* South Korea stocks up nearly 7% this year
* Philippine Q4 GDP shrinks slightly less than expected
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
Jan 28 (Reuters) - South Korea, China and Singapore led emerging Asian stock markets lower on Thursday after worries about excessive valuations led to a selloff on Wall Street, supporting gains in the safe-haven dollar at the expense of regional currencies.
Stock markets in Jakarta .JKSE and Taipei .TWII joined those in Seoul .KS11 , Singapore .STI and Shanghai .SSEC in declining more than 1% after Wall Street suffered its biggest one-day percentage drop in three months overnight. .N
Also on Wednesday, the U.S. Federal Reserve flagged a worrying slowdown in the pace of recovery of the world's top economy, pledging continued support until a full economic rebound is in place. of the retail marauders seems to have spilled into Asia this morning," Maybank analysts wrote in a note.
An influx of amateur traders and a flood of liquidity have also boosted shares in Asia, stretching valuations. South Korea is up nearly 7% this year, on top of the 30%-plus jump last year.
Investors in the Philippines found less reason to join the regional selling pressure given the local stock market .PSI is the worst regional performer so far this year, down nearly 4%.
GDP data showed the Philippine economy shrank 8.3% in the December quarter, slower than the 8.5% expected in a Reuters poll. Stocks .PSI on Thursday edged 0.1% higher. for 2020, the economy recorded its biggest contraction ever, falling 9.5%.
Worries around the pace of a global recovery have supported the dollar, which in the lead up to 2021 had been falling.
The won KRW=KFTC fell nearly 1%, while the rupiah IDR= - favoured by foreign investors looking to tap Indonesia's high-yielding debt - dropped 0.3%.
Malaysian markets were closed for a public holiday.
** Indonesian 3-year benchmark yields are down 1.2 basis points at 5.178%
** The big short: GameStop (NYSE: GME ) effect puts global bets worth billions at risk stock indexes and currencies at 0400 GMT
DAILY % YTD %
DAILY % YTD % Japan
-2.86 Philippines PHP=
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