*

Jakarta stocks touch record but last trading flat

*

Singapore, Malaysia shares inch higher

*

Indonesian rupiah, Philippine peso modestly lower

By Rishav Chatterjee

Oct 6 (Reuters) - Emerging Asian currencies started the

week on the back foot, with the Indonesian rupiah and Philippine

peso leading losses on Monday, as holiday-thinned trading and

caution ahead of rate decisions around the region sidelined most

investors.

Regional stocks moved in tight ranges as the closure of

China's markets, a major driver of activity, tempered risk

appetite and reduced momentum.

Indonesia's benchmark index opened at a record high

but pared gains to trade flat, while Thailand's benchmark

dropped 0.4%.

The MSCI indexes tracking EM Asia equities

and a broader gauge tracking Asia-Pacific equities excluding

Japan both slipped half a percentage point from

their 2021-highs, scaled the day before.

Equity markets in Taiwan and South Korea,

two of the main beneficiaries of the AI-driven rally in recent

months and heavyweights in the indexes, were closed for public

holidays.

Investor attention turned squarely to Japan, where the yen

tumbled and stocks surged more than 4% after fiscal and

monetary dove Sanae Takaichi was elected leader of the ruling

party.

"There was a kind of resurrection of Abe trade in Japan

markets, which will sway the market sentiment across Asia," said

Kiyong Seong, lead Asia macro strategist at Societe Generale.

In the currency market, the peso fell 0.3% while the

Singapore dollar and the Indonesian rupiah

dropped 0.3% each. The Thai baht inched higher while

the Malaysian ringgit edged lower.

Traders are now looking ahead to monetary policy decisions

from the Philippine and Thai central banks later this week.

The Bangko Sentral ng Pilipinas' (BSP) lowered interest

rates by 25 basis points in August for the third straight

easing. The country has been grappling with a widening

corruption scandal that has triggered mass protests, weighing on

both the peso and local stocks. Still, the economy continues to

post steady growth, with inflation comfortably within target.

Analysts appear divided over how the BSP might move. Maybank

and DBS analysts are expecting the central bank to hold while

Standard Chartered expects an easing.

In contrast, with growth momentum softening in Thailand,

investors broadly expect a 25-basis-point cut by the Bank of

Thailand under its new dovish governor.

Maybank anticipates just one more 25-basis-point rate cut

this year, as the governor continues efforts to bolster growth -

potentially as early as next week.

Among stock markets, shares in Singapore and Malaysia

edged higher while equities in Philippines

fell 1%.

HIGHLIGHTS:

** Indonesian 10-year benchmark flat at 6.327%

** Thai Sept headline CPI drops 0.72% y/y

Asia stock indexes

and currencies at

0423 GMT

COUNTRY FX RIC FX DAILY FX YTD % INDEX STOCKS STOCKS

% DAILY YTD %

%

Japan -1.80 +4.69 4.22 21.35

China India +0.03 -3.53 0.14 5.43

Indonesi -0.36 -3.01 -0.01 14.65

a

Malaysia -0.14 +6.08 0.05 -0.40

Philippi -0.33 -0.01 -0.96 -7.33

nes

S.Korea Singapor -0.26 +5.67 0.09 16.59

e

Taiwan -- +7.77 -- 16.18

Thailand +0.07 +6.06 -0.34 -7.93