* Rupiah down 0.2% ahead of Bank Indonesia's policy

meeting

* MSCI EM Asia down from pre-war peak

* Taiwan stocks hit record

By Rajasik Mukherjee

April 22 (Reuters) - Equities in emerging Asia declined

on Wednesday as investors looked beyond the indefinite extension

of Iran ceasefire to the implications of crude supply

disruptions on inflation and economic growth in the region.

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.

South Korea's high-flying KOSPI index edged lower,

sliding off the previous session's record high, as investors

locked in profits. Heavyweight chipmakers Samsung Electronics ( SSNLF )

and SK Hynix lost between 1% and 2%.

In Southeast Asia, stocks in Singapore, Malaysia

, the Philippines, and Indonesia slipped

about half a percentage point each. Thailand's shares

drifted around their previous close.

U.S. President Donald Trump said he would indefinitely

extend the Iran ceasefire. However, the announcement appeared to

be a unilateral ceasefire extension, with 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

Indonesian rupiah weakened to 17,185 a dollar, within

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

The rupiah 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.

All eyes are on Bank Indonesia's monetary policy meeting

later in the day, where the central bank is expected to keep

rates unchanged.

"BI is not expected to face immediate pressure to tighten

policy, instead prioritising financial market stability in the

near term," said Radhika Rao, senior economist at DBS Bank.

"Potential increases in retail fuel prices - and their

subsequent impact on inflation - will be a key factor in shaping

any shift in the central bank's policy outlook."

Elsewhere, 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.

Meanwhile, stocks in Taiwan bucked the trend,

jumping more than 1% to scale a record high.

HIGHLIGHTS:

** Myanmar president seeks peace talks within 100 days,

rebels reject offer

** Moody's revises Thailand's outlook to 'stable' as US

tariff risks ease

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

says

Asia stock indexes and currencies at 0413 GMT

COUNTRY FX RIC FX DAILY FX YTD INDEX STOCKS STOCKS

% % DAILY YTD %

%

Japan +0.01 -1.70 China >

India -0.24 -4.11 Indonesia -0.23 -2.97 Malaysia -0.15 +2.58 Philippin -0.26 -2.17 -0.53 -1.10

es

S.Korea >

Singapore +0.07 +0.99 -0.41 7.50

Taiwan -0.09 -0.25 Thailand +0.16 -2.15 (Reporting by Rajasik Mukherjee in Bengaluru; Editing by

Mrigank Dhaniwala)