SE Asia Stocks-Indonesia bounces back on ratings upgrade; Philippines extends fall

By Nikhil Nainan

Dec 21 (Reuters) - Indonesian shares rose nearly 1 percent

on Thursday, bouncing back from a drop in the previous session,

after Fitch raised the country's credit ratings by a notch to

their second lowest investment grade.

The ratings agency said the direction of macroeconomic and

monetary policies has made Southeast Asia's largest economy

resilient to external shocks.

The Jakarta SE Composite Index was headed for a

seventh session of increases in eight with financials leading

the gains.

Bank Negara Indonesia (Persero) Tbk PT gained 2.6

percent and Bank Mandiri (Persero) Tbk PT climbed 2.4

percent.

An index of the country's 45 most liquid stocks

rose 1.1 percent.

Meanwhile, most other Southeast Asian stock markets were

sluggish in lacklustre trade, in line with Asian peers as

investors have already factored in the benefits to company

bottom lines from U.S. tax cuts.

The Republican-controlled U.S. House of Representatives gave

final approval on Wednesday to the biggest overhaul of the U.S.

tax code in 30 years, sending a sweeping $1.5 trillion tax bill

to President Donald Trump for his signature.

Thai shares were slightly higher after six straight

sessions of gains, on upbeat investor sentiment with

customs-cleared annual exports rising for a ninth straight month

in November.

Exports, a key driver of Thailand's growth, increased 13.4

percent in November from a year earlier, handily beating a

Reuters median forecast of a 6.4 percent rise.

Philippine shares extended falls into a third

session, weighed down by losses in financial and real estate

stocks.

Ayala Land Inc fell 1.2 percent, while BDO Unibank

Inc dropped 0.7 percent. Telecom company PLDT Inc

declined 1.9 percent as news of a third telecom

provider to challenge the existing duopoly gains steam.

Singapore shares dropped for a sixth straight

session, hitting a two-week low, dragged down by financial and

real estate stocks.

Oversea-Chinese Banking Corp declined 0.9 percent,

while CapitaLand Commercial Trust dropped over 3

percent.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0339 GMT

Market Current Previous close Pct Move

Singapore 3389.52 3394.87 -0.16

Bangkok 1740.34 1738.16 0.13

Manila 8330.99 8362.61 -0.38

Jakarta 6160.622 6109.482 0.84

Kuala Lumpur 1746.68 1746.63 0.00

Ho Chi Minh 956.15 953.51 0.28

Change so far this year

Market Current End 2016 Pct Move

Singapore 3389.52 2880.76 17.66

Bangkok 1740.34 1542.94 12.79

Manila 8330.99 6840.64 21.79

Jakarta 6160.622 5296.711 16.31

Kuala Lumpur 1746.68 1641.73 6.39

Ho Chi Minh 956.15 664.87 43.81

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by

Subhranshu Sahu)