* Thai baht, S. Korean won at 2-week high
* Malaysia stocks up over 4% so far
* Asian equities largely steady

By Roushni Nair
       Jan 30 (Reuters) - Most Southeast Asian currencies
steadied on Tuesday as investors held tight ahead of the U.S.
Federal Reserve's policy decision later this week, although the
South Korean won and Thai baht made gains in the thin trading
    The won advanced as much as 0.5% to notch a
2-week high, although the local unit is on track to log its
worst month since August. The baht followed suit,
marking its highest in two weeks.
    The baht had recently been squeezed by fiscal uncertainty
after the Bank of Thailand faced repeated requests from the
government to cut rates amid concerns of a weakening economy. 
    The Taiwanese dollar rose 0.3% to mark a more than
two-week high.
    With the beginning of Fed's meeting on Tuesday, focus shifts
to Chair Jerome Powell's press conference on Wednesday for cues
on whether the central bank fans or dials back market
expectations around an imminent interest rate cut. 
    The dollar index was largely flat by 0423 GMT.
    In Asia, stocks came under pressure after a Hong Kong
court-ordered the liquidation of debt-laden property developer
China Evergrande.
    Shares in Shanghai dipped as much as 1%, marking its
biggest intra-day percentage drop in a week. 
    The MSCI Emerging Markets (EM) Index, which
captures large- and mid-cap representation across 24 EM
countries, traded down as much as 0.6% to mark its biggest
intra-day percentage drop in over a week.
    Shares in India, Thailand and South Korea
 were largely flat. Malaysian stocks are on track to log
their best month in five, adding more than 4% in value so far
this week.
    Equities in Indonesia and the Philippines
inched up 0.3%, although Indonesian shares were on track to end
January weaker, snapping two straight months of gains.
    "Asia equities, especially A50 and Hang Seng, have plenty of
room for further inflows, which should keep KRW, TWD and even
THB supported onshore," analysts at Citi said in a note.
    The regional calendar for the week includes purchasing
managers' indexes, fourth quarter growth figures from Taiwan and
Hong Kong and inflation figures from Indonesia and South Korea
taking the centre stage.
    Elsewhere, the rupiah was largely flat, in line with
regional moves. It lost more than 1% over the past week on
uncertainties around the fiscal outlook driven by reports the
country's finance minister may resign.
    In the Philippines, the peso was flat. The country on
Tuesday upwardly revised its third quarter gross domestic
product growth to 6.0% from 5.9%, according to its statistics
    ** Indonesian 10-year benchmark yields mostly held steady at
    ** Philippines Q4 agricultural output value rises 0.7% y/y
    ** Indonesia c.bank to continue with FX intervention -
  Asia stock indexes and currencies                           
 at 0421 GMT                                            
                      DAILY %  YTD %             DAILY   YTD %
 Japan                  +0.10  -4.26             0.29    8.54
 India                  +0.00  +0.09             -0.06   -0.03
 Indonesi               +0.16  -2.44              0.27   -1.33
 Malaysia               +0.13  -2.88             -0.04    4.13
 Philippi               +0.04  -1.76              0.32    3.13
 Singapor               +0.05  -1.49              0.31   -2.78
 Taiwan                 +0.27  -1.40             -0.23    0.82
 Thailand               +0.28  -3.30             -0.09   -2.88
 (Reporting by Roushni Nair in Bengaluru. Editing by Sam Holmes)