* Rupiah, JKSE pare losses after central bank keeps rates

steady

* MSCI EM Asia down from pre-war peaks

* KOSPI closes at record peak

(Updates for afternoon trade)

By Rajasik Mukherjee

April 22 (Reuters) - Emerging Asia equities fell on

Wednesday as investors looked past the U.S.-brokered Iran

ceasefire to risks of crude supply disruptions, while Indonesian

assets were largely unfazed after the central bank kept its rate

steady.

The MSCI gauge of EM Asia equities fell

0.4%, sliding from the February 27 highs the index had touched

earlier this week. A broader gauge of global EM stocks

also inched lower from its late-February peak.

Bank Indonesia stood pat on its rates, as expected, to

anchor the rupiah's stability amid the war in Iran.

"BI is demonstrating a strong focus on currency stability

during this globally uncertain environment, where high-yielding

currencies are struggling in Asia," said Chandresh Jain, BNP

Paribas EM Asia FX and Rates Strategist.

The currency has been under sustained pressure since the

Middle East war broke out in late February, losing over 2% to

become one of the worst-hit units in the region.

The rupiah trimmed some of its losses on the day after the

decision, trading at around 17,175 per U.S. dollar. It had

weakened to 17,185 a dollar earlier in the session, within

striking distance of its all-time low of 17,193.

The central bank also said the rupiah would be stable going

forward, with the possibility of it appreciating, aided by the

central bank's policy.

Stocks in the Southeast Asian nation pared some of

their losses too, shedding 0.2%.

South Korea's high-flying KOSPI index hit a record

high earlier in the day, then edged lower, only to close at a

record peak, driven by gains in battery makers.

Equities in Singapore, Malaysia, the

Philippines, and Indonesia slipped about half a

percentage point each. Thailand's shares shed 0.2%.

U.S. President Donald Trump said he would indefinitely

extend the Iran ceasefirebut announcement provided no clarity on

whether Iran or U.S. ally Israel would agree.

Markets digested the latest developments, weighing the

long-term implications of already lost crude supply and the

ongoing closure of the Strait of Hormuz on emerging,

energy-importing countries in Asia.

"The conflict appears to have moved into a prolonged

standoff rather than towards a swift or durable resolution,"

MUFG analysts wrote in a note.

"For markets, this environment implies continued disruption

to energy flows through the Strait of Hormuz."

Currencies in emerging Asia were also under pressure. The

Philippine peso slipped 0.3% to 60.12 per U.S. dollar,

while the Malaysian ringgit lost 0.3% to 3.9520 a piece.

HIGHLIGHTS:

** Thailand offers backing for Myanmar's bid to normalise

ASEAN ties

** South Korea, Vietnam leaders to meet as Hanoi seeks

high-tech investment

** Indonesia's Q1 FDI up 8.5% to $14.6 billion, minister

says

Asia stock indexes and currencies at 0757 GMT

Japan +0.10 -1.61

0.4 18.37

China India -0.37 -4.24 -0.62 -6.53

Indonesia -0.17 -2.91 -0.22 -12.77

Malaysia -0.08 +2.66 -0.43 1.65

Philippine -0.30 -2.21 -0.48 -1.05

s

S.Korea Singapore +0.13 +1.05 -0.35 7.56

Taiwan -0.16 -0.32 0.73 30.78

Thailand +0.20 -2.10 -0.09 17.67