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EMERGING MARKETS-South Korea, China, Taiwan fall most after Wall Street sell-off

·2-min read

* South Korea stocks up nearly 7% this year * Philippine Q4 GDP shrinks slightly less than expected * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E * Asian stock markets: https://tmsnrt.rs/2zpUAr4 Jan 28 (Reuters) - South Korea, China and Singapore led emerging Asian stock markets lower on Thursday after worries about excessive valuations led to a selloff on Wall Street, supporting gains in the safe-haven dollar at the expense of regional currencies. Stock markets in Jakarta and Taipei joined those in Seoul, Singapore and Shanghai in declining more than 1% after Wall Street suffered its biggest one-day percentage drop in three months overnight. Also on Wednesday, the U.S. Federal Reserve flagged a worrying slowdown in the pace of recovery of the world's top economy, pledging continued support until a full economic rebound is in place. "Fear of the retail marauders seems to have spilled into Asia this morning," Maybank analysts wrote in a note. An influx of amateur traders and a flood of liquidity have also boosted shares in Asia, stretching valuations. South Korea is up nearly 7% this year, on top of the 30%-plus jump last year. Investors in the Philippines found less reason to join the regional selling pressure given the local stock market is the worst regional performer so far this year, down nearly 4%. GDP data showed the Philippine economy shrank 8.3% in the December quarter, slower than the 8.5% expected in a Reuters poll. Stocks on Thursday edged 0.1% higher. However, for 2020, the economy recorded its biggest contraction ever, falling 9.5%. Worries around the pace of a global recovery have supported the dollar, which in the lead up to 2021 had been falling. The won fell nearly 1%, while the rupiah - favoured by foreign investors looking to tap Indonesia's high-yielding debt - dropped 0.3%. Malaysian markets were closed for a public holiday. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are down 1.2 basis points at 5.178% ** Top losers in Singapore include Jardine Cycle & Carriage Ltd and Sembcorp Industries Ltd ** The big short: GameStop effect puts global bets worth billions at risk Asia stock indexes and currencies at 0400 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.24 -1.05 -1.16 3.13 China +0.06 +0.77 -1.48 1.36 India +0.00 +0.20 -0.80 -0.90 Indonesia -0.28 -0.25 -0.94 1.21 Malaysia - -0.59 - -2.86 Philippines -0.06 -0.23 0.12 -3.75 S.Korea -0.94 -2.57 -1.69 6.83 Singapore -0.21 -0.79 -1.15 2.84 Taiwan +1.35 +1.72 -1.91 4.54 Thailand -0.13 -0.17 -0.52 2.83 (Reporting by Nikhil Kurian Nainan in Bengaluru; editing by Richard Pullin)