SE Asia Stocks-Indonesia jumps most in 22 months; Malaysia falls further

* Malaysia marks lowest close since December 2017

* Philippines closes higher for first time in 7 sessions

By Karthika Suresh Namboothiri

May 24 (Reuters) - Indonesian stocks jumped 2.7 percent on

Thursday, the most since August 2016, while Malaysian shares

fell for a fourth straight session as a widening probe over

corruption linked to the previous government and continued

capital outflows weighed on investor sentiment.

Financials accounted for most of the gains in Indonesia with

Unilever Indonesia rising 3.7 percent and Bank Central

Asia climbing 2.1 percent.

Movements in financials were valuation-driven, said Nomura

Indonesia analyst Elvira Tjandrawinata.

There has been little downgrade in terms of earnings but

valuation has come down because of receding share prices, she

said.

The financial subindex trades at price to current

fiscal year's earnings ratio of 13.47, compared with last one

year's average of 14.87.

Reports that the government plans to disburse a higher Eid

holiday bonus are also likely to push the Jakarta stock index

higher, Trimegah Securities said in a note.

Malaysian shares fell 1.6 percent to their lowest

close since Dec. 27, dragged by financials.

Malayan Banking Bhd was the biggest drag with a

drop of 3.9 percent.

"The political malaise is weakening MYR (ringgit) and that

usually triggers some outflows. But I also believe the local

markets are caught up in risk aversion," said Stephen Innes,

head of trading APAC at Oanda.

Finance Minister Lim Guan Eng had said earlier this week

that the previous government led by Najib Razak deceived the

public and parliament over the country's financial situation and

1MDB.

Philippine shares snapped six straight sessions of

fall to close 1.2 percent higher, while Singapore stocks

rose nearly 1 percent.

Lenders Oversea-Chinese Banking Corp and DBS Group

Holdings were the top boost in Singapore, rising 1.6

percent and 0.8 percent, respectively.

Thai shares declined 1.2 percent, dragged by energy

stocks. PTT PCL ended 5.1 percent lower and PTT

Exploration and Production fell 3.1 percent with

crude oil prices declining on the prospect of the first increase

in OPEC output since 2016.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS:

Change on the day

Market Current Previous close Pct Move

Singapore 3528.92 3496.27 0.93

Bangkok 1732.51 1753.6 -1.20

Manila 7652.53 7560.47 1.22

Jakarta 5946.538 5792.001 2.67

Kuala Lumpur 1775.66 1804.25 -1.58

Ho Chi Minh 985.92 988.94 -0.31

Change on year

Market Current End 2017 Pct Move

Singapore 3528.92 3402.92 3.70

Bangkok 1732.51 1753.71 -1.21

Manila 7652.53 8558.42 -10.58

Jakarta 5946.538 6355.654 -6.44

Kuala Lumpur 1775.66 1796.81 -1.18

Ho Chi Minh 985.92 984.24 0.17

(Reporting by Karthika Suresh Namboothiri; additional reporting

by Binisha H. Ben and Gaurav Dogra; Editing by Subhranshu Sahu)