EMERGING MARKETS-Singapore's dollar, stocks slide on disappointing growth outlook

      Singapore projects GDP growth to ease in 2023 

      Malaysian stocks fall for thirst consecutive session

      Philippine stocks hit highest since Sept. 19

    By Himanshi Akhand
       Nov 23 (Reuters) - Singapore's dollar and equities fell
on Wednesday, after the country projected a slowdown in economic
growth next year even as its inflation came below forecast,
while investors awaited minutes of the U.S. Federal Reserve's
last policy meeting.
    The Singaporean dollar lost 0.4% after the city-state
forecast growth would slow to between 0.5% and 2.5% in 2023 from
about 3.5% this year.
    "We think a 'two-sided economy' will become more stark in
2023. Some of the reopening sectors, like hospitality, aviation,
F&B and construction, will expand at a healthy pace, even as
manufacturing and external-oriented sectors contract," Maybank
analysts wrote in a note.
    Stocks were down 0.1%, after falling as much as 0.3%
earlier, after data showed that Singapore's key consumer price
gauge rose 5.1% in October, slightly less than forecast and
below the previous month.
    "Despite rising recessionary risk, we expect the MAS to
tighten monetary policy again in April 2023, probably via
another re-centering, to reduce intensifying core inflation
pressures amid a tight labour market," the Maybank note added.
    Singapore had tightened monetary policy last month for the
fourth time this year to combat inflation, which is running near
a 14-year peak.
    Other regional currencies were mixed while the U.S. dollar
steadied ahead of minutes of the Fed's recent policy meeting as
investors looked for more clues on the bank's stance on future
    Philippines' peso and the South Korean won
gained 0.2% and 0.3%, respectively, while Thailand's baht
 and India's rupee each eased 0.2%.
    Stocks in Malaysia fell 0.1%, extending their
decline for a third day as the wait for a new prime minister
dragged on, after the leading two contenders failed to secure a
majority and break a hung parliament.  
    The ringgit added 0.1%.
    Malaysia's king is due to pick a new prime minister and a
special meeting of the country's Council of Rulers, which groups
the heads of the country's nine royal houses, will be held on
Thursday to discuss the formation of a new government.
    Equities across the region firmed. Stocks in Manila
rose over 1% to their highest level in two months. Thai
and Indonesian stocks gained 0.5% each.
    "Valuations in many areas are now cheap, sentiment towards
Asian equities is already depressed, and any improvement in the
macroeconomic backdrop could spark a sharp rally from current
levels over the medium term," Schroders analysts said in a note.
    ** Ayala Land Inc and SM Investment Corp
are top index gainers in the Philippines
    ** Singapore's 10-year benchmark yield is up 0.4 basis
points at 3.091%
    ** Top losers on the Singapore STI include Keppel DC
REIT and Mapletree Logistics Trust
  Asia stock indexes and currencies                       
 at   0641 GMT                                      
                      DAILY %  YTD %     X   DAILY   YTD %
 Japan                  -0.08  -18.5  <.N2   0.61   -2.35
                                   9  25>           
 China     <CNY=CFXS    -0.17  -11.1  <.SS    0.22  -14.95
           >                       6  EC>           
 India                  -0.18  -9.15  <.NS    0.17    5.31
 Indonesi               -0.03  -9.24  <.JK    0.48    7.34
 a                                    SE>           
 Malaysia               +0.04  -8.94  <.KL   -0.09   -8.14
 Philippi               +0.16  -10.9  <.PS    1.18   -8.67
 nes                               5  I>            
 S.Korea   <KRW=KFTC    +0.36  -12.0  <.KS    0.53  -18.79
           >                       6  11>           
 Singapor               -0.40  -2.47  <.ST   -0.07    4.27
 e                                    I>            
 Taiwan                 -0.05  -11.3  <.TW    0.46  -19.82
                                   3  II>           
 Thailand               -0.26  -7.70  <.SE    0.50   -2.06
 (Reporting by Himanshi Akhand in Bengaluru; Editing by Rashmi