EMERGING MARKETS-Indian stocks lead losses in Asia as inflation worries weigh

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    * Thai baht on track for worst session since Nov. 1
    * Philippine stocks down on profit-taking - analyst
    * Jakarta shares flat after scaling record highs 

    By Arundhati Dutta
    Nov 11 (Businesshala) - Indian and Philippine stocks fell on Thursday as broader Asian markets
were weighed down by fears of policy tightening after a surge in U.S. inflation, while a firmer
dollar kept the region's currencies under pressure.
    The Thai baht led losses among currencies with a 0.4% drop and was set for its
worst day since Nov.1, as the greenback rose to its highest level in 2021.
    Overnight data showed U.S. consumer prices in October gained the most in 31 years,
strengthening the case for the Federal Reserve to hike interest rates even as a majority of
Asian central backs stick to accommodative settings.
    "Near-term the case for an acceleration of Fed policy normalisation is growing... our view
is of a minimum of two rate hikes in the second half of 2022," James Knightley, an analyst at
ING, wrote in a note. 
    Indian shares fell nearly 1%, while Philippine stocks dropped for a second
day.
    "After six days of gains, the (Philippine) market seems to be correcting and profit-taking
has been happening," said Ruben Carlo O. Asuncion, chief economist at Union Bank of the
Philippines.
    Philippine stocks had risen 5.2% in the six sessions of gains through Tuesday amid positive
recovery projections as the economy grew more than expected in the third quarter. 
    Stocks in Singapore were up 0.2% after swinging between small gains and losses
throughout the session.
    Transport firm ComfortDelGro was the top loser, dropping nearly 4% after it halted
plans for an initial public offering of its Australian unit.
    Indonesian stocks were flat after hitting a record high early in the session. Thai
stocks eased 0.1% as an overnight plunge in oil prices drove index heavyweights PTT
Exploration and Production Pcl and PTT Pcl about 1% lower. 
    Among currencies, the Malaysian ringgit, Singapore's dollar and the Philippine
peso fell between 0.1% and 0.3%
    
    HIGHLIGHTS:
    ** Singapore's 10-year benchmark yield is up 4 basis points at 1.767%
    ** Indonesian 10-year benchmark yields are up 1.3 basis points at 6.17%
    ** Petroleum explorers PTT Exploration and Production Pcl and PTT Pcl
weigh on the Thai stock benchmark


 Asia stock indexes and currencies at 0743 GMT                                             
 COUNTRY         FX RIC        FX DAILY %  FX YTD %     INDEX  STOCKS DAILY %  STOCKS YTD %
 Japan                              -0.09     -9.44                      0.59          6.68
 China                              -0.20     +1.97                      1.15          1.72
 India                              -0.15     -1.93                     -0.85         27.77
 Indonesia                          -0.11     -1.58                     -0.03         11.74
 Malaysia                           -0.28     -3.45                     -0.04         -6.58
 Philippines                        -0.22     -4.27                     -0.60          2.69
 S.Korea                            +0.01     -8.01                     -0.18          1.79
 Singapore                          -0.14     -2.49                      0.17         13.82
 Taiwan                             -0.16     +2.35                     -0.61         18.46
 Thailand                           -0.40     -8.88                      0.00         12.50
 

 (Reporting by Arundhati Dutta in Bengaluru; Editing by Subhranshu Sahu)
  
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