SE Asia Stocks - Philippines posts best gain in 14 months after Moody's upgrade

BANGKOK, Dec 12 (Reuters) - Philippine shares saw their

biggest gain in 14 months on Friday, erasing most of their

losses for the week, after a sovereign credit rating upgrade by

Moody's while most others in the region rebounded from the

previous day's falls.

Moody's on Thursday upgraded its rating on the Philippines

by one notch to Baa2 from Baa3 with a stable outlook, citing a

decline in the country's debt burden and structural improvements

in fiscal management.

The Philippine index was up 2.2 percent, its biggest

single-day gain since October 2013, led by shares of BDO Unibank

and Bank of the Philippine Islands, which were

among four banks whose long-term ratings Moody's also upgraded.

The benchmark ended the week 0.1 percent lower.

Other Southeast Asian markets were largely down for the week

on heavy selloffs in energy shares.

Indonesia eked out a small gain, with a weekly loss

of 0.5 percent, and Singapore's Straits Times Index was

a tad higher, ending the week in negative territory, while

Vietnam gained 0.7 percent, down 4.3 percent on the week.

Stocks in Thailand and Malaysia underperformed due to losses

in shares of oil and gas firms as Brent crude slipped on Friday

to below $63 a barrel, its lowest since July 2009.

The Thai SET index fell 0.8 percent, closing down

5.2 percent on the week, its worst performance since January.

Shares of PTT Exploration and Production, hit hard by

tumbling oil prices, plunged 14.4 percent on the week.

Malaysia's key index was down 0.7 percent on the

day, led by a 7.2 percent drop in shares of Sapurakencana

Petroleum. The index was down 0.9 percent on the week,

a second straight week of declines.

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SOUTHEAST ASIAN STOCK MARKETS

Change on day

Market Current Prev Close Pct Move

Singapore 3324.13 3318.70 +0.16

Kuala Lumpur 1732.99 1744.57 -0.66

Bangkok 1514.95 1526.81 -0.78

Jakarta 5160.43 5152.69 +0.15

Manila 7224.21 7072.10 +2.15

Ho Chi Minh 553.93 550.11 +0.69

Change on year

Market Current End 2013 Pct Move

Singapore 3324.13 3167.43 +4.95

Kuala Lumpur 1732.99 1866.96 -7.18

Bangkok 1514.95 1298.71 +16.65

Jakarta 5160.43 4274.18 +20.73

Manila 7224.21 5889.83 +22.66

Ho Chi Minh 553.93 504.63 +9.77

(Reporting by Viparat Jantraprap; Editing by Sunil Nair)