SE Asia Stocks-Philippines falls to near 5-week lows; others trade in tight range

By Anushka Trivedi

* Indonesian shares flat ahead of July inflation data * Utility, consumer stocks top losers in Philippines By Anushka Trivedi Aug 1 (Reuters) - Philippine shares declined on Thursday, extending falls to near five-week lows, while other Southeast Asian markets traded in a tight range as investors laid off heavy bets after the U.S. Federal Reserve dashed hopes of a lengthy easing cycle. The Fed lowered rates by 25 basis points at the conclusion of its two-day meeting on Wednesday, which it called was a "mid-cycle adjustment to policy". Equities globally have had a bull run recently on expectations that the Fed would kick off an easing cycle, but Jerome Powell's hawkish stance poured cold water on the hopes. MSCI's broadest index of Asia-Pacific shares outside Japan faltered 0.4% on Thursday. In Southeast Asia, Philippine shares declined as much as 0.9%, heading for a third straight session of falls, as utility and consumer stocks wavered. Electricity retailer Aboitiz Power Corp continued its slide into a second session after disappointing quarterly results, while SM Investments Corp dropped 1.5%. RCBC Securities warned of more bloodshed on Thursday after the Fed implied no more rate cuts in the near-term. Singapore stocks were flat after ticking up early in the session, with gains in top-tier banks offsetting losses in other sectors. Property developer City Developments Ltd slipped 0.7%, while DBS Group Holdings Ltd, Southeast Asia's biggest lender, edged up 0.5%. In other news, Singapore Airlines Ltd suffered its worst trading session in over a year after posting a 21% dive in quarterly net profit as grounding of Boeing 737 MAX fleet disrupted operations. Indonesian shares were little changed ahead of key inflation data for the month of July. Annual inflation rate in July is predicted to stay around the same level as in June, well within Bank Indonesia's (BI) target range, a Reuters poll showed on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3300.23 3300.75 -0.02 Bangkok 1704.33 1711.97 -0.45 Manila 7994.37 8053.92 -0.74 Jakarta 6390.24 6390.505 0.00 Kuala Lumpur 1634.82 1634.87 0.00 Ho Chi Minh 992.77 991.66 0.11 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3300.23 3068.76 7.54 Bangkok 1704.33 1563.88 8.98 Manila 7994.37 7,466.02 7.08 Jakarta 6390.24 6,194.50 3.16 Kuala Lumpur 1634.82 1690.58 -3.30 Ho Chi Minh 992.77 892.54 11.23 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)