* Taiwan stocks up 3.8%, S.Korea adds 2.4%
* Currencies pressured as dollar rebounds, ringgit down 0.7%
* Thailand inflation picks up in July

By Himanshi Akhand
       Aug 7 (Reuters) - Emerging Asian stock markets advanced
on Wednesday, with tech-heavy Taiwan and South Korea bourses
leading gains as investors reassessed fears of a sharp U.S.
economic slowdown, while currencies were pressured as the
greenback regained strength.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 jumped 1.8%, continuing to claw back ground
after Monday's global selloff. 
    Shares in Taiwan surged 3.8%, while those in South
Korea gained 2.4%.
    Benchmark index in Indonesia, Malaysia,
Singapore and India added between 0.9% and 1.3%.
    There are signs that the recent volatile unwinding of yen
carry trades may be pausing, said Ken Cheung Kin Tai, chief
Asian FX strategist, Mizuho Bank.
    "In the EM share market, investors are putting their
attention back to the fundamentals and catching opportunities to
rebuild their positions.
    "Sentiment has been stabilizing, but markets will still
remain cautious about the global growth outlook," he added.
    The unraveling of the yen carry trade, coupled with a
softer-than-expected U.S. job report last week, lukewarm tech
earnings and fears of a U.S. recession had sparked a global
sell-off earlier this week with investors dumping riskier assets
and moving to safe havens.    
    Regional currencies were on the back foot as the dollar
 firmed to move further away from the seven-month low it
touched on Monday.
    The Malaysian ringgit, the only Asian currency to log
a year-to-date gain so far, fell 0.7%.
    Thailand's baht fell 0.5%. Data showed the annual
headline inflation rate quickened in July, but the pace remained
below the central bank's target range of 1% to 3%. 
    The Chinese yuan slipped 0.4%. The country's
trade data showed robust growth in imports, but
weaker-than-expected export growth. 
    The Philippine peso was largely steady a day after
the central bank governor said an interest rate cut at their
meeting next week was "little less likely" after data showed
annual inflation accelerated at a faster-than-expected pace last
month.
    Bucking the trend, Indonesia's rupiah rose 0.4%.
    "Easing inflation and tamed down UST yields have created
expectation of lower Bank Indonesia Rupiah Securities (SRBI)
issuance, which have boosted inflows in the local currency and
bond market," Fakhrul Fulvian, an economist at Trimegah
Securities, said.  
    

    HIGHLIGHTS:
    ** Philippines upwardly revises Q1 GDP to 5.8% y/y
    ** BOJ won't raise rates when markets unstable, deputy
governor says
    ** South Korea June current account posts biggest surplus in
almost 7 years
    ** South Korea to loosen rules to boost foreign
participation in FX market
    
    
 Asia stock indexes and currencies as at 0502 GMT
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS  STOCKS
                      DAILY %  YTD %     X   DAILY   YTD %
                                                 %  
 Japan                  -2.23  -4.42  <.N2   3.13    6.86
                                      25>           
 China                               EC>           
 India                  +0.04  -0.84  <.NS    0.92   11.42
                                      EI>           
 Indonesi               +0.37  -4.38  <.JK    1.24   -0.75
 a                                    SE>           
 Malaysia               -0.67  +2.00  <.KL    1.23    9.56
                                      SE>           
 Philippi               +0.09  -4.09  <.PS    0.38    0.12
 nes                                  I>            
 S.Korea                             11>           
 Singapor               -0.24  -0.69  <.ST    1.26   -0.05
 e                                    I>            
 Taiwan                 -0.07  -6.04  <.TW    3.76   18.64
                                      II>           
 Thailand               -0.47  -4.21  <.SE    1.41   -8.75
                                      TI>           
    
    

    
 (Reporting by Himanshi Akhand in Bengaluru; Editing by Kim
Coghill)