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* Graphic: World FX rates tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks tmsnrt.rs/3lKhL5I
* Taiwan dollar, S.Korean won jump 1%
* Thai shares at highest since June 8
By Shashwat Awasthi
Dec 4 (Reuters) - Indian shares hit a record high on Friday
after the country"s central bank upgraded its economic growth
forecast and said it would retain an accommodative policy stance
at least for the current financial year.
In contrast, stocks in the Philippines snapped a three-day
winning streak, hit by a forecast of a deeper economic
contraction this year and news that U.S. drugmaker Pfizer Inc
had halved its COVID-19 vaccine production target for
2020.
Trading across other emerging Asian stock markets remained
mixed as sentiment around vaccines was partly offset by hopes
that a U.S. stimulus plan would be pushed through Congress.
Indian stocks, which initially rose 0.6%, inched up
further after the Reserve Bank of India (RBI) projected positive
growth in the second half of 2021, while leaving interest rates
unchanged.
"Indian equity markets have reacted positively to both an
upgrade of growth projection and availability of surplus
liquidity conditions," said Sameer Narang, chief economist at
Bank of Baroda.
Narang added foreign portfolio investment inflows were also
helping gains, and Friday"s growth view upgrade implied the
inflows may continue to drive Indian equity markets.
The rupee firmed 0.2% after two days of losses.
Shares in Manila dropped 0.8% and the peso
eased after officials on Thursday forecast a 8.5%-9.5%
contraction in the economy, compared with a previous forecast of
a 5.5% decline.
Raul Ruiz, head of research at RCBC Securities, said vaccine
news was heavily affecting sentiment, and that a 15% rally in
stocks since October was giving way to profit-taking.
"News that the distribution of Pfizer"s vaccine would be
constrained by supply chain issues probably has more bearing on
the market," Ruiz added.
"Considering that uncertainties with regard to COVID-19 have
yet to completely go away, there is a reluctance to letting
profits run."
Taiwan"s dollar and South Korea"s won
outperformed regional peers that failed to make significant
headway despite the U.S. dollar"s woes, while shares in both
countries soared more than 1%.
Thai stocks, which gained in the previous session on
the promise of additional stimulus, climbed another 1% to a near
six-month high.
Thailand"s central bank said on Thursday it had adjusted
rules on financial instruments qualified as banking capital to
ease lending to businesses and households, while data on Friday
showed deflation eased last month.
HIGHLIGHTS:
** Indonesian 3-year benchmark yields are down 3.6 basis
points at 4.796%
** In the Philippines, top index losers are SM Prime
down 3.59%, Universal Robina down 3.51% and
JG Summit down 3.17%
** Top gainers on Thailand"s SETI include Union Plastic
up 12.21%, Raimon Land up 10% and Triple I
Logistics up 9.65%
Asia stock indexes and currencies
at 0634 GMT
COUNTRY FX RIC FX FX YTD INDE STOCK STOC
DAILY % X S KS
% DAILY YTD
% %
Japan -0.03 +4.57 <.N2 -0.22 13.0
25> 8
China
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