* S.Korean stocks fall over 6% after 3 days of gains

* Indonesian rupiah hovers close to 18,000/USD

* Philippine stocks hit lowest since July 6

* S.Korean won rises to 1,462.2/USD

By Shivangi Lahiri

July 24 (Reuters) - Emerging Asian equities fell on Friday,

with South Korea leading losses, as higher oil prices and

worries about returns on heavy AI spending by major U.S. tech

companies hit sentiment.

South Korea's benchmark KOSPI index fell as much as

6.2% after a three-session winning streak, putting it on track

for a weekly fall of 2.4%.

SK Hynix ( SKHY ), the world's leading AI memory

chipmaker, and rival Samsung Electronics ( SSNLF ) dropped

more than 7% each.

Shares in Taipei declined as much as 2.7%, trimming

weekly gains to 2.4%.

Wall Street declined overnight after Alphabet and

Tesla, the first of the "Magnificent Seven" to report

this earnings season, unsettled investors with steep cash

outflows linked to AI infrastructure spending.

"Concerns over whether hyperscalers can justify massive AI

capex are weighing directly on Korea's memory makers and

Taiwan's chip supply chain," said Glenn Yin, director of

research at ACCM.

"Korea is probably the most exposed because it sits at the

intersection of both risks: semiconductors dominate exports

while the economy is highly dependent on imported energy."

Oil topped $100 overnight, reviving inflation concerns

across net energy-importing emerging Asian economies as Red Sea

attacks and traffic disruptions through the Strait of Hormuz

stoked supply fears.

In Southeast Asia, shares in Jakarta fell as much as

2.4%, set for their weakest intraday session since end-June. The

rupiah also softened, trading a few pips above the

closely watched 18,000-per-dollar threshold.

"Indonesia is less exposed to AI demand, but oil above $100

threatens inflation, fuel subsidies, the rupiah and bond markets

simultaneously, making it the most vulnerable macro story," Yin

said.

In Malaysia, stocks slipped 0.5%, while the ringgit

edged lower to 4.091 against the dollar.

DBS, however, remains positive on Malaysian markets, citing

benign inflation near its 2% long-run average, stable policy,

contained fiscal risks and strong growth.

It also cites Malaysia's relative resilience to Middle East

commodity shocks as a net oil and gas exporter.

Philippine stocks slipped as much as 1.5%, hitting

their lowest level since July 6, while Singapore stocks

edged 0.4% lower.

Among other regional currencies, the South Korean won

firmed to 1,462.2 per dollar and was set for a near

1.4% gain for the week.

Meanwhile, Taiwan's dollar slipped to 32.38 against

the greenback, while the Philippine peso weakened to

61.853, set to log its sixth straight week of losses.

HIGHLIGHTS:

** Indian central bank likely steps in to avert rupee record

low as oil surges, traders say

** BOJ likely to keep inflation warning but expect no big

build-up in risks, sources say

** Trump to impose 'forced labor' duties on Friday as

temporary 10% US tariffs expire

** Thai June exports rise 20.8% on year, higher than

forecast

Asia stock indexes and currencies at 0401 GMT

COUNTRY FX RIC FX DAILY FX YTD % INDEX STOCKS STOCKS

% DAILY YTD %

%

Japan +0.04 -4.36 -3.13 24.13

China India Indonesi -0.45 -7.23 -2.30 -28.64

a

Malaysia -0.12 -0.88 -0.54 1.50

Philippi -0.09 -4.84 -1.23 2.53

nes

S.Korea Singapor +0.09 -0.49 -0.44 19.60

e

Taiwan Thailand +0.01 -6.97 -0.29 29.89

(Reporting by Shivangi Lahiri in Bengaluru; Editing by

Subhranshu Sahu)