EM ASIA FX-Global stock rallies support Asia currencies

* Won gains as Seoul shares up nearly 3 pct

* Ringgit rises on commodities

* Singapore dollar up on stop-loss U.S. dlr selling

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, Sept 9 - Most emerging Asian currencies rose on

Wednesday as sharp rebounds in global equity markets boosted

risk sentiment, and on hopes of more stimulus by China.

The won rose as Seoul shares rallied and

on speculation that the dollar buying linked to Tesco's

sale of its South Korean arm for $6.1 billion may have been

completed.

Malaysia's ringgit rebounded in thin trading as

higher commodity prices eased concerns over the country's

exports.

Asia-Pacific stocks outside Japan jumped

nearly 3 percent, tracking rallies in U.S. and European peers.

Chinese shares also gained more than 1 percent on growing

expectations that Beijing would take additional steps to prevent

a hard landing for the economy.

Worries about China's economy and the recent financial

market rout sent emerging Asian currencies to multi-year lows

with the ringgit and Indonesian rupiah hitting their

weakest levels since the Asian financial crisis 17 years ago.

"Today's rebounds (in Asian currencies and stocks) may be

meaningful as they came after deep turmoil," said Jeong

My-young, Samsung Futures' research head in Seoul.

"We need to see how Chinese authorities handle the sluggish

economy and markets for further improvement."

China's yuan turned weaker as the central bank

was seen to be less aggressively intervening to support the

currency.

WON

The won advanced as South Korea's main stock index

jumped 2.8 percent.

Currency traders also cut dollar holdings which they had

built up on expectations of rising dollar demand from the Tesco

deal.

The British supermarket said on Monday it was selling its

South Korean arm to a group led by Seoul-based private equity

firm MBK Partners.

The won's upside was limited as foreign investors continued

to sell Seoul shares.

Foreigners were net sellers for a 25th consecutive session,

dumping around 5 trillion won ($4.2 billion) worth of equities

in total during the period, Korea Exchange data showed.

Earlier, the vice finance minister said South Korea is

facing growing uncertainties as risks from China and the United

States and a prolonged slump in exports threatens the economy.

RINGGIT

The ringgit gained as local stocks and most

Malaysian government bond prices rose.

Despite improving global risk appetite, traders hesitated to

buy the ringgit, given fragile sentiment on the country because

of a corruption scandal swirling round Prime Minister Najib

Razak and indebted state fund 1Malaysia Development Berhad.

A senior Malaysian bank trader also doubted there would be

any improvement in risk sentiment before the U.S. Federal

Reserve's policy meeting next week.

"Money is flowing back to developed markets from emerging

markets. How can we stop that?" said the trader.

SINGAPORE DOLLAR

The Singapore dollar rose on stop-loss selling of the U.S.

dollar around 1.4150 and 1.4140.

Still, some macro funds sold the Singapore dollar around its

session high on concerns over a slowdown in the local economy.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0600 GMT

Currency Latest bid Previous day Pct Move

Japan yen 120.44 119.81 -0.52

Sing dlr 1.4119 1.4177 +0.41

Taiwan dlr 32.535 33.003 +1.44

Korean won 1188.52 1200.90 +1.04

Baht 36.01 36.17 +0.44

Peso 46.83 46.93 +0.21

Rupiah 14265.00 14275.00 +0.07

Rupee 66.34 66.55 +0.32

Ringgit 4.3210 4.3385 +0.40

Yuan 6.3730 6.3672 -0.09

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 120.44 119.66 -0.65

Sing dlr 1.4119 1.3260 -6.08

Taiwan dlr 32.535 31.718 -2.51

Korean won 1188.52 1099.30 -7.51

Baht 36.01 32.90 -8.64

Peso 46.83 44.72 -4.51

Rupiah 14265.00 12380.00 -13.21

Rupee 66.34 63.03 -4.98

Ringgit 4.3210 3.4965 -19.08

Yuan 6.3730 6.2040 -2.65

($1 = 1,188.58 won)

(Additional reporting by IFR Markets' Catherine Tan; Editing by

Eric Meijer)