EMERGING MARKETS-Asian markets rise, COVID-19 risks drag Malaysia, Philippines

* Malaysia, Philippine stocks and FX dip * Two Fed officials speak Tuesday, U.S. payrolls on Friday * Goldman Sachs cuts India Q2 GDP forecast after local curbs By Nikhil Nainan June 1 (Reuters) - Malaysia and Philippines stock and currency markets veered away from broader Asian gains led by South Korea and Taiwan on Tuesday, as local government curbs to fight the pandemic fuelled concerns of more economic damage. Most Asian equities kicked off June on a positive note, while currencies gained further ground on a broadly weaker dollar as investors awaited upcoming U.S. data and Federal Reserve speeches for clues on the central bank's policy stance. Markets reopen in the United States later in the global day after a long weekend. The main event this week will be U.S. non-farm payrolls data on Friday after the much-weaker-than-expected reading a month ago. So far, Asia's risk-sensitive markets have held firm on Fed reassurance that price pressures are expected to be transitory and monetary policy will remain dovish for some time. Still, a strong U.S. recovery is raising doubts about how long that may last. Mizuho bank in a client note said a weaker dollar sits "precariously" against an outperforming U.S. recovery, which could "suddenly" lead to talk of tapering and shifts in monetary policy. The won gained half a percent, while the Taiwan dollar eased off a 24-year high against the greenback. Taiwan is grappling with a COVID-19 outbreak that has forced restrictions across the island, but officials have so far allayed concerns around any impact to the export-focussed semiconductor industry and approved an extra $15.20 billion in stimulus spending. Worries around the pandemic have gripped Asia over the past 1-1/2 months, as rising infections, new virus variants and largely slow vaccination programs underscore the contrast between economic recoveries in the East and West. Malaysia entered a two-week strict lockdown on Tuesday, while the Philippines prolonged partial coronavirus curbs in the capital and nearby provinces until mid-June, despite cases falling. Stock markets in both countries are underperforming their regional peers, with the Philippines down around 7% so far this year and Malaysia down nearly 3%. Their respective currencies trended lower on Tuesday. "Malaysia's new lockdown measures will hit (the) economy hard," BofA Securities said in a note as they cut the country's 2021 growth forecast to 3.3% from 6.5%. Indian stocks, which have been propped up by heavy foreign inflows and are among region's best performers this year, dipped 0.3% on Tuesday. Slowing factory activity and worries of a hit to economic growth this quarter after a devastating second wave of infections are leaving investors wary. Goldman Sachs lowered its second-quarter forecast for India again, now expecting an annualised contraction of 27.6%, bringing expected growth down to 9.9% for the 2022 financial year from an earlier forecast of 11.1%. Indonesian markets were closed for a public holiday. HIGHLIGHTS: ** Malaysia to roll out $9.7 bln more in stimulus as virus spreads ** Southeast Asia's coronavirus surge prompts shutdowns and alarm ** Asia's factories sustain expansion, supply chain woes cloud outlook ** Monde Nissin debuts 0.14% lower after $1 bln Philippine IPO Asia stock indexes and currencies at 0630 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.11 -5.65 -0.16 4.99 China -0.01 +2.46 0.05 4.15 India -0.23 +0.40 -0.25 11.17 Indonesia - -1.65 - -0.53 Malaysia -0.02 -2.50 -0.18 -2.86 Philippines -0.17 +0.61 -0.02 -7.18 S.Korea +0.45 -1.78 0.54 12.10 Singapore +0.16 +0.14 0.24 11.53 Taiwan +0.12 +3.11 0.55 16.49 Thailand +0.22 -3.85 0.71 10.73 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Simon Cameron-Moore and Devika Syamnath)