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SE Asia Stocks -Most weak as investors await Fed; Thai shares rebound

BANGKOK, March 18 (Reuters) - Most Southeast Asian stock

markets fell on Wednesday as investors waited for the Fed policy

statement for clues on U.S. interest rates, with the Indonesian

benchmark heading for its first drop in three days while the

Thai index rebounded as dividend-yielding stocks led the pack.

The Jakarta composite index traded down 0.4 percent

after rising for a second session on Tuesday on expectation that

the central bank would keep benchmark interest rates steady.

Astra International eased 0.3 percent and Bank

Tabungan Negara dropped 2.2 percent after climbing in

the previous session.

Market players appeared cutting risk positions in other

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markets. Stocks in the Philippines slipped 0.4 percent

and Singapore was 0.2 percent lower. Vietnam

edged down 0.5 percent after Tuesday's rise.

Asian stocks shook off a slow start and rose, led by China

shares, while the dollar marked time as markets waited for the

Federal Reserve's policy statement for clues to when U.S.

interest rates will rise.

Market players are concerned the Fed will change its forward

guidance by omitting the word 'patient' as this could indicate

it will begin raising interest rates soon, brokers said.

In Bangkok, bargain-hunting was active in dividend-yielding

stocks such as Krung Thai Bank, which carry a forward

dividend yield of 4.6 percent versus 4.1 percent of the

industry, Thomson Reuters Eikon data showed.

The benchmark SET index climbed 1.1 percent, its

first in four days, with its 14-day relative strength index

(RSI) rebounding to 37.5 from 31.2 on Tuesday, close to an

oversold territory of 30 or below.

The broader market remained relatively cautious, brokers

said.

"For short-term strategy, it is best to play wait and see

ahead of the US FOMC meeting outcome tonight and until the SET

index builds a strong base," strategists at broker Phillip

Securities wrote in a report.

For Asian Companies click;

For South East Asia Hot Stock reports, click;

SOUTHEAST ASIAN STOCK MARKETS

Change at 0747 GMT

Market Current Prev Close Pct Move

Singapore 3362.97 3369.95 -0.21

Kuala Lumpur 1795.93 1787.87 +0.45

Bangkok 1529.20 1512.84 +1.08

Jakarta 5417.97 5439.15 -0.39

Manila 7756.58 7789.10 -0.42

Ho Chi Minh 578.68 581.76 -0.53

(Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)