By Chris Thomas
    July 26 (Reuters) - Philippine shares rose 1 percent on
Wednesday to their highest in nearly one year with property
stocks leading the gains, while other Southeast Asian stock
markets were steady as investors awaited the U.S. Federal
Reserve's policy decision for more cues on its tightening plans.
    The Fed concludes its two-day meeting later in the day, and
is widely expected to keep interest rates unchanged. The focus
will be on the Fed's statement, expected at 1800 GMT, with
markets looking for signs of when the central bank will begin
paring its massive bond holdings and next raise rates.

    MSCI's broadest index of Asia-Pacific shares outside Japan
 was little changed, but drew mild support after
the S&P 500 climbed to an all-time high overnight.
    Philippine shares rose to their highest since Aug.
11, 2016, with real estate stocks leading the gains.
    Local companies will report their earnings soon and there's
general optimism in the market that property stocks are going to
meet the consensus, said Jeffrey Lucero, an equity analyst with
RCBC Securities.
    Ayala Land rose 0.9 percent to a record high,
heading for a fifth straight session of gains, while SM Prime
Holdings climbed as much as 1.9 percent.
    Among other Southeast Asian stock markets, Singapore
gained as much as 0.6 percent to a fresh two-year high in early
trade, before giving up the gains to trade flat.
    DBS Group Holdings rose as much as 0.8 percent,
while Thai Beverage scaled to its highest in
nine-and-a-half months. 
    The city-state's industrial production likely rose at the
fastest annual pace in three months in June, underpinned by a
global electronics boom, a Reuters poll showed on Monday. The
data is expected at 0500 GMT on Wednesday.
    A strong performance in June industrial production should
prompt an upward revision in the advance GDP estimates for the
second quarter, DBS Group Research said in a note.
      
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0319 GMT
    
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3329.7       3327.83         0.06
  Bangkok         1582.46      1581.42         0.07
  Manila          8046.84      7971.72         0.94
  Jakarta         5823.128     5813.535        0.17
  Kuala Lumpur    1762.44      1763.34         -0.05
  Ho Chi Minh     769.65       767.27          0.31
                                               
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3329.7       2880.76         15.58
  Bangkok         1582.46      1542.94         2.56
  Manila          8046.84      6840.64         17.63
  Jakarta         5823.128     5296.711        9.94
  Kuala Lumpur    1762.44      1641.73         7.35
  Ho Chi Minh     769.65       664.87          15.76
 
 (Reporting by Chris Jacob Thomas in Bengaluru; Editing by
Subhranshu Sahu)