SE Asia Stocks-Most markets slip as Fed curbs dovish enthusiasm

By Shreya Mariam Job

* Thai central bank policy decision awaited * Indonesia up for 2nd day, Philippines top loser By Shreya Mariam Job June 26 (Reuters) - Most Southeast Asian stock markets slipped on Wednesday as comments from U.S. Federal Reserve officials curbed rate-cut enthusiasm. Fed officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant rate cut of half a percentage point as soon as its next meeting. Fed Chair Jerome Powell said the central bank was "insulated from short-term political pressures" and that Fed policymakers were wrestling with whether uncertainties around U.S. tariffs, Washington's conflict with trading partners and tame inflation require a rate cut. "This suggests a more measured and calibrated easing response from the Fed, pushing back on markets' aggressive pricing of Fed rate cuts," Mizuho Bank said in a note. Philippine stocks shed 0.4% with industrials accounting for most of the losses. SM Investments Corp dipped and Universal Robina Corp fell 1.3% each. Singapore stocks slipped marginally ahead of manufacturing output data for May. Manufacturing output last month was expected to have declined 2.2% from a year earlier, according to a Reuters poll. It rose 0.1% in April. The export-reliant economy has been hit by a prolonged trade war between the United States and China, and the data would shed light on whether the city state is out of the woods. Malaysian stocks traded in a tight range. Loss was broad-based with Tenaga Nasional Bhd and Sime Darby Plantation Bhd declining 0.7% and 0.6%, respectively. Malaysia's consumer price index in May rose 0.2% from a year earlier, missing the 0.3% increase forecast by a Reuters poll. Thai stocks edged lower ahead of a central bank policy decision. The Bank of Thailand is expected to keep its benchmark policy rate steady for a fourth straight meeting, a Reuters poll showed. Meanwhile, Indonesian shares rose for a second straight session, supported by modest gains in telecom and financial stocks. Telekomunikasi Indonesia and Bank Central Asia gained 0.8% and 0.3%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As At 0357 GMT Change on the day Market Current Previous close Pct Move Singapore 3298.32 3304.27 -0.18 Bangkok 1719.99 1721.33 -0.08 Manila 8000.07 8034.09 -0.42 Jakarta 6325 6320.445 0.07 Kuala Lumpur 1674.18 1676.61 -0.14 Ho Chi Minh 959.39 960.13 -0.08 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3298.32 3068.76 7.48 Bangkok 1719.99 1563.88 9.98 Manila 8000.07 7,466.02 7.15 Jakarta 6325 6,194.50 2.11 Kuala Lumpur 1674.18 1690.58 -0.97 Ho Chi Minh 959.39 892.54 7.49 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)