EMERGING MARKETS-Thai baht extends gains amid mixed Asian FX; Jakarta shares drop

* Thai baht rallies for fifth session in a row * Singapore stocks at a month high * Jakarta stocks fall 2.3%, eye biggest drop since July 4 By Savyata Mishra Jan 5 (Reuters) - The Thai baht rose on Thursday for a fifth straight session amid mixed trends in emerging Asian currencies, while Indonesian shares fell 2% after China partially eased its Australian coal imports ban. The baht climbed 0.3% against the dollar as the oil-importing nation's currency was supported by a drop in crude prices overnight, and from China's re-opening expectations. "THB looks set to outperform in Asia FX in 2023 as it receives a further bump in tourist arrivals due to reopening of China's borders," analysts at United Overseas Bank (UOB) said in a note, adding that the expected return to a current account surplus this year could further boost the unit. China's partial easing of the coal import ban on Australia knocked Indonesian stocks down more than 2%, their biggest drop since July 4. Top coal exporter Indonesia had benefited strongly from China's unofficial ban on Australian coal imports about two years ago, allowing it to book a current account surplus for the first time in a decade in 2021. The resumption could lead to lower prices for the commodity, which will pressure Indonesia's current account, said Trimegah Securities' Chief Economist Fakhrul Fulvian. The rupiah was down 0.2%. The Philippine peso pared early losses to trade 0.1% lower, similar to moves in Malaysia's ringgit and the Singaporean dollar. The Philippine central bank said it was ready to take further policy action to tackle inflation, which hit a 14-year high in December, data showed on Thursday. "It seems the market is anticipating a stronger-than-expected 4Q GDP print ... outweighing the fact that more rate hikes may be needed in the coming months to help rein in inflation," said Carlo Asuncion, a chief economist at the Union Bank of the Philippines. The dollar was wobbly after the minutes of the Fed's December policy meeting. A survey report, meanwhile, showed the U.S. labour market remained tight, which could further fuel bets on rate hikes to a higher level than currently anticipated. Still, China's yuan rose 0.3% . "The CNY and Asian FX are expected to be key beneficiaries of China's sudden removal of COVID-19 measures and subsequent reopening," UOB analysts said, adding that near-term uncertainties remained. Most Asian equities were on a stronger footing, in line with broader markets as investors continued to bank on hopes for China's emergence from the COVID-19 pandemic. Singapore's stocks led the gains. The Straits Times index rose 1.5% to notch its best intraday session since Nov. 11. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.8%. Seoul stocks added 0.5%, with online service providers leading the gains, while shares in Malaysia and Philippines climbed 0.5% each. Thai stocks were down 0.1% after the country's headline consumer price index came in above the previous month due to higher energy and food prices. HIGHLIGHTS: ** Thailand's pace of headline CPI pace was well above the central bank's target range, reinforcing expectations that the central bank will raise its key interest rate at its next meeting on Jan. 25 ** Foreign investors withdrew more money from emerging Asian equities in 2022 than they had done in any year since the global financial crisis in 2008, as rising U.S. interest rates pulled funds towards dollar assets ** China's state planner has allowed three central government-backed utilities and its top steelmaker to resume coal imports from Australia Asia stock indexes and currencies at 0840 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY % YTD % % Japan +0.14 -1.00 0.40 -1.02 China India +0.10 -0.00 -0.34 -0.68 Indones -0.16 -0.29 -2.14 -2.67 ia Malaysi +0.05 +0.09 0.49 -1.25 a Philipp +0.09 -0.23 0.49 2.82 ines S.Korea Singapo +0.01 -0.07 1.47 1.19 re Taiwan -0.03 -0.05 0.72 1.16 Thailan +0.06 +2.07 -0.12 0.15 d (Reporting by Savyata Mishra in Bengaluru; Editing by Muralikumar Anantharaman and Uttaresh.V)