* Bank Indonesia intervenes in spot market * Petronas units among losers in Malaysia as oil prices drop * Malaysia central bank meets on Thursday * Graphic: World FX rates tmsnrt.rs/2egbfVh Sept 9 (Reuters) - Indonesian, Malaysian and Philippine stocks led declines in Asia's emerging markets on Wednesday, as a global sell-off in technology stocks helped the dollar find some support, which in turn weighed on regional currencies. Moving into afternoon trade, currencies were mostly lower with Indonesia's rupiah falling the most, which forced the central bank to intervene. The currency has fallen nearly 1.5% over the past week and lost another 0.5% on Wednesday, as concerns about government influence over its central bank dominated headlines. In Malaysia, the listed units of state-run oil and gas group Petronas were among the top percentage losers, while in Jakarta, Medco Energi Internasional plunged the most as oil prices fell below $40 a barrel on worries over demand. Indonesia's main index fell 2% to a one-month low, while the Malaysian index dropped as much as 1.9% to its lowest since the end of June. A slim majority of economists expect Bank Negara Malaysia to shave 25 basis points off its main rate on Thursday, bringing it to a record low of 1.5% to help offset the impact of the coronavirus crisis and jump start its economy. The central bank has already slashed rates by 125 bps this year, but ING economist Prakash Sakpal argued that the ringgit's 4% rise against the dollar since June should give the bank more room for manoeuvre. The ringgit dipped 0.2% against the dollar. A top Indonesian minister told Reuters that the country must synchronise monetary and fiscal policies better to tackle the economic fallout of the pandemic, but said the government does not back a proposal for a monetary board to oversee Bank Indonesia. The rupiah is suffering from concerns over the proposed changes to the central bank charter as well as selling of Indonesian bonds, which are among the region's favourite high-yielding carry trades for foreign investors, said Wei Liang Chang, a macro strategist at DBS. The country's external debt was $408.6 billion in the second quarter, the central bank said here in August, adding up to 37.3% of gross domestic product. A bi-weekly bond auction on Tuesday raised 22 trillion rupiah, but total bids fell to their lowest in more than four months. HIGHLIGHTS: ** Indonesian 10-year benchmark yields up 2.4 basis points to 6.907% ** Top percentage losers on Malaysia's benchmark index were Top Glove Corp and Hartalega Holdings ** Malaysia's 3-year benchmark yield up 0.5 basis points to 1.859% Asia stock indexes and currencies at 0709 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.15 +2.61 -1.04 -2.64 China -0.03 +1.67 -1.82 6.75 India -0.09 -3.10 -0.88 -7.81 Indonesia -0.54 -6.47 -1.92 -18.35 Malaysia -0.19 -2.01 -1.60 -5.90 Philippines -0.01 +4.14 -1.68 -24.09 S.Korea -0.23 -2.75 -1.09 8.11 Singapore -0.03 -1.93 -0.54 -22.70 Taiwan +0.70 +2.75 -0.43 5.10 Thailand +0.13 -4.71 -0.42 -18.45 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Amy Caren Daniel)
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