SE Asia Stocks-Cautious ahead of Yellen speech

By Krishna V Kurup

Aug 24 (Reuters) - Southeast Asian stock markets trod

cautiously on Wednesday as strong U.S. housing data released

overnight increased the chances of an interest rate hike in the

coming months, while oil prices slipped after a surprise jump in

U.S. inventories.

The focus remained on the global central bankers who will

meet in the U.S. mountain resort of Jackson Hole later this

week, where Fed Chair Janet Yellen will give a speech on Friday.

Markets are pricing in around a 21 percent chance of a hike

in September, but a 50 percent chance of at least one hike by

the end of the year, according to CME FedWatch.

Global benchmark Brent crude futures were down 74

cents at $49.22 a barrel at 0809 GMT, after touching an intraday

low of $49.07.

Nothing "emphatic" is happening in the market, said Vishnu

Varathan, a senior economist with Mizuho Bank.

There is a bit of mixed trading happening in the region as

some of them are following the U.S. cues reinforced by Tokyo's

rise, he said, adding that Yellen's comment was expected to be

dovish.

Philippine shares closed down 0.9 percent, with

consumer non-cyclicals leading the losses. Earlier in the day,

the index fell as much as 1.3 percent to its lowest in over 6

weeks.

The market is going to trade sideways for the rest of the

week on expectation that Yellen's speech could give clues about

whether there would be an interest rate hike in September, said

Grace Aller, an analyst with AP Securities in Manila.

JG Summit Holdings Inc lost 3.8 percent and

Universal Robina Corp fell 2.6 percent.

Singapore shares ended 0.7 percent higher and posted

their biggest single-day gain in 2 weeks. Financial stocks led

the gains, with DBS Group Holdings Ltd rising 1.4

percent and United Overseas Bank Ltd adding 1.1

percent.

MSCI's broadest index of Asia-Pacific shares outside Japan

was down 0.4 percent as of 0950 GMT.

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SOUTHEAST ASIAN STOCK MARKETS

STOCK MARKETS

Change on day

Market Current Prev close Pct Move

Singapore 2869.57 2850.43 0.67

Bangkok 1547.55 1540.06 0.49

Manila 7866.13 7935.18 -0.87

Jakarta 5403.992 5417.14 -0.24

Kuala Lumpur 1682.06 1683.07 -0.06

Ho Chi Minh 660.77 659.16 0.24

Change on year

Market Current End 2015 Pct Move

Singapore 2869.57 2882.73 -0.46

Bangkok 1547.55 1288.02 20.15

Manila 7866.13 6952.08 13.15

Jakarta 5403.992 4593.008 17.66

Kuala Lumpur 1682.06 1692.51 -0.62

Ho Chi Minh 660.77 579.03 14.12

(Reporting by Krishna V Kurup in Bengaluru; Editing by

Subhranshu Sahu)