EMERGING MARKETS-Asian stocks rise on U.S. spending plan, regional factory recovery

* Taiwan, S.Korea stocks climb 0.9% each; Thailand up 0.7%

* Indonesia's rupiah falls as much as 0.5%

* Singapore Exchange explores joining SPAC party

April 1 (Reuters) - Asia's emerging stock markets climbed on Thursday, supported by surveys showing higher production across factories in the populous continent last month, and the fillip given to Wall Street by the U.S. government's $2 trillion spending plan.

Stock markets in Taiwan .TWII , South Korea .KS11 , and Thailand .SETI climbed more than 0.6% each, while gains across the rest of the region were capped at less than half a percent.

"With much of Asia Pacific on holiday on Friday, activity is somewhat muted," Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA said.

The U.S. plan, outlined by President Joe Biden on Wednesday, follows the recent $1.9 trillion pandemic relief package, and if passed, would add further fuel to economic recovery. over the plan, however, kept elevated U.S. 10-year bond yields US10YT=RR from pushing much higher and the dollar remained supported by the U.S. growth outlook. That weighed on Asia's emerging currencies, which were trading flat to slightly lower.

The pressure on the region's risk-sensitive currency and bond markets is unlikely to abate, as the U.S. economy looks set to outpace the global recovery with aggressive coronavirus vaccination campaigns and cheap money likely to be remain available for some time.

A poll by Reuters found that battered emerging markets currencies will only pare some of their recent steep losses over the coming year, with those analysts adding that the sell-off was likely in the next three months. rupiah IDR= , one of the highest yielders in emerging markets, lost as much as 0.5% before recovering slightly as trading went on. Stocks .JKSE were flat in late trade.

Indonesia raised 15.02 trillion rupiah from an additional bonds auction on Wednesday. Recent auctions have been weak due to higher U.S. yields driving capital away from emerging markets. amount of the latest conventional bonds sold was still below target. If there is no turnaround in bond market sentiment over the next few weeks, the government probably needs to embrace the higher funding costs," OCBC bank analysts said.

Surveys showing Asia's factories stepped up production in March also supported sentiment. in the Philippines were closed. Most markets across Asia will be shut on Friday.

HIGHLIGHTS:

** Indonesian 10-year benchmark yields fell 3.40 basis points to 6.78%

** Top Glove Corp Bhd TPGC.KL and Supermax Corp Bhd SUPM.KL led gains in Malaysia

** Singapore Exchange explores joining SPAC party but with restrictions Singapore central bank seen on hold on growth risks from COVID-19 - Reuters Poll stock indexes and currencies at 0637 GMT COUNTRY

FX RIC

FX

FX

INDEX

STOCKS STOCKS

DAILY % YTD %

DAILY % YTD % Japan

JPY=

-0.06

-6.80 .N225 0.72

7.09 China

CNY=CFXS -0.32

-0.68 .SSEC 0.48

-0.42 India

INR=IN

+0.00

-0.05 .NSEI 0.19

5.27 Indonesia

IDR=

-0.21

-3.51 .JKSE 0.03

0.14 Malaysia

MYR=

+0.00

-3.02 .KLSE 0.35

-2.96 Philippines PHP=

-

-1.13 .PSI

-

-9.76 S.Korea

KRW=KFTC -0.01

-4.04 .KS11 0.85

7.45 Singapore

SGD=

-0.16

-1.92 .STI

0.29

11.62 Taiwan

TWD=TP

+0.02

-0.15 .TWII 0.85

12.48 Thailand

THB=TH

-0.13

-4.25 .SETI 0.69

10.27