EMERGING MARKETS-Asian stocks buoyed as vaccine progress brightens trade, tourism outlook

* Travel stocks buoy Singapore, Thailand * Tech-heavy China, Taiwan stock indexes drop * Philippine economy contracts in Q3, govt says 'worst is over' By Anushka Trivedi Nov 10 (Reuters) - Singapore, Thailand and Malaysia drove stock market gains in Asia on Tuesday after results from a late-stage COVID-19 vaccine trial fuelled optimism about the easing of global restrictions, which should help the region's tourism- and trade-dependent economies next year. Battered sectors including airline, travel and tourism were beneficiaries after drugmaker Pfizer and German partner BioNTech said their experimental vaccine was more than 90% effective in preventing COVID-19. Singapore, Thailand and Malaysia indexes were up between 2% and 3.6%, but those of tech-heavy Taiwan and China were the biggest losers. "The markets have reacted very quickly, anticipating likely future announcements for new vaccines," said Nadège Dufossé, head of cross-asset strategy at Candriam. "With the vaccine announcement coinciding with the election of Joe Biden as the next U.S. president – and the reduction in political risk this entails – it seems that the stars have aligned today for markets." Philippine equities rallied more than 5%, brushing off a steep economic slump in the third quarter and helped by government assurances that the economy would rebound in 2021. However, local currency markets were subdued as the greenback rebounded. Only the Taiwanese dollar stood out with a 1% gain after the island reported an expectation-beating surge in October exports. "The market has priced out election risks and is starting to price in the transition to a more conventional economic crisis, away from the pandemic crisis," DBS Bank analysts in Singapore wrote in a note. That could keep the dollar supported in the long-term and pose a challenge for Asian currencies, they added. The net oil-exporter Malaysia's ringgit weakened the most, as crude prices slumped on worries over demand in coronavirus-hit Europe and the United States. HIGHLIGHTS ** Indonesian 10-year benchmark yields were down about 2.2 basis points at 6.241% ** Singapore Airlines soars 20% to near five-month high ** Malaysia top gainers: Genting Bhd up 17.4% and Genting Malaysia Bhd up 13.7%, while glove makers Top Glove and Hartalega Holdings slumped Asia stock indexes and currencies at 0645 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS STOCKS YTD % DAILY % Japan +0.24 +3.33 0.26 5.28 China +0.17 +5.23 -0.60 9.94 India -0.06 -3.81 0.80 3.22 Indonesia +0.00 -1.21 1.64 -13.58 Malaysia -0.36 -0.78 2.04 -2.10 Philippines -0.01 +4.92 5.23 -9.98 S.Korea -0.11 +3.70 0.23 11.61 Singapore +0.01 -0.20 2.61 -16.92 Taiwan +1.08 +5.58 -0.35 9.04 Thailand +0.13 -1.97 3.16 -16.03 (Reporting by Anushka Trivedi in Bengaluru, additional reporting by Swati Pandey; Editing by Anil D'Silva)