SE Asia Stocks-Indonesia jumps most in nearly 5 months; Philippines reverses course

* Indonesia closes at 7-month high in broad-based gains

* Philippines loses ground in last few minutes

By Shreya Mariam Job

Nov 29 (Reuters) - Indonesian shares jumped the most in

about five months on Thursday as comments by U.S. Federal

Reserve Chair Jerome Powell buoyed investor sentiment toward

riskier assets, while Philippine stocks pulled back from a near

11-week top to close slightly lower.

The Jakarta SE Composite Index rose 1.9 percent to a

seven-month closing high, helped by gains across the board.

The unexpected signals from Fed chair's comments and the

surprise rate hike by Indonesia's central bank earlier this

month are the reasons behind heavy gains, said Taye Shim, head

of research at Mirae Asset Sekuritas.

"Indonesia was the most hurt markets during the (U.S.) rate

hike agenda… I think the market seems to be reassessing its

investment view of Indonesia and the overall emerging market,"

he said.

Powell said on Wednesday the central bank's policy rate is

now "just below" estimates of a level that neither brakes nor

boosts a healthy U.S. economy, which many investors read as a

signal that the Fed's three-year tightening cycle is drawing to

a close.

Indonesia's central bank earlier this month had raised its

benchmark interest rate for the sixth time this year to shore up

the rupiah.

Bank Central Asia Tbk PT rose 3 percent and

Unilever Indonesia Tbk PT climbed 4 percent, making

them the top gainers on the benchmark index.

The Philippine Stock Exchange PSEi Index rose 1.4

percent intraday before erasing all of its gains in the last few

minutes of trade.

"Today is the last trading day of the month and it coincides

with the effectivity of the MSCI balancing for this quarter,"

said Charles William Ang, an associate analyst with COL

Financial Group Inc. The Philippine stock market is closed on

Friday for a holiday.

Aboitiz Equity Ventures Inc dropped 4.2 percent,

while Metropolitan Bank and Trust Co slipped 1.7

percent.

Meanwhile, investor sentiment was also subdued ahead of

high-stakes trade talks between U.S. President Donald Trump and

his Chinese counterpart Xi Jinping on Saturday on the sidelines

of the G20 summit in Argentina.

Singapore shares closed 0.5 percent firmer after

gaining 1.2 percent earlier to a more than seven-week high. City

Developments Ltd rose 2.2 percent and Venture

Corporation Ltd climbed 0.1 percent.

Malaysian stocks rose 1 percent before cutting gains

to close 0.6 percent higher. IHH Healthcare Bhd gained

4.8 percent, while Axiata group Bhd rose 4.1 percent.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Change on the day

Market Current Previous close Pct Move

Singapore 3109.44 3094.48 0.48

Bangkok 1636.49 1640.63 -0.25

Manila 7367.85 7382.43 -0.20

Jakarta 6107.168 5991.246 1.93

Kuala Lumpur 1696.34 1686.55 0.58

Ho Chi Minh 926.79 930.2 -0.37

Change on year

Market Current End prev yr Pct Move

Singapore 3109.44 3402.92 -8.62

Bangkok 1636.49 1753.71 -6.68

Manila 7367.85 8,558.42 -13.91

Jakarta 6107.168 6,355.65 -3.91

Kuala Lumpur 1696.34 1796.81 -5.59

Ho Chi Minh 926.79 984.24 -5.84

(Reporting by Shreya Mariam Job in Bengaluru; Editing by

Subhranshu Sahu)