CORRECTED-SE Asia Stocks-Philippines falls most in thin trade, most subdued

 (Corrects 2nd bullet and 8th paragraph to say Singapore
manufacturing output expected to slow, not contract)
    * Philippine bourse falls as much as 1.3%
    * SG Nov manufacturing output expected to slow - Reuters
    * Most Southeast Asian stock markets set to post gains in

    By Sameer Manekar
    Dec 26 (Reuters) - Philippine shares retreated on Thursday
after two sessions of sharp gains, while financials dragged the
Singapore benchmark lower ahead of manufacturing data due later
in the day.
    Trading in most Southeast Asian markets, however, was below
a third of their 30-day average volume as traders settled in for
year-end holidays.
    The Manila bourse fell 0.7%, the most in the region,
weighed down by banking and real estate stocks.
    Financial markets in the Philippines were closed on Tuesday
and Wednesday, but the index gained almost 3% in the previous
two trading sessions.
    Real estate firms SM Prime Holdings and Ayala Land
 fell 1.2% and 1.7%, respectively, while BDO Unibank
 lost as much as 1.6%.
    Singapore's benchmark index was on course to snap
three straight sessions of gains, hurt by weakness in blue-chip
banking stocks.
    Southeast Asia's biggest lender DBS Group Holdings
slid as much as 0.7%. 
    The trade-reliant city-state's manufacturing output in
November is expected to slow from a year earlier, according to a
Reuters poll, after unexpectedly rising in October.
    Markets were pensive even as U.S. President Donald Trump
said on Tuesday he and Chinese President Xi Jinping will sign
the first phase of the trade deal agreed to this month.
    Striking a cautious note, MIDF said it expects global market
uncertainty to persist and affect world trade activities in
    "We view President Trump to cause further market uncertainty
in 2020 due to the presidential elections," the brokerage said. 
    Thai equities were marginally higher on the back of
gains in energy and industrial firms. 
    PTT Exploration and Production and Airports of
Thailand rose 0.8% and 0.7%, respectively.
    Indonesian shares were set for their third straight
session of gains, lifted by financials and consumer stocks. 
    Bank Central Asia rose as much as 0.5%, while
Unilever Indonesia gained 1.4%.
    Malaysia's benchmark index was little changed, while
Vietnam stocks declined.

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 Market                 Current   Previous close  Pct Move
 Singapore              3209.51   3221.67         -0.38
 Bangkok                1575.84   1573            0.18
 Manila                 7817      7872.6          -0.71
 Jakarta                6316.778  6305.91         0.17
 Kuala Lumpur           1604.68   1604.23         0.03
 Ho Chi Minh            959.6     960.92          -0.14
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3209.51   3068.76         4.59
 Bangkok                1575.84   1563.88         0.76
 Manila                 7817      7,466.02        4.70
 Jakarta                6316.778  6,194.50        1.97
 Kuala Lumpur           1604.68   1690.58         -5.08
 Ho Chi Minh            959.6     892.54          7.51
 (Reporting by Sameer Manekar in Bengaluru; Editing by Aditya