* Singapore, Seoul and Kuala Lumpur shares set for weekly
* U.S. nonfarm payrolls data due later in day
* India central bank stands pat on interest rates

By Adwitiya Srivastava
       June 7 (Reuters) - Most Asian stock markets and
currencies rose on Friday, with some eyeing weekly gains, as
investors awaited a key U.S. jobs report to help better judge
the timing of expected Federal Reserve interest rate cuts.
    Seoul's benchmark stock index rose 1.2% to wrap up
its best week since Feb. 2. Among currencies, the South Korean
won was the top gainer, rising as much as 0.7% to hit
its highest since May 29, while the Philippine peso
followed suit with a 0.4% climb.  
    The European Central Bank kicked off its rate-cutting cycle
by slashing interest rates by a quarter point, becoming the
second G-7 economy after Canada to loosen policy, which further
buoyed investor sentiment. 
    Investors will now await the U.S. nonfarm payrolls data due
later on Friday, which could solidify expectations for a rate
cut in September by the world's most influential central bank.  
    In emerging economies, elections hogged the limelight this
week, with investors dumping assets from Mexico, India and South
Africa after election results from these countries forced
traders to recalibrate bets on fiscal policies.
    "The aftermath of the unexpected election results in South
Africa, Mexico and India could continue to create idiosyncratic
volatility," Barclays analysts said in a client note.
    Citi analysts said that though it was too early to call for
a synchronised rise in emerging market fiscal risk, they could
not discard the possibility of rising fiscal concerns in
negative scenarios, potentially catalysed by the acute political
    Meanwhile, in a widely anticipated action, the Reserve Bank
of India maintained its benchmark interest rate, saying robust
economic growth will give it space to focus on bringing down
inflation towards its medium-term target of 4%. Shares in the
country were up 1.5%.
    Stock markets in Singapore, Kuala Lumpur and
Manila rose between 0.2% and 0.4%, with the Singapore
benchmark set for a fourth consecutive weekly gain and the
Malaysia index on track for its best week since late April.
    Bangkok stocks traded 0.3% higher. Southeast Asia's
second-largest economy reported higher-than-expected inflation
for May.
    Both Thailand and Taiwan are set to hold central bank
meetings next week, where they are largely expected to hold
their respective policy rates.
    In Pakistan, the benchmark stock index dropped 2% as
the announcement of the annual budget date raised fears of tax
    ** Indonesia's forex reserves rise in May to $139 bln,
cenbank says
    ** China's May exports pick up pace, top forecast in boost
to economic recovery 
    ** BOJ may drop clues on bond tapering plan next week,
sources say

 Asia stock indexes and currencies at 0634 GMT
                      DAILY %  YTD %     X   DAILY   YTD %
 Japan                  +0.24  -9.12  <.N2  0.051   16.21
 China                               EC>           
 India                  +0.09  -0.23  <.NS    1.52    6.61
 Indonesi               +0.31  -5.00  <.JK   -0.57   -4.64
 a                                    SE>           
 Malaysia               -0.02  -2.19  <.KL    0.18   11.20
 Philippi               +0.35  -5.30  <.PS    0.23    1.16
 nes                                  I>            
 S.Korea                             11>           
 Singapor               +0.10  -1.88  <.ST    0.35    3.16
 e                                    I>            
 Taiwan                 +0.07  -4.72  <.TW   -0.20   21.90
 Thailand               +0.15  -6.00  <.SE    0.25   -5.95
 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Subhranshu Sahu)