By Chris Thomas
    July 27 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, as investors took the U.S. Federal Reserve's
subdued tone on inflation as a signal that it would go slow on
its monetary tightening cycle.
    In June, the Fed had described inflation as being "somewhat"
below target, but this time around it simply stated that it was
below 2 percent.
    On Wednesday, the Fed opted to keep interest rates
unchanged, and said it expected to start winding down its
massive holdings of bonds "relatively soon".

    After pushing rates nearly to zero to fight the 2007-2009
financial crisis and recession, the Fed pumped over $3 trillion
into the economy in a bond-buying spree to further reduce rates.
Its balance sheet has grown to $4.5 trillion.
    The Fed "insinuated that U.S. growth may not be as strong as
previously expected, which may prompt some fund flow back to
emerging market equities," Jakarta-based Trimegah Securities
said in a note.
    In Southeast Asia, Philippine shares gave up gains to
end marginally higher. SM Investments Corp climbed 1.5
percent, while Aboitiz Equity Ventures Inc gained 1.3
percent.
    Ayala Land, which rose to a record high earlier,
snapped five sessions of gains to end 1.5 percent lower.
    Singapore shares rose 0.5 percent, up for a third
straight session, led by financials.
    DBS Group Holdings climbed 1.6 percent to close at
its highest in more than 17 years.
    Oversea-Chinese Banking Corp advanced 2.1 percent
to hit a record closing high after second-quarter net profit
rose 22 percent.
    Malaysian shares rose for a fifth consecutive
session, while Indonesia ended 0.3 percent higher.
        
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SOUTHEAST ASIAN STOCK MARKETS
    
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3354.71      3336.72         0.54
  Bangkok         1581.06      1583.17         -0.13
  Manila          8045.78      8037.51         0.10
  Jakarta         5819.744     5800.206        0.34
  Kuala Lumpur    1770.07      1766            0.23
  Ho Chi Minh     771.5        773.88          -0.31
                                               
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3354.71      2880.76         16.45
  Bangkok         1581.06      1542.94         2.47
  Manila          8045.78      6840.64         17.62
  Jakarta         5819.744     5296.711        9.87
  Kuala Lumpur    1770.07      1641.73         7.82
  Ho Chi Minh     771.5        664.87          16.04
 

 (Reporting by Chris Jacob Thomas in Bengaluru; Additional
reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)