EM ASIA FX-Global growth fears hurt Asia FX; ringgit down on Fitch downgrade warning

* Fitch warns of downgrade risk of Malaysia's rating outlook

* Won falls as foreigners continue to sell S.Korean stocks

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, Sept 2 (Reuters) - Most emerging Asian currencies

resumed falling on Wednesday as fears over global growth and

downbeat factory activity reports drove investors from risky

assets including stocks.

The Malaysian ringgit led regional losses as Fitch

Ratings warned of downgrade risk in the country's rating

outlook.

Indonesia's rupiah stayed near a 17-year low with

low commodity prices seen hurting export earnings.

The South Korean won fell as foreign investors

were set to record the longest selling streak in the local stock

market since the global financial crisis in 2008.

The Singapore dollar eased as economists trimmed

forecasts for this year's economic growth and inflation, a

central bank survey showed.

"Asian currencies are expected to still be under pressure as

growth concerns will dominate," said Khoon Goh, senior FX

strategist for ANZ in Singapore.

U.S. factory activity hit a more than two-year low in August

and China's manufacturing sector contracted at its fastest pace

in at least three years. Euro zone manufacturing growth also

fell.

Australia suffered the slowest economic growth in two years

over the second quarter partially due to a sharp slump in export

volumes, data showed earlier.

RINGGIT

The ringgit fell as Kuala Lumpur stocks lost 0.8

percent, underperforming most Southeast Asian equities.

Fitch said Malaysia's deteriorating currency position could

force the rating agency to restore the negative outlook attached

to the country's credit rating.

Malaysia's July exports were expected to rise on a weaker

ringgit, although moderating from an unexpected jump in the

previous month due to plunging commodity prices, a Reuters poll

showed.

Oil prices slid, adding to concerns over exports. Malaysia

is a major supplier of natural liquefied gas and palm oil.

WON

The won fell as foreign investors were set to become net

sellers in South Korea's main stock exchange for a 20th straight

session, which would be longest selling spree since July 2008.

Foreigners sold a combined net 4.2 trillion won ($3.6

billion) worth of stocks during the period, the Korea Exchange

data showed.

The country also reported a net outflows of $10.64 billion

in the financial account in July after a $10.49 billion outflow

in June, central bank data showed.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0520 GMT

Currency Latest bid Previous day Pct Move

Japan yen 120.17 119.38 -0.66

Sing dlr 1.4135 1.4123 -0.08

Taiwan dlr 32.435 32.680 +0.76

Korean won 1178.79 1171.80 -0.59

Baht 35.73 35.73 +0.01

Peso 46.70 46.69 -0.03

Rupiah 14110.00 14095.00 -0.11

Rupee 66.24 66.22 -0.03

Ringgit 4.2160 4.1650 -1.21

Yuan 6.3649 6.3645 -0.01

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 120.17 119.66 -0.43

Sing dlr 1.4135 1.3260 -6.19

Taiwan dlr 32.435 31.718 -2.21

Korean won 1178.79 1099.30 -6.74

Baht 35.73 32.90 -7.92

Peso 46.70 44.72 -4.24

Rupiah 14110.00 12380.00 -12.26

Rupee 66.24 63.03 -4.84

Ringgit 4.2160 3.4965 -17.07

Yuan 6.3649 6.2040 -2.53

($1 = 1,178.5000 won)

(Additional reporting by Yeawon Choi in SEOUL; Editing by Eric

Meijer)