* Asian stock markets: tmsnrt.rs/2zpUAr4 * Jakarta shares pare early losses * Philippines down most in EM Asia Jan 27 (Reuters) - The Philippine stock market fell more than 1% on Wednesday as weak export data raised concerns about the country"s fragile economic recovery while broader emerging Asian shares were subdued after sharp losses a day earlier. Currencies in the region traded flat to slightly higher as investors eyed Federal Reserve Chair Jerome Powell"s news conference later in the day after the central bank concludes a two-day policy meeting. Analysts expect the Fed to stick to its ultra-easy monetary policy. The South Korean won edged 0.2% higher and the ringgit firmed 0.1%. Many emerging markets in Asia fell sharply on Tuesday as investors tempered hopes for the quick passage of more U.S. stimulus, which had boosted sentiment in recent weeks. Philippine stocks fell 1.5% as trade data weighed on sentiment one day before gross domestic product figures are released. Philippine exports dipped 0.2% in December and imports fell sharply, resulting in the widest monthly trade deficit since March. "Trade trends will likely continue going into 2021 with a fragile global recovery expected to limit particular gains for the export sector," said Nicholas Mapa, a senior ING economist for the Philippines. He added that imports should remain subdued as well due to weak local demand. Meanwhile, a $10 billion airport deal south of Manila that formed one of the biggest Chinese projects in the country was cancelled. The governor of the Cavite province said the axing of the deal had nothing to do with China Communications Construction Co being blacklisted by the United States last August. Elsewhere in regional stock markets, Jakarta"s main index pared most of early losses to stand 0.1% lower on the day while shares in Singapore and Taiwan eked out marginal gains. In a grim milestone, Indonesia surpassed a million confirmed coronavirus cases on Tuesday, while health experts believe the true spread of the virus in the country could be three times higher. HIGHLIGHTS: ** Top losers in the Philippines are JG Summit Holdings Inc and Universal Robina Corp, both down more than 4% ** Indonesia says new sovereign wealth fund attracts $10 bln commitment ** China"s industrial profits extend growth in Dec amid brisk factory recovery Asia stock indexes and currencies at 0359 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.12 -0.46 0.29 4.31 China +0.03 +1.03 -0.03 2.74 India +0.00 +0.18 -0.01 1.83 Indonesia +0.04 +0.04 -0.06 2.63 Malaysia +0.12 -0.54 0.76 -2.45 Philippines -0.01 -0.14 -1.53 -3.77 S.Korea +0.21 -1.63 -0.08 9.20 Singapore -0.07 -0.35 0.34 3.93 Taiwan +1.53 +1.79 0.29 6.60 Thailand +0.03 -0.03 -0.14 4.24 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Ana Nicolaci da Costa)