SE Asia Stocks-Indonesia hits record high; Singapore drops 1 pct

By Devika Syamnath

Nov 2 (Reuters) - Indonesian shares scaled an all-time high

on Thursday, driven by gains in telecom and financial stocks,

while Singapore fell 1 percent with financials and industrials

leading the decline.

Indonesia's Jakarta IDX Composite Index rose as much

as 0.6 percent to a record high of 6,081.87, extending gains

into a third session.

An index of the 45 most liquid stocks in Indonesia

followed suit, rising as much as 1.6 percent to a record high of

1,011.911.

Telkom Indonesia jumped as much as 4 percent,

while Bank Central Asia, the nation's largest bank by

market value, climbed up to 1.4 percent to a record high.

"Global developments are largely in line with expectations,

so there were no surprises to scare investors away from emerging

markets," said Taye Shim, head of research at Jakarta-based

Mirae Asset Sekuritas.

Asian shares touched 10-year highs after the U.S. Federal

Reserve expressed optimism about the economy, virtually

cementing the case for a year-end rate hike as investors awaited

the formal nomination of the next head of the central bank.

President Donald Trump plans to nominate Fed Governor Jerome

Powell, who is seen as more dovish on interest rates, as the

next chair of the U.S. central bank, a source familiar with the

matter said on Wednesday.

With Powell as frontrunner for the Fed chair, he's likely to

continue Janet Yellen's dovish stance and that's also comforting

the market, Shim said.

Philippine shares rose as much as 1.7 percent after

two days of holidays. Financials and industrials were among the

top gainers with lender BDO Unibank surging up to 4.4

percent and SM Investments climbing as much as 2.4

percent.

Meanwhile, Singapore shares were down for a third

session in four, dragged by financials and industrials.

Oversea-Chinese Banking Corp declined 1.8 percent,

while Sembcorp Industries fell 1.5 percent.

Thai shares dropped as much as 0.5 percent, weighed

down by financial and telecom stocks.

Telecom services provider Total Access Communication

fell 5.9 percent, while Kasikornbank

dropped 1.3 percent.

Vietnam shares jumped as much 0.8 percent, driven by

gains in financials and consumer staples, before reversing

course to trade marginally lower.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS AS AT 0421 GMT

Market Current Previous Pct Move

close

Singapore 3365.75 3391.61 -0.76

Bangkok 1713.07 1714.55 -0.09

Manila 8506.59 8365.26 1.69

Jakarta 6081.47 6038.146 0.72

Kuala Lumpur 1740.25 1743.93 -0.21

Ho Chi Minh 841.86 842.71 -0.10

Change on year

Market Current End 2016 Pct Move

Singapore 3365.75 2880.76 16.84

Bangkok 1713.07 1542.94 11.03

Manila 8506.59 6840.64 24.35

Jakarta 6081.47 5296.711 14.82

Kuala Lumpur 1740.25 1641.73 6.00

Ho Chi Minh 841.86 664.87 26.62

(Reporting by Devika Syamnath; Editing by Subhranshu Sahu)