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SE Asia Stocks-Most indexes retreat ahead of Fed meeting outcome

BANGKOK, Sept 18 (Reuters) - Most Southeast Asian stocks

edged lower on Wednesday, tracking weakness in broader Asia, as

investors cut their bets on emerging markets amid an overhanging

risk of U.S. monetary stimulus tapering.

Indonesian index was down 0.6 percent by midday. It

lost as much as 1.4 percent earlier due to broadly-based selling

in big caps, with banking stocks slipping on concerns

about the potential impact of new mortgage regulation on growth.

Thai SET index erased early gain, inching down 0.3

percent amid selling in recent gainers including Ch Karnchang

Pcl and Krung Thai Bank Pcl while players

shifted money into laggard energy such as Banpu Pcl.

"More sector rotation plays will likely continue to dominate

in the near term ahead of the Federal Reserve meeting outcome,"

strategists at broker Phillip Securities wrote in a report.

Other benchmarks, including the Philippines and

Malaysia fell into negative territory, taking a breather

after their recent rally from lows in late August amid hopes of

a modest cut of U.S. Federal Reserve bond purchases.

Singapore's Straits Times Index bucked the trend,

up 0.5 percent, hitting its highest in nearly a month at one

point. Shares in Global Logistic Properties Ltd rose

after it announced new lease deal in Beijing.

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Change at 0501 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 408.52 408.56 -0.01

Singapore 3196.19 3180.92 +0.48

Kuala Lumpur 1771.06 1774.94 -0.22

Bangkok 1438.87 1443.78 -0.34

Jakarta 4489.11 4517.62 -0.63

Manila 6333.59 6344.14 -0.17

Ho Chi Minh 476.88 477.73 -0.18