* Graphic: World FX rates tmsnrt.rs/2RBWI5E * Singapore budget: S$11 bln set aside for COVID-19 relief * Indonesia cenbank seen cutting interest rates this week * S. Korea stocks, won continue rally By Anushka Trivedi Feb 16 (Reuters) - Aviation and tourism stocks dominated gains in Singapore on Tuesday after the city-state pledged more fiscal support for the hard-hit sectors, while a likely flare-up in U.S.-China tensions pressured most Asian currencies. Singapore's 2021 budget unveiled S$11 billion ($8.31 billion) for COVID-19 relief and S$870 million in aid for the aviation sector, sending the Straits Times Index 0.5% higher a day after the economy posted a smaller-than-expected contraction in the fourth quarter. Shares of Singapore Airlines climbed 1.4% to top the index, while in-flight catering service provider SATS Ltd rose 1%. DBS analysts expect the 2021 budget deficit target to be between S$10 billion and S$12 billion, sharply down from the record S$74.2 billion figure pencilled in last year to aid the economy. The official figure was yet to be released as the presentation was ongoing. In line with global markets, hopes that vaccine progress would aid an economic recovery kept all Asian equities in the black, with Philippine shares climbing 1.2% to lead gains. On the flip side, the Singapore dollar, the Philippine peso and the Indonesian rupiah fell after the offshore yuan weakened on media reports that Beijing may curb exports of rare earth minerals that are crucial to U.S. defence contractors. The development threatens to worsen ties between the two economic giants, which are yet to show any signs of improvement under U.S. President Joe Biden's administration. The rupiah was also hit by investors pricing in a likely 25 basis point interest rate cut at the Bank Indonesia's (BI) meeting on Thursday. Meanwhile, South Korea's won rose for a fifth day and the benchmark stock index KOSPI closed at a three-week high as its government struck a deal with Novavax and Pfizer to get vaccines for 23 million more people. China and Taiwan's financial markets were closed for a holiday. HIGHLIGHTS ** Indonesian 10-year benchmark yields are up 5.1 basis points at 6.297% ** Thailand and Indonesia shares up 0.3% ** Top gainers on the Jakarta stock index include MNC Land Tbk PT, up 34.3%, and Bank Bumi Arta Tbk PT , up 24.7% Asia stock indexes and currencies at 0759 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.08 -2.09 1.28 11.02 India -0.11 +0.42 -0.29 9.21 Indonesia -0.07 +0.86 0.41 5.30 Malaysia +0.07 -0.22 0.05 -1.13 Philippines -0.48 -0.34 1.22 -1.34 S.Korea +0.12 -1.26 0.52 10.08 Singapore -0.09 -0.23 0.40 3.49 Thailand +0.03 +0.30 0.16 5.23 ($1 = 1.3231 Singapore dollars) (Reporting by Anushka Trivedi in Bengaluru; Editing by Devika Syamnath)
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