EMERGING MARKETS-Rupiah stands out amid dollar weakness, Philippine stocks sink

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh

* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA

* Philippine stocks hit lowest since June 1

* U.S.-China worries cap broader view

By Shashwat Awasthi

July 23 (Reuters) - The Indonesian rupiah recouped some of last week's hefty losses against the dollar, while surging coronavirus cases and renewed U.S.-China tensions combined to push Philippine shares near a two-month low.

The rupiah IDR= , Southeast Asia's worst performing currency so far this year, rose 0.6% to its strongest level this week, gaining for a third straight session despite a record increase in new virus cases on Wednesday. currency lost more than 2% last week after bank Indonesia cut interest rates for a fourth time this year and COVID-19 infections continued to multiply.

"Earlier bouts of negativity relating to domestic COVID cases, debt monetization concerns etc may have been increasingly priced into IDR, so further softening... may be capped for now, especially against a backdrop of a broadly softening dollar," Maybank analysts wrote.

Jakarta stocks .JKSE also gained, with the index advancing 0.8% to its highest since March 11.

There was no respite for Philippine's stock market, a laggard in the region. The benchmark index .PSI sank as much as 2.4% after new virus cases topped 1,000 in the Philippines for a seventh straight day. index was on track for a third day of decline.

"The additional COVID-19 infections yesterday was not very encouraging... Moreover, the U.S.-China geopolitical tensions recently are holding down sentiments further," Ruben Carlo O. Asuncion, chief economist, at The Union Bank of the Philippines. Thai baht THB= dipped 0.2%.

The central bank on Thursday denied intervening in the currency market for any competitive trade advantage after a media report said Thailand could be added to a U.S. watch list for currency manipulation. economic outlook remains weak and it is also facing policy uncertainty due to a cabinet reshuffle and the search for a new Bank of Thailand chief.

The South Korean won KRW=KFTC and shares .KS11 weakened after Asia's fourth-largest economy plunged into recession in the second quarter. Malaysia's 10-year benchmark yield is down 1.2 basis points at 2.697%

** In the Philippines, top index losers are Jollibee Foods JFC.PS down 2.85%, LT Group LTG.PS down 2.81% and Metro Pacific Investments MPI.PS down 2.72%

** Top gainers on the Jakarta stock index .JKSE include Indofarma Tbk INAF.JK up 25%, Phapros Tbk PEHA.JK up 24.92% and Kimia Farma Tbk KAEF.JK up ​24.77%

Asia stock indexes and currencies at 0400 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX

STOCKS DAILY % STOCKS YTD %

Japan

JPY=

+0.02

+1.39

.N225

-0.58

-3.83

China

CNY=CFXS

-0.09

-0.60

.SSEC

-1.19

7.98

India

INR=IN

-0.04

-4.35

.NSEI

0.02

-8.49 Indonesia

IDR=

+0.41

-4.74

.JKSE

0.84

-18.20 Malaysia

MYR=

-0.07

-3.79

.KLSE

0.50

0.39 Philippines

PHP=

-0.08

+2.57

.PSI

-1.56

-23.62

S.Korea

KRW=KFTC

-0.24

-3.49

.KS11

-0.91

0.49 Singapore

SGD=

+0.12

-2.83

.STI

0.68

-18.95

Taiwan

TWD=TP

+0.36

+2.33

.TWII

-0.45

3.50 Thailand

THB=TH

-0.09

-5.44

.SETI

0.07

-14.05