* Graphic: World FX rates tmsnrt.rs/2RBWI5E * Singapore shares see worst day in over two-months * Taiwan"s strong economic growth faces chip shortage risk - ING * China, Japan & Thailand markets closed for holiday By Anushka Trivedi May 3(Reuters) - Asian stock markets fell on Monday, as rising coronavirus cases in the region raised concerns over more curbs and economic pain, while renewed tensions with North Korea knocked down South Korea"s won by 1%. In a low-volume trading session as China and Japan"s bourses were closed for a holiday, Indonesia, Singapore, Malaysia and India shares fell between 0.6% and 1.4%. After identifying a cluster of COVID-19 cases over the weekend, Singapore tightened social distancing controls and warned of further action that threatens to derail a nascent economic recovery in the city-state. Singapore"s benchmark stock index saw its worst session since Feb. 26, with manufacturing giant Sembcorp Industries losing 3% after its sister company Sembcorp Marine warned of losses continuing in fiscal 2021 due to labour shortage. "Asia-Pacific markets look set to kick off the week on the backfoot," said DailyFX strategist Margaret Yang. The worsening pandemic situation is making investors assess the risk of stricter border controls and delays to economies reopening, she added. Malaysian shares also suffered from the reinstatment of curbs here in some parts of the country, while the pandemic-ravaged India reported more than 300,000 new coronavirus cases for 12th straight day. Taiwan"s benchmark slid 2% despite preliminary data showing economic growth in the first-quarter was faster than expected. ING"s Greater China chief economist Iris Pang warned that the island"s extreme reliance on exports, mainly semiconductors, will arrest its growth in the coming quarters, as it grapples with water shortages amid a global chip scarcity. Among currencies, the won eased after Pyongyang lashed out at U.S. and South Korea over "hostile" policies and later criticized its neighbour for failing to stop defector activists from launching anti-North Korea leaflets. Last year, North Korea blew up an inter-Korean liaison office in Kaesong, North Korea, following a campaign of criticism over the leaflet launches. Thai financial markets were closed for a holiday. HIGHLIGHTS ** Indonesian 10-year benchmark yields are up 0.5 basis points at 6.481% ** Wilmar International and Singapore Airlines also among top losers on Singapore"s Straits Times Index ** Won marks biggest intraday percentage drop in more than two-months ** Asia stock indexes and currencies at 0626 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS STOCKS DAILY YTD % % India -0.18 -1.52 -0.62 3.99 Indonesia -0.17 -2.94 -0.83 -0.55 Malaysia -0.22 -2.00 -0.51 -2.07 Philippines +0.25 -0.21 -0.02 -10.79 S.Korea -0.86 -3.18 -0.63 8.85 Singapore -0.24 -0.93 -1.31 11.69 Taiwan -0.12 +1.78 -1.96 16.90 (Reporting by Anushka Trivedi in Bengaluru; Editing by Rashmi Aich)