SE Asia Stocks-Most subdued as Wall St slips; Philippines gains

* Wall Street slips overnight after record-setting run

* Asian shares ex-Japan retreat from all-time peak

* Philippines extends gains

By Devika Syamnath

Jan 17 (Reuters) - Most Southeast Asian stock markets were

muted on Wednesday in line with broader Asia as Wall Street took

a breather after its record-setting run, dampening momentum in

global equities.

Broader Asian stocks came off an all-time high as weaker oil

and commodity prices hurt resource shares, after U.S. energy

stocks took a hit overnight on a drop in oil prices from

three-year highs.

"The minor decline in Wall Street has spurred some selling

pressure in regional markets," said Manny Cruz, an analyst at

Asiasec Equities Inc.

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

dropped 0.4 percent as of 0415 GMT.

Singapore shed as much as 0.3 percent as financials

fell, putting the index on track for its first losing session in

four.

The city-state's export growth slowed more than expected in

December due to a fall in electronics trade and the first

decline in shipments to China in over a year, data

showed.

Singapore's top lenders Oversea-Chinese Banking Corp

and DBS Group lost 0.6 percent and 0.4

percent, respectively.

Malaysian shares lost as much as 0.3 percent, with

power generator Tenaga Nasional shedding 0.6 percent

and telecom Axiata Group retreating 1.4 percent.

Meanwhile, Thai shares reversed early losses to inch

higher, as gains in real estate stocks more than offset losses

in energy stocks.

Petroleum explorer PTT Exploration and Production

fell as much as 2.7 percent while Land and Houses PCL

gained 4.5 percent to touch its highest in well over

four years.

Philippine shares were set for a fourth straight

session of gains as Ayala Corp gained 2.2 percent and

International Container Terminal Services firmed 3.4

percent.

President Rodrigo Duterte on Tuesday proposed to cut the

corporate tax rate and rationalise fiscal incentives to

investors in the second of five tax-reform packages submitted to

Congress.

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0417 GMT

Change on day

Market Current Previous Pct Move

close

Singapore 3542.13 3550.21 -0.23

Bangkok 1824.17 1821.83 0.13

Manila 8887.89 8865.13 0.26

Jakarta 6434.188 6429.692 0.07

Kuala Lumpur 1823.69 1826.03 -0.13

Ho Chi Minh 1063.23 1062.96 0.03

Change on year

Market Current End 2017 Pct Move

Singapore 3542.13 3402.92 4.09

Bangkok 1824.17 1753.71 4.02

Manila 8887.89 8558.42 3.85

Jakarta 6434.188 6355.654 1.24

Kuala Lumpur 1823.69 1796.81 1.50

Ho Chi Minh 1063.23 984.24 8.03

(Reporting by Devika Syamnath in Bengaluru; Editing by Amrutha

Gayathri)