* Jakarta COVID-19 curbs extended * Malaysia's ruling coalition wins state election; reduces political uncertainty * South Korea, Taiwan chipmakers rise after U.S tightens exports to China's SMIC By Nikhil Nainan Sept 28 (Reuters) - South Korean and Taiwanese stocks climbed over 1% each on Monday as investors priced in a boost for their tech-focussed economies from tighter U.S. curbs on China's biggest chipmaker, adding to a broadly brighter start across Asian markets. Data showing profits at Chinese industrial firms grew for a fourth straight month underpinned stock markets in the region, although the extension of export curbs on Semiconductor Manufacturing International Corp left China's own indices flat after a strong start. The dual-listed chipmaker's shares plunged more than 5% in both Shanghai and Hong Kong. Stocks in Seoul climbed 1.2% with local chipmakers gaining the most, also helped by a fall in the number of daily COVID-19 infections to its lowest in close to two months. Taiwan stocks saw a similar rise. "The knee-jerk reflex (to the SMIC decision), apart from caution, may be for Japanese, Korean and Taiwanese chipmakers to opportunistically benefit from substitution trades," analysts from Japanese bank Mizuho said in a note. China's recovery has been among the few bright spots for the global economy as a second wave of coronavirus infections mounts in Europe, prompting countries to reimpose restrictions and quashing hopes that the continent was turning a corner. "Broadly I would attribute the lift for Asia markets to the positive data out of China," said Jingyi Pan, senior market strategist at retail trading platform IG, adding she expected factory activity (PMI) survey from China on Wednesday to reinforce the recovery. Indonesian shares, down 0.6%, were again an exception as COVID-19 curbs were extended in the capital Jakarta. Currencies were more of a mixed bag, with most flat to slightly higher against the dollar, which was little changed. Taiwan's dollar, among the region's strongest performers this year as its tech-focussed economy benefited from the global move to stay-at-home working, stood out with an almost 0.7% rise. Malaysia's ringgit, which lost around 1.4% last week, ticked higher as a victory by the ruling party in a state election calmed investor nerves after opposition leader Anwar Ibrahim said he had a majority to oust the government. However, Malaysia's exports unexpectedly fell in August as demand for manufacturing, agriculture and mining goods dropped, narrowing the country's trade surplus from a record high in July. HIGHLIGHTS: ** Indonesian 3-year benchmark yields down 9.2 basis points to 5.073% ** Malaysia's 10-year benchmark yield down 1.79 basis points to 2.78% ** Top losers on Jakarta's index include Star Pacific Tbk PT, Asuransi Jiwa Syariah Jasa Mitra Abadi Tbk PT and Asuransi Tugu Pratama Indonesia Tbk PT Asia stock indexes and currencies at 0344 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.25 +3.10 0.72 -1.20 China +0.02 +2.09 -0.23 5.31 India +0.00 -3.03 0.00 -9.19 Indonesia +0.03 -6.47 -0.61 -21.97 Malaysia +0.10 -1.82 0.02 -5.00 Philippines +0.06 +4.56 0.21 -25.13 S.Korea -0.13 -1.48 1.22 4.96 Singapore +0.12 -2.25 0.49 -22.91 Taiwan +0.65 +3.50 1.51 3.51 Thailand -0.28 -5.65 0.83 -20.54 (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Shri Navaratnam)
Our Standards: The Thomson Reuters Trust Principles.