EMERGING MARKETS-Indonesia, Philippine shares scale new highs, track

    * Indonesia shares rise around 2% to hit highest since
January
    * Philippine shares hit highest since mid-Feb
    * Currencies dip on a stronger dollar

    Oct 6 (Reuters) - Shares in Indonesia and the Philippines
hit multi-month peaks on Wednesday, leading other Asian emerging
markets higher as a rebound in global sentiment helped offset
broader worries about elevated inflation and the Federal
Reserve's tapering timeline.
    Rising oil, gas and coal prices also boosted energy stocks
on the Malaysian stock market, driving the index more
than 1% higher, with oil services firm Dialog Group
and Petronas Chemicals among the top gainers.
    Asian stocks tracked gains on Wall Street, which rallied
overnight as Microsoft and Apple spearheaded a
strong rebound in growth stocks. Global stock markets had sold
off on Monday on concerns about inflation, the timing of Fed
tapering, and the U.S. government's ability to raise the debt
ceiling.
    Stocks in Jakarta climbed as much as 2.1% to their
highest since January, having rallied around 4% since the end of
September.
    In the Philippines, shares jumped 1.3% to their
highest since mid-February. Globe Telecom rose over 9%
to a record high, having rallied more than 25% since the end of
August as it expands its fibre rollout and gains revenue share
from rivals.
    Asia's emerging currencies, however, dipped against a firmer
U.S. dollar. The greenback inched higher ahead of U.S. jobs data
this Friday that may offer more insight into the timing of the
Fed's plans to tighten policy.
    Analysts said emerging currencies have shown a relatively
muted reaction to the Fed's announcement in September that it
would likely begin reducing its monthly bond purchases as soon
as November.
    In the so-called "taper tantrum" of 2013, a Fed announcement
that it would begin cutting back on bond purchases led to a
sharp sell-off in emerging market currencies.
    "The expected tantrum of taper this time is over-hyped,"
said Kunal Kundu, an economist with Societe Generale.
    "The tantrum in 2013 was because of the suddenness of the
announcement on an absolutely unprepared market. This time, the
market is actually expecting a taper," he said, adding that the
Fed's communication has ruled out any surprise.
    The Reserve Bank of New Zealand lifted its official cash
rate for the first time in seven years on Wednesday, as
developed economies begin to unwind pandemic-era monetary
policy.
         
    HIGHLIGHTS: 
    ** Indonesian 10-year benchmark yields are down 1.3 basis
points at 6.31%
    ** Top two gainers in Malaysia were Sime Darby Plantation
Bhd and Kuala Lumpur Kepong Bhd
 Asia stock indexes and currencies at   0343 GMT      
 COUNTRY       FX          FX        FX      INDEX    STOCKS    STOCKS 
               RIC         DAILY %   YTD %            DAILY %   YTD %
 Japan                     -0.15     -7.51            -1.00     0.36
 China                     -         +1.25            -         2.74
...