EMERGING MARKETS-Asian stocks rise on positive growth outlook, S. Korean won eases

* Markets in Thailand closed due to a holiday

* Developing Asia's 2020 contraction seen less severe than expected - ADB

* Peso firms after trade data

By Anushka Trivedi

Dec 10 (Reuters) - Most stock markets in emerging Asia gained ground on Thursday, as analysts pointed to investors reshuffling their portfolio amid expectations of a better-than-forecast economic recovery in the region supported by China's steady rebound.

Despite a weakness in the broader markets and a weak finish at Wall Street overnight on concerns of delayed fiscal stimulus, Asian equity indexes in China .SSEC , Indonesia .JKSE and the Philippines .PSI advanced between 0.2% to 0.6%.

"With a lack of headlines or data to drive markets in Asia, investors appear to be using the lull to reduce risk in some markets and rejig weightings in others," said Jeffrey Halley, senior market analysts, Asia Pacific at OANDA.

Stirring a bit of positivity in the markets was Asian Development Bank's (ADB) revision of its growth projection for developing economies in the region for 2020. It now expects them to contract less than previously thought and rebound swiftly next year, supported by China's pace of recovery. November data out of China had continued to reinforce the recovery picture and the improved global demand, providing support for Asia markets," said Jingyi Pan, a Singapore-based market strategist with financial services firm IG.

With dwindling coronavirus cases, China's economy has stabilized from the crisis as most crucial economic indicators like trade and manufacturing index signal a rapid recovery in the world's second biggest economy.

The U.S. dollar was a shade weaker in the Asian trading session, supporting local currencies. .DXY

However, the South Korean won KRW=KFTC eased 0.1% as the country reported 682 new cases of coronavirus infections which is threatening to overwhelm its economy and healthcare system.

Authorities in the country on Thursday were scrambling to build hospital beds in shipping containers to ease strains on medical facilities stretched by the latest wave of infections. Philippine peso PHP= firmed 0.3% after its October trade deficit came in at $1.78 billion, sharply narrower than last year's $3.25 billion figure.

ING analysts said in a note that this, together with low corporate demand for dollars should support the currency in the near-term.

Financial markets in Thailand were closed due to a holiday.

HIGHLIGHTS

** Indonesian 10-year benchmark yields are down 0.1 basis points at 6.214%

** Top gainers on the Jakarta stock index .JKSE include Intermedia Capital Tbk PT MDIA.JK up 30.9% and Sidomulyo Selaras Tbk PT SDMU.JK up ​22.2%

** Top gainers on FTSE Bursa Malaysia Kl Index .KLSE include Top Glove Corp Bhd TPGC.KL up 2.8% and Telekom Malaysia Bhd TLMM.KL up 2.5%

Asia stock indexes and currencies

at 0349 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX STOCKS DAILY %

STOCKS YTD % Japan

JPY=

-0.21

+4.00 .N225

-0.33

12.99 China

CNY=CFXS

+0.03

+6.42 .SSEC

0.24

10.82 India

INR=IN

+0.00

-2.96 .NSEI

0.00

11.18 Indonesia

IDR=

-0.14

-1.56 .JKSE

0.77

-4.91 Malaysia

MYR=

+0.07

+0.71 .KLSE

0.31

3.95 Philippine PHP=

+0.27

+5.41 .PSI

0.68

-8.50 s

S.Korea

KRW=KFTC

-0.06

+6.53 .KS11

0.03

25.41 Singapore

SGD=

-0.01

+0.55 .STI

-0.39

-12.13 Taiwan

TWD=TP

+1.02

+6.68 .TWII

-0.72

19.08