By Binisha Ben

Sept 21 (Reuters) - Southeast Asian stock markets were

subdued on Thursday after the U.S. Federal Reserve announced a

plan to start shrinking its balance sheet and signalled one more

rate hike later this year, while Philippine shares continued

their rise on bargain-hunting.

As expected, the Fed said it would begin to trim its massive

holding of U.S. Treasury bonds and mortgage-backed securities

acquired in the years after the 2008 financial crisis.

MSCI's broadest index of Asia-Pacific shares outside Japan

was down 0.4 percent.

Singapore shares shed 0.2 percent, weighed down by

industrial and real estate stocks.

Jardine Matheson Holdings and Ascendas Real Estate

Investment Trust fell 2 percent and 1.5 percent,

respectively.

Malaysia shares were marginally lower with consumer

discretionary stocks accounting for more than half the losses.

Genting Bhd and Genting Malaysia Bhd were

the biggest losers on the index.

Thai shares rose slightly ahead of export data due

at around 0415 GMT. A Reuters poll showed Thailand is expected

to have posted a trade surplus of $520 million in August after

July's deficit of $188 million.

Philippine shares rose on bargain hunting and were up

0.7 percent at 8,276.41, while investors awaited a policy update

from the central bank later in the day.

RCBC Securities said in a note that the index saw strong

selling pressure at 8,299 and aggressive heavy bargain-hunting

at 8,162. Hence, the market could trade within this range for a

while before deciding on its next major move.

The Philippine central bank is expected to hold interest

rates steady, but the prospect of global monetary policy

tightening could keep the door open for future rate

increases.

Industrials and consumer staples stocks lifted the index

with Alliance Global Group and food processing company

Universal Robina Corp gaining 5.6 percent and 3.5

percent, respectively.

The Indonesian stock market was closed for a local holiday.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS : Change at 0351 GMT

Market Current Previous Pct Move

Close

Singapore 3210.43 3218.07 -0.24

Bangkok 1670.72 1670.65 0.00

Manila 8276.61 8219.32 0.70

Jakarta 5906.573 5901.326 0.09

Kuala Lumpur 1772.9 1773.58 -0.04

Ho Chi Minh 803.45 805.86 -0.30

Change on year

Market Current End 2016 Pct Move

Singapore 3210.43 2880.76 11.44

Bangkok 1670.72 1542.94 8.28

Manila 8276.61 6840.64 20.99

Jakarta 5906.573 5296.711 11.51

Kuala Lumpur 1772.9 1641.73 7.99

Ho Chi Minh 803.45 664.87 20.84

(Reporting by Binisha Ben in Bengaluru; Editing by Sunil Nair)