EMERGING MARKETS-Currencies gain, Vietnam joins Philippines share slide

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Rupiah gains for 5th day
    * Vietnam stocks hit lowest since May 7
    * Thailand markets shut for holiday

    By Shashwat Awasthi and Pranav A K
    July 27 (Reuters) - Emerging Asian currencies rose on Monday as geopolitical and economic
concerns dented the U.S. dollar, while shares in the Philippines and Vietnam sank amid concerns
over coronavirus outbreaks.
    In the Philippines, where a surge in cases has driven a 5% fall in the stock market this
month, investors will watch a state of the nation address from Philippine President Rodrigo
Duterte for signs of more restrictions on economic activity.
    Vietnamese shares plunged as much as 4.2% as the country's first locally transmitted
coronavirus cases in more than three months sparked concerns of a second wave of infections.

    Investors have sought the safety of gold and other perceived safe-haven assets in recent
sessions, and have been driven out of the normally sought-after dollar by uncertainty around
renewed lockdowns in the United States, as well as bickering over the latest fiscal support
package and escalating tensions with China.
    A U.S. Federal Reserve meeting this week comes on the back of polls showing analysts have
slashed expectations for the world's largest economy, predicting zero growth for the second half
of the year ahead of official second quarter numbers next month.
    "Asian FX, after a soft start, has shown some resilience," said Robert Carnell, ING's
regional head of research, Asia-Pacific.
    "It looks as if the USD is going to remain offered today, and this may persist until after
the Fed on Wednesday, and before the (U.S.) GDP result."
    The Taiwanese dollar and the South Korean won led gains, while
Indonesia's rupiah firmed for the fifth straight session, and the Philippine peso
headed for its best day in three weeks.
    Most regional share markets were higher after a broad selloff on Friday following China's
tit-for-tat retaliation for its Houston consulate closure. China said it had taken over the
premises of the U.S. consulate in the southwestern city of Chengdu on Monday.
    In a news conference to discuss the Philippines' quarterly inflation report, its central
bank chief emphasised that keeping policy accommodative would mitigate risks to the economy, but
Manila shares still slid for the fifth consecutive day.
    The 1.6% fall leaves them down around 25% for the year against a dip of just 2% for MSCI's
broad index of Asia shares outside Japan.
    Jennifer Mae V. Lomboy, a fund manager at First Metro Asset Management said stocks faced
"downward bias as the market awaits direction and concrete support from the government" in the
state of the nation address.
    "The officials' balanced action between virus containment and economic activity resumption
are crucial for investors at this point," she said.
    ** Singapore's 10-year benchmark yield is up 1.5 basis points at 0.828%
    ** In the Philippines, top index losers are Bloomberry Resorts down 8.09%,
Robinsons Land down 5.91% and Security Bank down 4.45%
    ** Top gainers on the Jakarta stock index include Bank Maybank Indonesia Tbk
 up 34.44%, Bank IBK Indonesia Tbk up 34.29% and Prima Cakrawala Abadi Tbk
 up 24.82%
  Asia stock indexes and currencies at 0411 GMT                                             
    Japan                      +0.48       +2.84                    -0.37          -4.18
    China                      +0.24       -0.53                    0.09            4.90
    India                      +0.09       -4.43                    -0.10          -8.10
  Indonesia                    +0.14       -4.41                    0.41           -18.98
   Malaysia                    +0.26       -3.77                    0.17            0.22
 Philippines                   +0.31       +3.03                    -1.79          -24.56
   S.Korea                     +0.54       -3.24                    1.15            1.28
  Singapore                    +0.20       -2.53                    0.07           -19.91
    Taiwan                     +0.60       +2.47                    2.56            5.19
   Thailand                    0.00        -5.59                    0.00           -15.12
 (Reporting by Shashwat Awasthi and A K Pranav in Bengaluru; editing by Patrick Graham and Kim

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