EMERGING MARKETS-Asian markets mostly weaker; Thai baht, Korean won biggest laggards

* Thai baht, Korean won biggest losers * MSCI Asia-Pacific index up 7.1% so far in Nov * Asian equities, FX edge lower By Roushni Nair Nov 24 (Reuters) - Asian currencies and equities were largely subdued on Friday, with Thailand's baht and South Korean won leading declines, as increasing scepticism over whether the U.S. Federal Reserve is done with interest rate hikes kept risk appetite in check. The baht depreciated as much as 0.5% to its lowest level since Nov. 16. The unit reversed last week's gains to lose nearly 1% in value so far this week. The won depreciated as much as 0.5% while the Malaysian ringgit and Indonesian rupiah traded 0.2% lower by 0356 GMT. With U.S. markets closed on Thursday and due for a shorter trading session on Friday for Thanksgiving, currencies are likely to trade in narrow ranges but with some volatility as liquidity is expected to remain thin. The U.S. dollar index eased 0.029% to 103.73, staying close to the two-and-a-half month low of 103.17 it touched earlier this week. Markets have dialled back expectations of Fed rate cuts in 2024 after data in the U.S. released on Thursday hinted at a still tight labour market in the world's largest economy. "We maintain our preference to sell the USD on rally, with Asian currencies likely having a larger runway than the majors to gain against the greenback," analysts at Maybank wrote. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4% but are headed for a weekly gain of 0.9%. It is up a whopping 7.1% so far in November. "While market participants are expected to remain in a wait-and-see mode until the FOMC (Federal Open Market Committee) meeting on December 12-13, I believe the likelihood of a significant sell-off in Asian currencies, including (the Indonesian rupiah), has diminished," analysts at Sumitomo Mitsui Banking Corp wrote. The rupiah has lost over 2% so far this month, highlighting a recent downward trend that even led Bank Indonesia to put forth a surprise 25 basis point rate increase on Oct. 19 aimed at nudging the local unit higher. In Taiwan, the opposition parties rushed to register their candidates for president with hours to go before a deadline, after talks on running a joint ticket collapsed in dramatic fashion on live television amid bitter arguments. "It now appears unlikely that consensus can be reached before the candidate registration deadline today, and this could disappoint investors hoping for a potential easing in cross-straits tensions," analyst at DBS said in a note. The Taiwanese dollar and equities in the country traded largely flat. In South Korea, the won has lost 2.8% against the dollar so far this year. "Geopolitical tensions in Korea are not new, but they could keep a check on KRW gains for the time being," analysts at DBS said. Equities in the region were largely trading lower, with those in Thailand and Singapore losing nearly 0.5% each. Shares in Philippines and India largely traded flat. Earlier in the session, certain tech issues related to the FTSE 100 Index had impacted the Singapore and Malaysian stock markets, with several FTSE Bursa Malaysia indices seen not updating. HIGHLIGHTS: ** Thailand expects up to 3.5 mln Chinese tourists this year, below target ** Japan Oct CPI seen accelerating, staying above BOJ's target ** Malaysia's October CPI rises 1.8% on-year, less than forecast Asia stock indexes and currencies at 0455 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY YTD % % Japan +0.14 -12.2 0.71 31.00 1 China India -0.01 -0.76 0.00 9.37 Indonesi -0.13 -0.03 -0.01 2.23 a Malaysia -0.19 -6.06 -0.05 -2.87 Philippi -0.07 +0.47 0.11 -4.77 nes S.Korea Singapor -0.04 -0.09 -0.58 -4.75 e Taiwan -0.21 -2.85 -0.07 22.24 Thailand -0.42 -2.32 -0.34 -15.99 (Reporting by Roushni Nair in Bengaluru; Editing by Lincoln Feast)