EMERGING MARKETS-Asian FX subdued, equities mixed; Indian stocks volatile after poll verdict

* Indian shares rebound after worst day in 4 years * South Korean shares hit highest since May 29 * Philippine inflation rose for the fourth straight month (Updates with 0740 GMT) By Adwitiya Srivastava June 5 (Reuters) - Most emerging Asian currencies were rangebound as the dollar steadied on Wednesday, and stocks were largely mixed, although Indian stocks were volatile as investors digested a surprisingly narrow election win for Prime Minister Narendra Modi's alliance. India's blue-chip Nifty 50 index was last up 2%, having swung between gains and losses in early trading. The scenario of Modi's Bharatiya Janata Party (BJP) needing to depend on regional parties, whose political loyalties have wavered over the years, to form the government raised concerns over economic policies. "The election outcome poses near-term uncertainty but is unlikely to alter the economy's path," DBS analysts wrote in a note. "Consolidation might return in the near term as government and cabinet formation looms in the background," they said, adding that political developments are not expected to sway the monetary policy direction or the outlook for the country. Elsewhere in Asia, the Malaysian ringgit and the Thai baht edged up 0.1% each. The South Korean won rose 0.2%, while shares in Seoul jumped as much as 1.3% to their highest since May 29 as consumer inflation slowed to a 10-month low in May. The Philippine peso was flat, while equities were up 0.9%, after data showed that annual inflation quickened for a fourth straight month in May. "The BSP's (central bank) commentary being less hawkish-than-expected even as the U.S. Federal Reserve remains relatively hawkish has led to increased pressure on the currency," Shreya Sodhani, an analyst with Barclays Bank in Singapore, said in a note. The peso's roughly 6% slide this year has made it among the worst-performing regional currencies. Among other regional stock markets, Taiwanese stocks rose 0.6%, while Singapore stocks edged 0.1% lower. Bucking the positive trend in Asia, the Indonesian rupiah was down 0.4% at its lowest since April 8, while equities dropped 1.7%. "Foreign companies usually repatriate their profit in June, post their AGMs (annual general meetings). The amount usually equals to 0.3-0.4% of GDP," said Fakhrul Fulvian, an economist at Trimegah Securities. Fulvian said the "June pressure is common" and that there will be stability later. Indonesia's central bank will continue to intervene in the foreign exchange market amid global volatility, its governor said on Wednesday, adding the rupiah would strengthen next year. HIGHLIGHTS: ** Mexican peso extended losses for a second session on Tuesday ** India's May services growth cools to five-month low, PMI shows ** China's robust services activity drives up employment, Caixin PMI shows Asia stock indexes and currencies at 0740 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.73 -9.58 <.N2 -0.89 15.02% 25> China EC> India +0.15 -0.24 <.NS 2.00 2.72 EI> Indonesi -0.43 -5.47 <.JK -1.74 -4.09 a SE> Malaysia +0.09 -2.26 <.KL -0.10 10.94 SE> Philippi -0.03 -5.77 <.PS 0.86 -0.14 nes I> S.Korea 11> Singapor +0.00 -2.03 <.ST -0.13 2.91 e I> Taiwan +0.17 -4.96 <.TW 0.60 19.82 II> Thailand -0.14 -6.78 <.SE 0.04 -5.51 TI> (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sonali Paul and Savio D'Souza)