EMERGING MARKETS-Asian FX, stocks surge on less hawkish Fed; Malaysian cenbank keeps rates steady

* Malaysian cenbank keeps rates unchanged at 3.00% * South Korean won top gainer in Asian FX, up over 1% * Shares in Seoul, Jakarta gain around 1.8% each By Poonam Behura Nov 2 (Reuters) - Most emerging Asian currencies rose against the U.S. dollar on Thursday, as a less hawkish Federal Reserve added to bets that interest rates may have peaked, while Malaysia's ringgit stuck to its previous gains after its central bank maintained status quo on rates. The Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) at 3.00% for the third consecutive time on Thursday. The ringgit, which was up 0.4% earlier in the session, barely reacted to the BNM's rate decision, and was set for its biggest gains since July 31. Malaysian stocks were up 0.3%. Meanwhile, emerging Asian markets drew strength from positive sentiment in the U.S. after the Fed held its key cash rate steady again. Higher U.S. rates have pushed investors away from risky Asian assets, and the yield differential has also caused Asian currencies to depreciate, but the 10-year U.S. Treasury yield eased after the latest Fed policy meeting. One of the worst-performing currencies in the region this year, the South Korean won rose as much as 1.1% on Thursday, making its highest intraday gains since Aug. 24. "The won is a high beta (highly volatile) currency and very leveraged to global growth," said Michael Wan, senior currency analyst at MUFG, adding the currency's outperformance on Thursday was driven by positive sentiment in the U.S. South Korea's consumer inflation rose for a third month in October on the back of high food prices, data on Thursday showed. The Indonesian rupiah and the Taiwanese dollar added 0.4% each, while the Indian rupee was flat. The dollar index fell 0.5% to 106.315 in Asia hours. The greenback surged in the past three months owing to fears that U.S. interest rates would stay higher for longer. "We do not expect today's FOMC to change our view of USD strength, notably against the euro and pound. Heightened geopolitical risk should continue to favour safe havens, including the USD which offers generous yield," analysts at HSBC said in a note. In equity markets, Taipei's main share index jumped 1.3% and were on course for their biggest daily gain since Jan 30. Seoul's benchmark index extended gains to a second session, jumping 1.8%. Jakarta stocks advanced 1.7%. Separately, Brazil's central bank cut its benchmark interest rate by 50 basis points on Wednesday, and flagged an "adverse" external backdrop for emerging economies. The Real was flat after the central bank's move. Markets in the Philippines were closed on account of a local holiday. HIGHLIGHTS: ** POLL-Bears pile up on Asian FX on China recovery woes; short bets on rupiah firm ** China strengthens capital management rules for banks ** POLL-Japan's economy likely shrank in Q3 as China slowdown bites Asia stock indexes and currencies at 0731 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan +0.38 -12.8 1.10 22.44 1 China -0.02 -5.73 -0.45 -2.58 India +0.03 -0.64 0.59 5.50 Indonesia +0.41 -1.89 1.87 -1.22 Malaysia +0.36 -7.41 0.25 -3.78 Philippines +0.00 -1.99 0.20 -9.02 S.Korea +1.07 -5.84 1.81 4.77 Singapore +0.16 -1.90 0.06 -5.31 Taiwan +0.38 -5.11 2.23 15.98 Thailand +0.44 -3.93 1.23 -16.28 (Reporting by Poonam Behura in Bengaluru; Editing by Simon Cameron-Moore and Varun H K)