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By Rajasik Mukherjee

June 29 (Reuters) - Asian markets were choppy on Monday as investors weighed AI-driven growth against rising cost pressures, while keeping an eye on a fragile U.S.-Iran ceasefire that kept oil prices elevated and the dollar near a one-year high.

The MSCI EM Asia gauge .MIMS00000PUS was largely unchanged, hovering near two-week lows, while an index tracking ASEAN stocks .MISU00000PUS advanced 0.4% after hitting a two-week low in the previous session.

Equity markets moved unevenly, reflecting investor caution over stretched artificial intelligence-driven rallies, particularly in South Korea and Taiwan, and lingering uncertainty about how rising costs could filter through the sector.

South Korea's KOSPI .KS11, which lost 7% last week, shed as much as 3.4% earlier in the session on Monday, although it pared some losses to trade around 2% lower.

Stocks in Taiwan .TWII gained as much as 2.1%. The index has gained 56% so far this year and is the second-best-performing market in the region behind the KOSPI's 97% rally.

"The narrative at the moment is focused on artificial intelligence return on investment and whether cost pressures are starting to cascade down the supply chain," said Kyle Rodda, senior financial market analyst at capital.com.

"Last week's announcement by Apple ... shows that the cost pressures caused by the demand for raw materials for the AI build-out are about to hit consumers directly."

In Southeast Asia, Thailand's stock index .SETI rose more than 1%, driven mainly by electronic products manufacturer Delta Electronics Thailand DELTA.BK, which rose around 5% on Monday and 84% this year.

Stocks in Malaysia .KLSE shed 0.5%. Equities in Jakarta .JKSE slid 0.4% and were set for their worst June since 2015. The index was also tracking its sixth consecutive month of declines, with losses of about 4.5% in June.

Globally, the U.S. and Iran traded fresh strikes over the weekend before they agreed to stop their tit-for-tat attacks and meet in Qatar on Tuesday, leaving investors nervous about a fragile ceasefire.

The dollar index =USD was steady at around 101.4, supported by lingering geopolitical uncertainty, as well as the rising prospects of a rate hike by the Federal Reserve this year.

"Across EM Asia, regional currencies are broadly stable, with the lack of a sustained spike in oil prices easing pressure on net energy importers such as India, Thailand, and the Philippines," said Lukman Leong, an analyst at Doo Financial Futures, a brokerage.

"The relatively muted market reaction also reflects expectations that any Middle East conflict will remain contained, allowing investors to refocus on domestic fundamentals."

The Malaysian ringgit MYR= led gains, rising over 0.6% to 4.063 per dollar, touching its highest point in nearly two weeks. The Indonesian rupiah IDR= advanced to 17,860 per dollar.

The Philippine peso PHP= and the Thai baht THB=TH were largely flat. The South Korean won KRW=KFTC fell 0.6%, while the Taiwanese dollar TWD=TP inched 0.2% lower.

In Venezuela, the death toll from last week's twin earthquakes neared 1,500 people as foreign rescue teams poured into La Guaira, the hardest-hit state in a country that has been long mired in a deep political and economic crisis.

Elsewhere, the Bolivian government said on Friday that the country would adopt a flexible exchange-rate system, effectively devaluing its currency by ending a 15-year dollar peg, in a major policy shift aimed at restoring economic stability.

HIGHLIGHTS:

** Yield on Indonesia's 10-year bonds ID10YT=RR at 7.182%

** China's central bank offers 300 billion yuan in new overnight reverse repos

** South Korean president to unveil massive AI and chip investment drive

** Japan targets more than doubling real growth to over 1% in economic blueprint

** Singapore's opposition retains Singh as party chief despite court conviction

Asia stock indexes and currencies at 0433 GMT
COUNTRY	FX RIC	FX DAILY%	FX YTD%	INDEX	STOCKS DAILY%	STOCKS YTD %
Japan	JPY=	-0.04	-3.18	.N225	-0.78	36.72
China	CNY=CFXS	-0.01	+2.79	.SSEC	0.17	1.64
India	INR=IN	+0.04	-4.76	.NSEI	0.15	-7.80
Indonesia	IDR=	+0.25	-6.66	.JKSE	-0.84	-32.38
Malaysia	MYR=	+0.54	-0.17	.KLSE	-0.28	-1.02
Philippines	PHP=	-0.01	-4.01	.PSI	0.80	1.12
S.Korea	KRW=KFTC	-0.57	-6.80	.KS11	-1.96	95.68
Singapore	SGD=	-0.06	-0.65	.STI	0.14	11.89
Taiwan	TWD=TP	-0.20	-1.53	.TWII	0.99	55.41
Thailand	THB=TH	-0.09	-5.70	.SETI	1.58	24.37