By Sneha Kumar

Nov 27 (Reuters) - South Korean shares trimmed early gains on Thursday after the central bank left interest rates steady as expected, while most other emerging Asian markets rose on growing bets of a U.S. rate cut next month.

Seoul equities .KS11 were up 0.6% after rising as much as 1.6% earlier in the session, while the won KRW=KFTC, which has lost more than 8% in the second half of the year, was trading slightly higher.

The Bank of Korea (BoK) left its key rate unchanged at 2.50% in the face of a weak won and rising financial stability risks from persistent housing price gains in Seoul.

"Our forecast was originally for a delay to January cut. But with new information from the BoK statement, we think it will likely keep rates on hold for a longer period than we previously thought," said Kelvin Lam, a senior economist at Pantheon Macroeconomics.

"The weak won and the volatility of the FX market are also not a good backdrop for a rate cut anyway."

Among other stock markets in the region, Taiwan .TWII rose 0.5% and was on track for a fourth straight session of gains, while Singapore .STI added 0.3%.

Jakarta shares .JKSE scaled a record high of 8,622.268 before reversing their course to trade 0.5% lower. In the last four sessions, the benchmark index has risen more than 2%.

Investors have returned to Asian assets as risk appetite has recovered amid firming bets for a rate cut from the U.S. Federal Reserve next month.

U.S. rate futures have now priced in a more than 80% chance of a Fed rate cut next month, according to the CME Group's FedWatch tool. 0#USDIRPR

Overall, external pressures appear to be easing, supported by lower oil prices and the prospect of further Fed rate cuts, which together could support global risk sentiment heading into year-end, said Lloyd Chan, a senior currency analyst at MUFG.

Shares in Manila .PSI slipped 1.1%, while Bursa Malaysia .KLSE dipped 0.3%. Both the benchmarks have underperformed regional peers this year, along with Thailand shares .SETI. The SET Index has declined more than 10% this year.

Currencies in Asia were largely muted on the day, with the rupiah IDR= and Malaysian ringgit MYR= appreciating slightly.

HIGHLIGHTS:

** Malaysia's anti-graft agency to probe bribery allegations against PM's former aide

** Indonesia could impose coal export levy next year, finance minister says

** Hong Kong police arrest three as apartment fire death toll rises to 44, hundreds missing

(Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)

((Sneha.kumar@thomsonreuters.com))