SE Asia Stocks-Philippines surges most in 32 months on report China plans import tariff cuts

* Most markets rise as trade war concerns fade

* Singapore, Indonesia climb for third session

By Sumeet Gaikwad

Sept 21 (Reuters) - Philippine shares jumped 3.5 percent on

Friday, the most in 32 months, following a report that China

plans to reduce the average tariff rate on imports from most of

its trading partners as soon as October.

The move was in line with Beijing's pledge to its trading

partners, including the United States, that it would take

measures to further increase imports, Bloomberg reported on

Thursday without specifying the countries which would enjoy

lower Chinese tariffs.

"This would trim the impact of a possible blowout of the

U.S.-China trade war on global trade. So, the positive outlook

benefited emerging markets," said Fio De Jesus, an analyst with

Manila-based RCBC Securities.

Sentiment was also upbeat as broader Asia extended gains on

views that fresh U.S. and Chinese tariffs on reciprocal imports

may be less harsh than feared.

The Philippine Stock Exchange PSEi Index posted its

sharpest daily gain since January 2016, after shedding 3.8

percent in the previous three sessions.

Financials and industrials led the rally with BDO Unibank

and SM Investments Corp gaining 7.6 percent and

3.5 percent, respectively.

Meanwhile, most other Southeast Asian stock markets also

rose. Singapore shares added 1.2 percent, extending gains

into a third session and posting their highest close in three

weeks.

Index heavyweights DBS Group Holdings and United

Overseas Bank jumped 3.2 percent and 1.4 percent,

respectively.

Indonesian shares closed higher for a third session

in a row and posted their highest close in over two weeks.

Financials led the gains with Bank Negara Indonesia

rising 4.8 percent, while Bank Mandiri

gained 2.6 percent.

An index of the country's 45 most liquid stocks

climbed 0.5 percent.

Thai shares closed marginally higher, while Malaysia

rose 0.4 percent. Vietnam shares fell marginally,

but did not see any significant moves following President Tran

Dai Quang's death.

For the week, Singapore shares advanced 1.8 percent,

Indonesia gained 0.4 percent and Thailand jumped 2 percent,

while Philippine stocks declined 0.4 percent.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Market Current Previous close Pct Move

Singapore 3217.68 3180.43 1.17

Bangkok 1756.12 1752.11 0.23

Manila 7383 7134.73 3.48

Jakarta 5957.744 5931.266 0.45

Kuala Lumpur 1810.64 1803.7 0.38

Ho Chi Minh 1002.97 1004.74 -0.18

Change on year

Market Current End 2017 Pct Move

Singapore 3217.68 3402.92 -5.44

Bangkok 1756.12 1753.71 0.14

Manila 7383 8558.42 -13.73

Jakarta 5957.744 6355.654 -6.26

Kuala Lumpur 1810.64 1796.81 0.77

Ho Chi Minh 1002.97 984.24 1.90

(Reporting by Sumeet Gaikwad in Bengaluru; Editing by

Subhranshu Sahu)