* Graphic: World FX rates tmsnrt.rs/2RBWI5E * Singapore shares see worst day in over two-months * Philippine stocks up on solid earnings * 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 eased on Monday, as concerns over rising coronavirus cases in the region led to more curbs and economic pain, while South Korea"s won led losses among currencies due to the country"s reignited tensions with North Korea. In a low-volume trading day as China and Japan"s bourses were closed for a holiday, Singapore, Malaysia and India shares fell between 0.8% to 1.3%. 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 saw its worst session since Feb. 26, with manufacturing giant Sembcorp Industries losing 2.36%. Sembcorp Marine, which is set to be de-merged from Sembcorp Industries, 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. Malaysia shares also suffered from the reinstatment of curbs in some parts of the country,. Taiwan"s index slid 1.3% despite preliminary data show ing economic growth in the first-quarter was faster than forecast. 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. Philippine stocks jumped 0.5% to be an outlier, buoyed largely by Metropolitan Bank and Trust"s surge in quarterly net income. The South Korean won weakened 0.7% after North Korea lashed out at the United States and South Korea. Thailand"s financial markets, were closed for a holiday. HIGHLIGHTS ** India reported more than 300,000 new coronavirus cases for a twelfth straight day ** Wilmar International and Singapore Airlines also among top losers on Singapore"s Straits Times Index ** Won marks biggest intraday percentage drop in more than one month Asia stock indexes and currencies at 0420 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS STOCKS DAILY % YTD % India +0.00 -1.34 -0.93 3.67 Indonesia -0.14 -2.90 -0.78 -0.51 Malaysia -0.12 -1.90 -0.41 -1.98 Philippines +0.27 -0.19 0.38 -10.43 S.Korea -0.49 -2.83 0.03 9.58 Singapore -0.13 -0.82 -1.32 11.67 Taiwan -0.07 +1.83 -0.98 18.07 (Reporting by Anushka Trivedi in Bengaluru; Editing by Simon Cameron-Moore) Our Standards: The Thomson Reuters Trust Principles.