* Indonesia top loser with 1.7 pct drop
* All markets close lower for the week
By Nikhil Subba
Nov 9 (Reuters) - Southeast Asian stock markets fell on
Friday and wiped out gains made in a post-U.S. midterm election
rally on rising chances of a U.S. Fed rate hike in December,
with Indonesia losing the most.
The U.S. Federal Reserve held rates steady on Thursday but
remained on track to continue gradually raising borrowing costs,
pointing to healthy economic prospects that were marred only by
a dip in the growth of business investment.
It has raised rates three times this year and is widely
expected to do so again next month. According to the CME Group's
FedWatch tool, the likelihood of Fed raising rates by another 25
basis points in December is 75 percent.
Indonesian shares snapped an eight-session winning
streak and closed 1.7 percent weaker at a one-week low. For the
week, the key stock index fell 0.5 percent.
Consumer non-cyclicals were the biggest drag on Friday with
Unilever Indonesia shedding 4.7 percent to its lowest
close since mid-January 2017.
Philippine shares declined about 1 percent to a
2-week closing low, hurt by losses in telecom and industrial
stocks. For the week, the key stock index fell 1.2 percent.
Globe Telecom fell 5.2 percent to its lowest close
since mid-July, while construction firm DMC Holdings Inc
shed over 1 percent.
Singapore shares fell with industrial and energy
stocks being the biggest drag.
Conglomerate Jardine Matheson Holdings dropped 0.6
percent, while Keppel Corp shed 1.6 percent.
Thai shares declined 0.8 percent, weighed down by
energy stocks as crude prices fell to multi-month lows,
pressured by rising supply and concerns of an economic slowdown.
PTT PCL slipped 1.5 percent, while Thai Oil
fell 4.7 percent after reporting a 40 percent drop in
quarterly net income.
Malaysian shares closed 0.8 percent lower with
material stocks leading the decline. Press Metal Aluminium
Holdings fell 2.4 percent, while chemicals producer
Petronas Chemicals Group closed 1 percent lower.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Pct Move
Singapore 3073.49 3093.24 -0.49
Bangkok 1670.97 1681.73 -0.79
Manila 6968.82 7035.71 -0.95
Jakarta 5874.154 5976.806 -1.72
Kuala Lumpur 1708.09 1721.42 -0.77
Ho Chi Minh 914.29 926.28 -1.29
Change on year
Market Current End 2017 Pct Move
Singapore 3073.49 3402.92 -9.55
Bangkok 1670.97 1753.71 -4.86
Manila 6968.82 8558.42 -18.57
Jakarta 5874.154 6355.654 -7.58
Kuala Lumpur 1708.09 1796.81 -4.94
Ho Chi Minh 914.29 984.24 -7.11
(Reporting by Nikhil Subba; Editing by Subhranshu Sahu)