EMERGING MARKETS-Asian stocks surge on upbeat China data, further vaccine optimism

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh

* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I

* Malaysia stocks set for best day since Nov. 10

* Thai shares jump more than 1%

By Shashwat Awasthi

Dec 1 (Reuters) - Emerging Asian equities rallied on Tuesday on the back of upbeat Chinese data and positive vaccine news, recovering from a bout of profit-taking in the previous trading session.

Data on Tuesday showed China's factory activity accelerated at the fastest pace in a decade in November, helping factories across the region to steadily recover from the COVID-19 crisis. led gains, with shares in Kuala Lampur .KLSE on track for their best day in three weeks, while those in the Philippines .PSI and South Korea .KS11 advanced more than 1% each.

Regional stock markets had a stellar run in November, as the outcome of the U.S. election and progress on a coronavirus vaccine prompted investors to snap up riskier assets.

Adding to recent vaccine optimism, U.S. pharmaceutical company Moderna MRNA.O said on Monday it had applied for U.S. emergency authorisation for its COVID-19 vaccine and would also seek European approval for the treatment. data and vaccine progress "could be helping to anchor buy-risk on-dips narratives," analysts at Maybank said in a note.

Meanwhile, developments regarding a potential vaccine were being closely watched by financial markets as investors try to gauge how quickly and when the global economy will fully recover.

"A potential vaccine is definitely a game changer," said Frank Benmirza, head of Asia equity strategy at Societe Generale (PA: SOGN ).

"The market is aware of hurdles including timing, distribution, production, whether people will want to have a vaccination. Any news addressing these issues is positively taken."

Shares in Indonesia .JKSE , which has seen a record daily spike in coronavirus infections since last week, bounced back from Monday's steep losses to surge as much as 2%.

Investors also took stock of news that an Indonesian parliamentary panel would likely drop a plan to revise the central bank's law to expand its mandate. equities .SETI rebounded after sliding in the previous session amid persistent anti-government protests, while the baht THB=TH edged higher.

Thailand's central bank said on Monday it will hold a briefing on Dec. 9 to unveil additional measures to contain the baht, which has firmed more than 4.5% since October. among other currencies were tepid, though the tech-reliant Taiwan's dollar TWD=TP stood out with a more than 1% gain. Data on Tuesday also showed factory activity grew in Taiwan and in Indonesia in November.

HIGHLIGHTS:

** Indonesian 10-year benchmark yields are up 3.1 basis points at 6.219%

** Top gainers on FTSE Bursa Malaysia Kl Index include PETRONAS Chemicals Group PCGB.KL up 9.03%, Tenaga Nasional TENA.KL up 7.34% and Hong Leong Bank HLBB.KL up​ 4.77%

** In the Philippines, top index gainers are Robinsons Land RLC.PS up 5.42%, GT Capital GTCAP.PS up 5% and Manila Electric MER.PS up​ 4.12%

Asia stock indexes and currencies

at 0420 GMT

COUNTRY FX RIC

FX

FX YTD INDE STOCK STOC

DAILY

%

X

S

KS

%

DAILY YTD

%

% Japan

JPY=

-0.14

+4.01 <.N2 1.48 13.3

25>

9 China

+5.88 <.SS 1.31 12.6

S>

EC>

5 India

INR=IN +0.09

-3.44 <.NS 0.36 6.97

EI>

Indones

IDR=

-0.07

-1.56 <.JK 0.99 -10.

ia

SE>

03 Malaysi

MYR=

-0.10

+0.29 <.KL 2.56 0.88

a

SE>

Philipp

PHP=

+0.02

+5.28 <.PS 1.79 -11. ines

I>

54 S.Korea

+4.49 <.KS 1.36 19.5

C>

11>

2 Singapo

SGD=

+0.18

+0.40 <.ST 0.49 -12.

re

I>

51 Taiwan

TWD=TP +1.07

+5.56 <.TW 0.93 15.4

II>

5 Thailan THB=TH +0.10

-1.12 <.SE 1.26 -9.7

d

TI>

4