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EMERGING MARKETS-Malaysia stocks rebound, dollar losses prop up Asian currencies

    * Malaysia shares jump 1.3% 
    * Analysts say state of emergency, lockdowns to be better
implemented, less harmful on economy 
    * Indonesia launches vaccination drive; shares rise

    Jan 13 (Reuters) - Malaysia led Asia's emerging stock
markets higher on Wednesday as investors bet new COVID-19 curbs
may be less severe on the country's economic recovery, while the
region's currencies regained their footing as the dollar nursed
losses.
    Stocks in Taiwan and Malaysia climbed more
than 1%, while gains elsewhere in Asia were more modest and
Shanghai's Composite index dipped. China recorded the
biggest daily jump in COVID-19 cases in more than five months.

    Analysts reckon Malaysia's nationwide state of emergency
announced on Tuesday to combat rising COVID-19 cases may improve
the implementation of measures, while reducing political risks
to a government facing a power struggle.
    "We think the impact of the current MCO (movement control
order) would be less severe than the initial phase last year
given that the containment measures should be less disruptive to
companies and households," economists at UOB said.
    Stocks in Kuala Lumpur fell as much as 2.6% over the last
two sessions, while the ringgit shed around 1% this year
to Tuesday. 
    A pullback in U.S. Treasury yields sapped momentum from the
dollar's recent rally, supporting emerging currencies in Asia.
Indonesia's rupiah - favoured by foreign investors
seeking to tap the country's high-yielding debt - climbed 0.4%.
    Investors were betting on large U.S. fiscal stimulus from
the incoming Biden administration as well as the quicker rollout
of coronavirus vaccines that could support a return to a level
of normality and boost the world's top economy. 
    Indonesia kick-started its vaccination drive on Wednesday,
aiming to inoculate 181.5 million people. Shares in Jakarta
climbed as far a 1.1% to their highest since July 2019.

    Elsewhere, Singapore shares hovered around 10-month
highs, while in Bangkok they touched a near 1-year high.
    
    HIGHLIGHTS:
    ** Indonesian 3-year benchmark yields are up 8.5 basis
points at 5.153%.
    ** Public Bank Bhd jumped 5.4% in Malaysia, while Sime Darby
Bhd and Genting Bhd were up nearly 3% 
        Asia stock indexes and currencies at 0338 GMT      
 COUNTRY      FX          FX       FX     INDEX    STOCKS   STOCKS
              RIC         DAILY %  YTD %           DAILY %  YTD %
 Japan                    +0.17    -0.32           0.57     3.21
 China                    +0.11    +1.11           -0.12    3.77
 India                    +0.00    -0.26           0.00     4.16
 Indonesia                +0.43    -0.14           0.33     7.32
 Malaysia                 +0.30    -0.57           1.29     0.34
 Philippines              -0.14    -0.05           0.07     1.73
 S.Korea                  +0.43    -0.82           0.56     9.39
 Singapore                +0.02    -0.14           0.50     5.21
 Taiwan                   +1.85    +1.86           1.53     6.83
 Thailand                 +0.30    -0.20           0.84     7.13
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Sam
Holmes)
  
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