macro continues to face multiple drags," Deutsche Bank
analysts said in a note.
They cited the stop-start nature of curbs forced by
recurring waves and newer COVID-19 variants and lack of policy
space, both monetary and fiscal, to support growth.
Unlike the central banks of developed economies that are
considering paring back stimulus, those of emerging Asia are
forced to stay accommodative as their economic situation remain
unstable.
One exception was Bank of Korea, which is expected to raise
interest rates this year after hawkish signals at last week's
meeting.
Indonesia's rupiah and stocks fell 0.2% and
0.7%, respectively, as its death toll from the virus stood
second only to that of Brazil.
Jakarta is likely to extend existing social curbs until
early August, Mizuho analysts said, adding that constraints on
hospitals and vaccination were reminiscent of India's struggles
in April and May.
Bank Indonesia's policy review set for Thursday is expected
to hold rates.
Other major markets, such as Australia and Japan
, were also on the backfoot, sliding 0.7% and 1.5%,
respectively.
Recent hints about a slowdown in China's economic growth
momentum are also a cause for concern for Asia, as it is the
region's top trade partner.
HIGHLIGHTS
** Philippine stock index hits lowest since May 27
** Spotlight on Tuesday meeting of People's Bank of China
** Indonesian 10-year benchmark yields are down
8.7 basis points at 6.35%
Asia stock indexes and currencies at 0428 GMT
COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD %
Japan +0.15 -6.08 -1.41 0.60
China -0.01 +0.76 -0.31 1.59
India +0.00 -2.01 -0.63 13.17
Indonesia -0.17 -3.31 -0.71 0.84
Malaysia -0.21 -4.65 0.34 -6.12
Philippines -0.22 -4.86 -1.70 -7.84
S.Korea -0.48 -5.14 -0.96 12.95
Singapore -0.04 -2.70 -0.85 9.91
Taiwan -0.15 +1.55 -0.71 20.61
Thailand -0.33 -8.80 -1.00 7.54
(Reporting by Anushka Trivedi in Bengaluru; Editing by Clarence
Fernandez)