* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Thai c.bank holds key rate at record low 0.50%
* India, S. Korea gain over 1% each
By Shruti Sonal
Feb 3 (Reuters) - Thai stocks pared some gains on Wednesday
after the central bank held its key interest rate but warned
that the resurgence in COVID-19 cases could hinder the country's
economic recovery.
The benchmark .SETI , which had climbed as much as 0.9%
earlier in the day, was trading flat by 0827 GMT. The baht
THB=TH was little changed.
The Bank of Thailand kept the rate unchanged in a widely
expected move but warned that the tourism-reliant economy could
grow less than earlier forecast this year, with fewer foreign
tourists coming in than previously predicted. Analysts have raised concerns about setbacks to a revival in
consumption and tourism amid a resurgent COVID-19 cluster in the
country since December last year. "As of now, we expect the GDP growth for 2021 to be just
2.2% with a higher probability of further revision downward to
below 2% growth due to delayed vaccine distribution and clouded
tourism outlook," Poon Panichpibool, markets strategist at Krung
Thai Bank said.
In such a scenario, the government will need to take more
stimulus measures and spend around 300 billion baht to 400
billion baht ($10.0 billion to $13.3 billion) during the year,
said San Attarangsan, an economist at Kasikornbank.
Most other stock markets in the region posted gains, taking
positive cues from a Wall Street rally overnight on renewed
hopes for U.S. President Joe Biden's proposed $1.9 trillion
COVID-19 aid bill. .N
South Korea .KS11 and India .NSEI each climbed over 1%,
while the Indonesian .JKSE , Singaporean .STI and Malaysian
.KLSE indexes added 0.5%.
However, concerns over economic growth in the region
lingered.
A private sector survey showed China's services sector
activity grew at its slowest pace in nine months in January,
while a Reuters poll suggested Indonesia is expected to post its
first annual contraction in gross domestic product (GDP) since
1998 on Friday. Philippine stocks .PSI , which clocked in gains of about 4%
in the last two sessions, bucked the trend to shed 0.1%.
Highlights:
** Singapore's 10-year benchmark yield is up 3.8 basis
points at 1.091%
** In the Philippines, top index losers are Robinsons Retail
Holdings Inc RRHI.PS ; PLDT Inc TEL.PS ; Globe Telecom Inc
GLO.PS
** Yoma Strategic shares fall to lowest since May after
Myanmar coup Asia stock indexes and
currencies at 0840 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan JPY= -0.05 -1.69 <.N2 1.00 4.38
25>
China
(Editing by Devika Syamnath)