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EMERGING MARKETS-Asian shares recoup some losses, Evergrande crisis tempers bounce

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* Philippine, Thai stocks off lows * Markets await Bank Indonesia policy decision * China Evergrande default fears loom By Shashwat Awasthi Sept 21 (Reuters) - Emerging Asian equities attempted a modest rebound on Tuesday even as broader markets continued to fret over contagion risks from debt troubles at China Evergrande, while Indonesian stocks fell ahead of a central bank meeting. Most regional currencies inched higher against the U.S. dollar, recouping some recent losses, while investors remained focused on Evergrande as well as the Federal Reserve's stimulus tapering. Stocks in the Philippines and Thailand bounced off multi-week lows. The Philippine peso snapped a three-day losing run to gain 0.2%. Trading volumes were still slim as markets in China, Taiwan and South Korea were shut, and gains were limited by worries of Evergrande defaulting on its massive pile of debt. Fears that the crisis could damage an already fragile Chinese economy and spill over into broader financial markets also sent Wall Street sharply lower on Monday. "The Evergrande situation has congealed with ongoing global growth concerns to finally generate genuine risk-off market conditions," Alvin Tan, head of Asia FX strategy at RBC Capital Markets said, but noted it was unlikely the developer's debt troubles would spark a full-blown meltdown in Asian markets. "Evergrande is a symptom of a deteriorating property market in China, and the negative repercussions of that on Chinese growth and demand... Until we get clear indications of state-led containment measures from Beijing, however, market sentiment will remain poor." Jakarta's benchmark index fell 0.9% and the rupiah traded about flat. Bank Indonesia (BI) is expected to stand pat on interest rates in favour of supporting the currency, even though rampant COVID-19 infections and lockdowns likely weighed on the nation's third-quarter growth. Still, Indonesia has been on a tentative path to recovery from the pandemic in recent weeks. It reported its lowest daily case count since August 2020 on Monday and further eased restrictions in Java and on its resort island Bali. In Thailand, the baht underperformed its peers and fell for the fourth straight session. The country on Monday increased its public debt ceiling to allow the government to raise more funds to support the tourism-reliant economy which has been battered by the pandemic. HIGHLIGHTS: ** Thailand's 3-year benchmark yield is up 2 basis points at 0.63%. ** Top loser on the Jakarta stock index is Reliance Sekuritas Indonesia, down 6.8%. ** In the Philippines, the top index gainer was PLDT Inc , up 7.4%. Asia stock indexes and currencies at 0359 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan -0.21 -5.82 <.N2 -1.98 8.94 25> India +0.00 -0.91 <.NS 0.31 24.81 EI> Indones +0.03 -1.38 <.JK -0.86 0.75 ia SE> Malaysi +0.07 -3.99 <.KL -0.08 -6.18 a SE> Philipp +0.24 -4.11 <.PS 0.42 -3.55 ines I> Singapo +0.12 -2.21 <.ST 0.32 7.30 re I> Thailan -0.15 -10.2 <.SE 0.11 10.73 d 5 TI> (Reporting by Shashwat Awasthi Editing by Shri Navaratnam)

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