CORRECTED-EMERGING MARKETS-Asian markets under pressure; eye China stimulus, banks

(Corrects quote in paragraph 7 to say loan prime rate cut, not medium-term lending facility rate cut) * South Korean won leads losses * Philippine stocks down more than 1% * Markets await Chinese rate decision on Tuesday By Rishav Chatterjee June 19 (Reuters) - Asian emerging markets were under pressure on Monday, with currencies inching lower against a strengthening dollar and most equities trading lower as investors awaited central bank meetings and more economic stimulus from China. The South Korean won and the Indonesian rupiah lead the losses alongside other major currencies in the region, down 0.7% and 0.4% respectively. Equities in Jakarta were 0.3% lower. The dollar index, which measures the U.S. currency against six major rivals, rose marginally to 102.33, not far from a one-month low of 102 it touched on Friday. It was later trading at 102.35. "South Korean markets are tracking the Friday Wall Street drag where AI and semiconductor stocks took a hit," said Poon Panichpibool, a markets strategist at Krung Thai Bank. Markets are tracking the fall in U.S. stocks on Friday, which is also pushing the South Korean won lower, Panichpibool added. The yuan in China was also trading 0.3% lower with its stock markets also down 0.5%, as investors look for more information on economic stimulus and expect a rate cut later in the week. "The People's Bank of China's heavily anticipated loan prime rate cut on Tuesday could positively affect Asian stock markets and currencies," Poon said. Analysts at Barclays expect the PBoC to continue to ease monetary policy. "We forecast an additional 30bp of policy rate cuts, 50bp of cuts to banks' reserve requirement ratio, and a reduction of 60-80bp to mortgage rates for both new and existing home loans." The Philippine central bank, which is set to meet this week, downgraded its current account deficit projections for 2023 and 2024 despite rising global financial uncertainties. Stock markets in the region were also trading lower, with shares in Manila down around 1%. The Bangko Sentral ng Pilipinas (BSP) in its last meeting kept its interest rate unchanged after cumulative increases of 425 basis points (bps) over the previous 12 months. Bank Indonesia is also set to meet this Thursday, and is widely expected to keep its rates unchanged for the fifth straight meeting as inflation remains within its target. Philip Sung Seng WEE, FX Strategist at DBS Bank, did not expect the Thai baht to break the 34.6 level against the dollar, after the FOMC (Federal Open Market Committee) meeting last week, but added he may revisit his expectations. The baht was down 0.3% against the dollar, trading at the 34.72 level. Equities in Seoul and Singapore dropped 0.9% and 0.6%, respectively while stocks in Kuala Lumpur and Bangkok fell 0.3% and 0.2%. HIGHLIGHTS: ** Philippine c.bank trims 2023, 2024 current account deficit forecasts ** Japan's Nikkei recoups early losses on yen's weakness ** Thailand host Myanmar junta official for talks; key ASEAN members stay away Asia stock indexes and currencies at 0432 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.17 -7.40 <.N2 -1.24 27.57 25> China EC> India -0.05 +0.91 <.NS 0.08 4.06 EI> Indones -0.37 +3.87 <.JK -0.29 -2.51 ia SE> Malaysi +0.00 -4.58 <.KL -0.31 -7.44 a SE> Philipp -0.18 -0.22 <.PS -1.07 -1.94 ines I> S.Korea 11> Singapo -0.13 +0.05 <.ST -0.61 -0.34 re I> Taiwan -0.15 -0.25 <.TW -0.09 22.18 II> Thailan -0.30 -0.39 <.SE -0.22 -6.75 d TI> (Reporting by Rishav Chatterjee in Bengaluru)