EMERGING MARKETS-Asia stocks fall; Indonesia bucks trend as c.bank holds rates steady

* Jakarta stocks up 1.3%, rupiah gains 0.1% as BI holds rates * Shares in Manila and Seoul down over 1.6%; Shanghai falls 2.4% * BoK to hike benchmark rate again on Thursday - Reuters Poll By Harish Sridharan May 24 (Reuters) - Most Asian shares declined on Tuesday, as a drop in U.S. stock futures stoked fears about a global economic slowdown, while the Indonesian market rose after the central bank stood pat on interest rates. Manila shares dropped 1.7% to hit a one-week low, while Taipei, Kuala Lumpur and Seoul benchmarks also fell. Nasdaq futures lost 2%, with traders blaming an earnings warning from Snap which saw the Snapchat owner's shares tumble 28%, while S&P 500 futures slipped 1.25%. Investors also continued to grapple with China's COVID-19 situation, as capital Beijing stepped up quarantine efforts to end the month-old outbreak, while more investment banks trimmed their growth outlook for the world's second-largest economy. Shares in Jakarta were up 1.2%, while the rupiah inched up 0.1%. Bank Indonesia (BI) kept its main policy rates unchanged, providing support for a recovery in Southeast Asia's biggest economy which is trying to balance providing support for a recovery with efforts to anchor inflation and maintain a stable currency. BI kept the benchmark 7-day reverse repurchase rate at a record low of 3.50%, as expected by 25 of 27 economists polled by Reuters. BI also introduced more hikes for banks' reserve requirement ratio (RRR), telling banks to park 7.5% of their reserves starting July and 9% from September. "The central bank sees inflation as being under control and the Rupiah as stable, which explains the decision on the policy rate," said Frances Cheung, rates strategist at OCBC. She added that the RRR hike reflects BI's preference for liquidity tools to carry out the duty of tightening for now. Indonesia's inflation surged to 3.47% in April, the highest in more than four years, but was still within the central bank's 2%-4% target range. Stocks in Shanghai plunged 2.4% to record their worst session since April 25, while the yuan depreciated 0.3%. On Monday, U.S. President Joe Biden said he was considering cutting tariffs on Chinese goods, adding that he would be willing to use force to defend Taiwan against Chinese aggression. "In dire lockdown-driven economic times, the People's Bank of China is unlikely to allow a strong yuan amid slowing exports, not to mention Biden's Taiwan comment is hardly endearing for Asian risk," said Stephen Innes, managing partner at SPI Asset Management. Separately, a Reuters Poll found that South Korea's central bank is likely to hike its benchmark rate at a second consecutive meeting on Thursday to combat inflation running at more than double its target, taking rates higher by year end than previously thought. HIGHLIGHTS ** In Philippines, top index loser was JG Summit Holdings Inc, down 4% ** Samsung Electronics said it will invest $356 billion in next 5 years to accelerate growth in semiconductors, biopharmaceutical and other next-generation technologies ** Key measure of inflation expectations among South Koreans rose in May for a fourth consecutive month to its highest in nearly a decade - central bank survey Asia stock indexes and currencies at 0755 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.42 -9.63 -0.94 -7.10 China -0.30 -4.71 -2.41 -15.63 India -0.16 -4.27 -0.35 -6.89 Indonesia +0.10 -2.76 1.27 5.26 Malaysia +0.05 -5.04 -0.31 -1.90 Philippines -0.11 -2.52 -1.65 -7.65 S.Korea -0.17 -6.11 -1.57 -12.49 Singapore -0.01 -1.73 -0.20 2.68 Taiwan +0.01 -6.51 -1.19 -12.38 Thailand +0.03 -2.11 -0.36 -1.71 (Reporting by Harish Sridharan in Bengaluru; Editing by Rashmi Aich)