EMERGING MARKETS-South Korea, China, Taiwan fall most after Wall Street sell-off

    * South Korea stocks up nearly 7% this year
    * Philippine Q4 GDP shrinks slightly less than expected
    * Graphic: World FX rates
    * Asian stock markets:

    Jan 28 (Reuters) - South Korea, China and Singapore led
emerging Asian stock markets lower on Thursday after worries
about excessive valuations led to a selloff on Wall Street,
supporting gains in the safe-haven dollar at the expense of
regional currencies.
    Stock markets in Jakarta and Taipei joined
those in Seoul, Singapore and Shanghai in
declining more than 1% after Wall Street suffered its biggest
one-day percentage drop in three months overnight.
    Also on Wednesday, the U.S. Federal Reserve flagged a
worrying slowdown in the pace of recovery of the world's top
economy, pledging continued support until a full economic
rebound is in place.
    "Fear of the retail marauders seems to have spilled into
Asia this morning," Maybank analysts wrote in a note.  
    An influx of amateur traders and a flood of liquidity have
also boosted shares in Asia, stretching valuations. South Korea
is up nearly 7% this year, on top of the 30%-plus jump last
    Investors in the Philippines found less reason to join the
regional selling pressure given the local stock market is
the worst regional performer so far this year, down nearly 4%. 
    GDP data showed the Philippine economy shrank 8.3% in the
December quarter, slower than the 8.5% expected in a Reuters
poll. Stocks on Thursday edged 0.1% higher.
    However, for 2020, the economy recorded its biggest
contraction ever, falling 9.5%. 
    Worries around the pace of a global recovery have supported
the dollar, which in the lead up to 2021 had been falling.
    The won fell nearly 1%, while the rupiah -
favoured by foreign investors looking to tap Indonesia's
high-yielding debt - dropped 0.3%. 
    Malaysian markets were closed for a public holiday.
    ** Indonesian 3-year benchmark yields are down 1.2 basis
points at 5.178%
    ** Top losers in Singapore include Jardine Cycle & Carriage
Ltd and Sembcorp Industries Ltd 
    ** The big short: GameStop effect puts global bets worth
billions at risk    
 Asia stock indexes and currencies at 0400 GMT      
 COUNTRY      FX          FX       FX      INDEX    STOCKS   STOCKS
              RIC         DAILY %  YTD %            DAILY %  YTD %
 Japan                    -0.24    -1.05            -1.16    3.13
 China                    +0.06    +0.77            -1.48    1.36
 India                    +0.00    +0.20            -0.80    -0.90
 Indonesia                -0.28    -0.25            -0.94    1.21
 Malaysia                 -        -0.59            -        -2.86
 Philippines              -0.06    -0.23            0.12     -3.75
 S.Korea                  -0.94    -2.57            -1.69    6.83
 Singapore                -0.21    -0.79            -1.15    2.84
 Taiwan                   +1.35    +1.72            -1.91    4.54
 Thailand                 -0.13    -0.17            -0.52    2.83

 (Reporting by Nikhil Kurian Nainan in Bengaluru; editing by
Richard Pullin)