Asia stocks, FX weaken as Mideast war pushes investors into havens

• Asia EM stocks sink as Iran war sparks rush to havens
• Oil jumps; peso, baht lead FX declines among net importers
• Airline, airport shares slide; energy and shippers gain
• Kuwait halts trading; UAE bourses shut amid hostilities

March 2 (Reuters) - Emerging Asian assets slipped on Monday, after U.S. and Israeli strikes on Iran and Tehran's retaliatory moves fuelled a jump in oil prices, spurring investors to safe havens such as the U.S. dollar, gold and government bonds.

The MSCI index of emerging Asian equities .MIMS00000PUS fell 1.8%, set for its steepest drop in nearly a month. MSCI's gauge of emerging-market currencies .MIEM00000CUS declined 0.7%, heading for its weakest session in three years.

Oil prices jumped as much as 8% in early trading on fears of supply disruptions through the Strait of Hormuz. A sustained spike in crude is particularly painful for Asia's major net importers, including Thailand and the Philippines, as it widens trade deficits and rekindles inflation pressures.

The Philippine peso PHP= and Thai baht THB=TH led regional losses. The peso fell 0.9% to 58.185 per dollar, its weakest level since February 12, while the baht dipped 1.5% to the lowest since February 9.

The Indonesian rupiah IDR= fell 0.6% to a one-week low and the Malaysian ringgit MYR= slipped 0.8% to a near three-week low. The Taiwan dollar TWD=TP dipped 0.7%.

The U.S. dollar index =USD touched a multi-week high. USD/

"If meaningful oil price increases are sustained, we think the likes of KRW, INR, and to some extent the PHP are more vulnerable, given their linkages to oil imports and also KRW's higher beta nature (greater sensitivity to global risk moves)," said Michael Wan, MUFG currency strategist.

South Korean markets were closed on Monday for a national holiday.

Manila shares .PSI tumbled 2.8%, set for its worst day in three months, while Bangkok’s benchmark .SETI fell 2.6%, its sharpest drop since April. Stocks in Singapore .STI and Jakarta .JKSE also lost over 2.4%.

Airlines and airport-linked stocks were pressured on disruption concerns, while energy names and shippers outperformed on higher crude prices and expectations of elevated freight and insurance costs.

Singapore Airlines SIAL.SI slid as much as 7.5%. Qantas QAN.AX tumbled as much as 10.4%, and Hong Kong's Cathay Pacific 0293.HK lost as much as 7%.

Indonesia's central bank said it would remain in the market to support the rupiah.

In the Middle East, Kuwait's stock exchange suspended trading, citing "exceptional circumstances", while the UAE halted trading in Abu Dhabi and Dubai for two days.

Markets will focus on inflation readings from the Philippines and Thailand on Thursday, with South Korea's February CPI due Friday. Bank Negara Malaysia's policy decision is due Thursday, with rates expected to be held.

HIGHLIGHTS:

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