EMERGING MARKETS-Asian stocks rise, currencies weaken as US tariffs loom

By Himanshi Akhand

April 1 (Reuters) - Stock markets in Thailand, Taiwan and South Korea recovered on Tuesday from multi-month lows hit in the previous session, while most Asian currencies dipped against a steady dollar as investors braced for U.S. President Donald Trump's tariffs.

Shares in Thailand .SETI snapped a three-session losing run to advance 1.1%.

Stocks in Taiwan .TWII, which is one of the "Dirty 15" countries that have the highest trade surpluses with the U.S., climbed 2.5%. The benchmark index has lost more than 7% in the previous four sessions and touched its lowest level in nearly eight months on Monday.

"It is probably just a short-term technical rebound in many markets because they have been down significantly since the beginning of this year," said Poon Panichpibool, a markets strategist at Krung Thai Bank.

South Korean shares .KS11, which had fallen more than 6% in the past three sessions, rose nearly 2% after the Constitutional Court said that its long-awaited ruling on President Yoon Suk Yeol's impeachment would be delivered this week.

Shares in the region dropped to a two-month low on Monday - the first day of trading after the full lift of the short-selling ban in the domestic stock market for the first time in five years.

Singaporean stocks .STI fell 0.2%, while markets in Malaysia, Indonesia, and the Philippines were closed for a public holiday.

Overall market sentiment has remained negative as investors await details of a fresh round of reciprocal levies that the White House is due to announce on Wednesday, according to Panichpibool.

Trump has already imposed tariffs on aluminium, steel and autos, along with increased tariffs on all goods from China. He said late on Sunday that essentially all countries will be slapped with duties this week.

Most regional currencies inched lower on the day as the dollar steadied.

The Thai baht THB=TH and the Taiwanese dollar TWD=TP both fell 0.3%, with the latter hovering near March 2016 lows.

The Chinese yuan CNY=CFXS was down 0.1% at 7.2639 to the dollar, hovering near a three-week low.

Barclays analysts think tariffs will be implemented on a group of 15-25 countries, taking effect almost immediately, with Asia expected to bear the brunt of the tariffs and the consequent forex effects.

The heavy indirect export exposure to the U.S. adds further pressure on Asian currencies such as the won and Taiwan dollar, with the yuan also reflecting a low and under-priced tariff premium, the analysts said.

HIGHLIGHTS:

Thailand's economic activity slows in February, central bank to assess quake impact

China's factory activity speeds up on export boost, Caixin PMI shows

South Korea exports rise but tariff risks dim outlook; steel drops