EMERGING MARKETS-Stocks fall on tariff woes, baht near 6-month high

By Sameer Manekar

April 16 (Reuters) - Stock markets in emerging Asia fell on Wednesday, snapping a four-day winning streak, as U.S. curbs on some Nvidia NVDA.O chip exports to China amplified trade tensions between the top economies.

Among currencies, the Thai baht THB=TH surged as much as 33.22 per U.S. dollar for the first time since October 21, 2024, driven by a softer greenback, record high gold prices and China's better-than-expected economic growth in the first quarter.

Thailand is a major gold trading hub in the region, and its currency is closely linked to the commodity's price.

"The outperformance in the baht should be contributed by surging gold prices," said Poon Panichpibool, a markets strategist at Krung Thai Bank.

Analysts, however, remain cautious about short-term rallies in the baht as a correction in gold prices could pressure the currency. An escalation in the U.S.-China trade war and the knock-on effect of a weakening yuan could also dampen other emerging Asian currencies.

Panichpibool said the baht remained under pressure due to a weak tourism season, ongoing trade tensions and dividend repatriation by foreign investors.

In China, solid first-quarter growth data did little to boost domestic assets, with the onshore yuan CNY=CFXS slipping marginally and stocks .SSEC falling.

China is Southeast Asia's biggest trading partner and a top investment source whose fortunes dictate growth in the developing region.

Most other emerging currencies appreciated against a subdued dollar =USD, with the greenback clinging to mid-July lows touched last week against a basket of its peers.

The Singapore dollar SGD= and the Philippine peso PHP= firmed 0.3%, while Malaysia's ringgit MYR= moved in a tight range around its one-week high. Indonesia's rupiah IDR= ticked lower to 16,838 a dollar.

An MSCI index of world emerging market currencies .MIEM00000CUS was slightly lower, largely weighed down by Latin American currencies that weakened against the dollar overnight. A gauge of those currencies .MILA00000CUS slipped 0.3%.

In equities, the MSCI index of Asian emerging market stocks .MIMS00000PUS fell as much as 1.8% to snap a four-day streak. A gauge of ASEAN stocks .MISU00000PUS - dominated by Southeast Asian firms - also fell slightly.

Tariff volleys between the United States and China have traders fretting about global economic growth, with President Donald Trump's ever-changing policies adding to the uncertainty.

"Choppiness in markets looks to continue as the trade negotiations come underway together with the risk of more U.S. trade restriction announcements," analysts at Maybank said.

Equity benchmarks in Malaysia .KLSE and the Philippines .PSI declined up to 1%, while those in Thailand .SETI and Indonesia .JKSE edged lower. Singapore's FTSE Straits Times index .STI bucked the trend, rising marginally.

HIGHLIGHTS:

Indonesia's 10-year benchmark bond yield ID10YT=RR slips to 6.992%

*Thailand plans to import more U.S. LNG over next 5 years, says minister

China unexpectedly anoints new trade negotiator amid U.S. tariff war

Indonesia to propose $10 billion US energy imports increase in tariff talks