* Philippine Q4 GDP shrinks slightly less than expected
* Vietnam shares plunge most since 2001
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Nikhil Nainan
Jan 28 (Reuters) - Indonesia, China and South Korea fell
around 2% and led sharp losses in Asia's emerging stock markets
on Thursday, tracking Wall Street's overnight sell-off.
Stock markets in Taipei .TWII Singapore .STI , Bangkok
.SETI and Mumbai .NSEI joined those in Seoul .KS11 ,
Jakarta .JKSE and Shanghai .SSEC in declining more than 1%.
U.S. stock suffered its biggest one-day percentage drop in
three months overnight pressured by the U.S. Federal Reserve's
latest statement, a slump in shares of planemaker Boeing Co
BA.N and a selling of long positions by hedge funds. .N
"Fear of the retail marauders seems to have spilled into
Asia this morning," Maybank analysts wrote in a note.
The U.S. Fed left interest rates unchanged, as widely
expected, and flagged a worrying slowdown in the pace of
recovery in the world's largest economy. The sharp drops in equities supported gains in safe-haven
dollar at the expense of regional currencies. The won KRW=KFTC
fell 1.4% against the greenback. The rupiah IDR= , which is
favoured by foreign investors looking to tap Indonesia's
high-yielding debt, fell 0.25%.
Bullish bets on Asian currencies that had been building in
recent months are now being trimmed, a Reuters poll found, as
the pace of the global recovery comes into question as COVID-19
cases continue to spread and cause disruption.
A flood of cash from stimulus measures to counter the
economic damage from the pandemic have boosted shares in parts
of Asia and stretched valuations. South Korea has jumped nearly
7% this year, on top of the more than 30% jump last year.
The Philippines, however, is the worst regional performer
this year .PSI , down about 4%, having lost nearly 9% last
year.
GDP data showed the Philippine economy shrank 8.3% in the
December quarter, slower than the 8.5% expected in a Reuters
poll. Stocks .PSI dipped 0.2% on Thursday. "With only a modest pickup in government outlays expected in
2021 and with the trade balance forecast to remain in deficit,
we do not see a stark pickup in economic activity," said
Nicholas Mapa, ING senior economist for the Philippines.
Vietnam shares .VNI plunged 6.7%, their sharpest fall
since 2001.
Malaysian markets were closed for a public holiday.
HIGHLIGHTS:
** Indonesian 3-year benchmark yields are down 1.2 basis
points at 5.178%
** The big short: GameStop effect puts global bets worth
billions at risk
Asia stock indexes and currencies at 0641 GMT
COUNTRY FX FX FX INDEX STOCKS STOCKS
RIC DAILY % YTD % DAILY % YTD %
Japan JPY= -0.17 -0.99 .N225 -1.53 2.74
China CNY=CFXS +0.02 +0.73 .SSEC -1.84 1.00
India INR=IN -0.21 -0.01 .NSEI -1.03 -1.13
Indonesia IDR= -0.25 -0.21 .JKSE -2.03 0.10
Malaysia MYR= - -0.59 .KLSE - -2.86
Philippines PHP= -0.04 -0.21 .PSI -0.17 -4.03
S.Korea KRW=KFTC -1.36 -2.98 .KS11 -1.71 6.81
Singapore SGD= -0.27 -0.85 .STI -1.16 2.84
Taiwan TWD=TP +1.27 +1.64 .TWII -1.82 4.64
Thailand THB=TH -0.17 -0.20 .SETI -0.99 2.34