SE Asia Stocks-Most gain after Fed meet; Singapore loses steam

By Chris Thomas

Dec 14 (Reuters) - Most Southeast Asian stock markets rose

on Thursday, after the U.S. Federal Reserve's comments tempered

prospects for future tightening, while Singapore fell sharply

after four sessions of gains.

While the Fed delivered on a rate increase that was already

priced in by markets and kept its rate outlook unchanged for the

coming years, it projected inflation to remain shy of its goal

for another year, toning down expectations for policy tightening

in 2018.

The U.S. central bank's comments supported Asian shares,

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

gaining 0.5 percent.

Malaysian shares led the gains in Southeast Asia,

with a 0.9 percent jump to an over eight-week high, buoyed by

financials.

The World Bank raised its 2017 growth estimate for

Malaysia's economy to 5.8 percent, which would be the biggest

annual expansion since 2014, buoyed by rising domestic demand

and an improved labour market. The lender had projected a growth

of 5.2 percent in October.

Public Bank Bhd climbed 3.5 percent to a record,

while Malayan Banking Bhd and CIMB Group Bhd

gained 2.2 percent and 1.5 percent, respectively.

Philippine shares rose as much as 0.4 percent to

their highest in over four weeks, after the Congress approved

late on Wednesday a tax reform bill President Rodrigo Duterte

needs to push ahead with his economic agenda.

Index heavyweights SM Investments Corp and SM Prime

Holdings rose 1.6 percent and 2.5 percent,

respectively.

The Philippine central bank is likely to leave its benchmark

interest rate steady at its meeting on Thursday as inflation

remains manageable, but a build-up in price pressures pointed to

monetary tightening in 2018, a Reuters poll showed on Tuesday.

Indonesian shares firmed 0.6 percent to a three-week

high, on course for a third straight session of gains, while the

index of the country's 45 most liquid stocks rose 0.8

percent to a record.

Conglomerate Astra International Tbk PT rose 2.2

percent while cement manufacturer Indocement Tunggal Prakarsa

Tbk PT gained 5.7 percent.

Meanwhile, Singapore shares succumbed to

profit-taking after four straight winning sessions. The index

fell 0.9 percent, marking its biggest intraday percentage drop

in over a week.

Banking stocks contributed more than half the declines on

the index, with top lenders Oversea-Chinese Banking Corp

, DBS Group and United Overseas Bank Ltd

posting losses in a range of 1.2 percent to 1.9

percent.

Thai stocks gained as much as 0.5 percent, hitting a

two-week high.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS: Change at 0412 GMT

Change on day

Market Current Previous close Pct Move

Singapore 3438.45 3468.77 -0.87

Bangkok 1712.56 1706.93 0.33

Manila 8376.32 8359.61 0.20

Jakarta 6082.268 6054.604 0.46

Kuala Lumpur 1753.87 1737.66 0.93

Ho Chi Minh 926.8 924.4 0.26

Change on year

Market Current End 2016 Pct Move

Singapore 3438.45 2880.76 19.36

Bangkok 1712.56 1542.94 10.99

Manila 8376.32 6840.64 22.45

Jakarta 6082.268 5296.711 14.83

Kuala Lumpur 1753.87 1641.73 6.83

Ho Chi Minh 926.8 664.87 39.40

(Reporting by Chris Thomas in Bengaluru; Editing by Amrutha

Gayathri)