U.S. Markets closed

SE Asia Stocks-Philippine shares shed early gains; most others subdued

* Indonesia index falls, Thai shares edge up

* China's industrial earnings shrink in Dec

* Comprehensive U.S.-China deal will elude - analyst

By Mensholong Lepcha

Jan 28 (Reuters) - Philippine shares ended flat on Monday,

retreating from an over 10-month high hit earlier in the

session, as investors booked profits ahead of U.S.-China trade

talks and Federal Reserve meeting later this week.

Philippine shares have outperformed regional peers so

far this year, gaining about 7.9 percent, helped by cooling

inflation, a dovish Fed and hopes of an ease in the country's

central bank monetary policy.

Investors now await resolution of U.S.-China trade

negotiations as attention shifts to Chinese Vice Premier Liu

He's visit to the United States on Jan. 30-31 for the next round

of talks.

"An open and constructive dialogue is expected, given

low-hanging fruits on trade deficit reduction. But a

comprehensive deal will elude," said Vishnu Varathan, Head,

Economics & Strategy at Mizuho Bank in Singapore, in a note.

Most investors are cautious and therefore "we are seeing

profit-taking activity", said Rachelle Cruz, a research analyst

at AP Securities in Manila.

The Fed is expected to leave interest rates unchanged after

raising them for a fifth time in as many quarters in December.

Markets in Singapore, Indonesia and Malaysia

fell as the region's biggest trade partner, China,

echoed signs of a slowing global economy after data showed

earnings at China's industrial firms shrank for a second

straight month in December.

Indonesian shares fell 0.4 percent, hurt by losses in

telecommunication services and financials.

Unilever Indonesia and Bank Mandiri (Persero)

were the biggest drag, falling over 2.5 percent each.

The country's index of 45 most liquid stocks fell

about 0.7 percent.

Malaysian shares slipped 0.2 percent, as Genting Bhd

lost 1 percent, while Malaysia Airports Holdings

fell 1.8 percent.

Meanwhile, Thai shares rose about 0.1 percent to

close higher for a ninth straight session.

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SOUTHEAST ASIAN STOCK MARKETS

Change on the day

Market Current Previous close Pct Move

Singapore 3199.5 3202.25 -0.09

Bangkok 1625.03 1623.62 0.09

Manila 8053.92 8053.2 0.01

Jakarta 6458.712 6482.843 -0.37

Kuala Lumpur 1697.5 1701.03 -0.21

Ho Chi Minh 912.18 908.88 0.36

Change so far in 2019

Market Current End 2018 Pct Move

Singapore 3199.5 3068.76 4.26

Bangkok 1625.03 1563.88 3.91

Manila 8053.92 7,466.02 7.87

Jakarta 6458.712 6,194.50 4.27

Kuala Lumpur 1697.5 1690.58 0.41

Ho Chi Minh 912.18 892.54 2.20

(Reporting by Mensholong Lepcha; Editing by Gopakumar Warrier)