EMERGING MARKETS-Thai baht top gainer among Asian FX; Manila stocks rise ahead of c.bank meeting

By Rishav Chatterjee and Adwitiya Srivastava

Feb 13 (Reuters) - Thailand's baht emerged as the major gainer among a group of developing Asian currencies on Thursday, supported by the upbeat mood in the gold markets, while equities in Manila advanced ahead of an expected rate cut by the central bank.

Thailand is a major trading hub for gold and the metal's advance over the past week amid concerns of a global trade war helped offset currency volatility fuelled by U.S. President Donald Trump's tariff plans.

The baht THB=TH gained as much as 0.5% against the U.S. dollar, while the Singapore dollar SGD= and its Taiwanese counterpart TWD=TP were mostly steady.

Poon Panichpibool, a market strategist at Krung Thai Bank, attributed the baht's gain to the rise in gold prices and improving sentiment over the prospects of a peace deal in Ukraine.

The South Korean won KRW=KFTC and Malaysian ringgit MYR= added 0.3% and 0.1% respectively.

Overnight, data showed January U.S. consumer inflation rose at its fastest pace in nearly 18 months, reinforcing the Federal Reserve's message that it was in no hurry to resume easing rates.

"Currency markets are also waving risk-off flags - The U.S. dollar has broken higher, moving above its 50-day moving average, suggesting higher levels ahead for the safe haven currency," said Jessica Amir, market strategist at Moomoo Australia.

Equities rose in Asia trade on Thursday, as investors looked past the U.S. inflation data and bet on an end to the war in Ukraine after Trump held separate phone calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy.

Shares in Seoul .KS11 added 0.8% while those in Taipei .TWII gained 0.2%.

The Malaysian benchmark index .KLSE and the Indonesian stock market, meanwhile, .JKSE lost 0.6% and 1% respectively.

The Philippine central bank is set to meet later in the day with markets expecting a 25-basis-point interest rate cut to bolster an economy that has missed its growth target for two straight years.

The Philippine peso PHP= was flat while equities in Manila .PSI gained 0.8%.

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