March 19 (Reuters) - Thailand and Philippine stocks fell on Tuesday led by banks as uncertainty over a bailout for Cyprus aimed at preventing a debt default and banking collapse hit sentiment, but others edged up helped by a decision to give Cyprus more flexibility. Thailand, the region's best performer this year, fell 1.5 percent to its lowest since March 8, with a 2.7 percent loss in Siam Commercial Bank PCL dragging the overall index. Kasikornbank PCL and Bangkok Bank PCL also lost more than 1.7 percent each. Thailand saw a net foreign outflow of $32.83 million with a broad-based selling in overbought small caps such as Italian Thai Development Pcl, which dropped 8.7 percent after a combined 32 percent gain over the past seven sessions. Citibank said in research note there would be significant consequences ranging from bank default to capital flight if Cyprus' banks did not get the bailout from emergency liquidity assistance (ELA). The Philippines lost 1.7 percent, led by financials, to a more than six-week low, falling for a seventh straight session. It has lost 6.4 percent since hitting an all-time high of 6,867.10 on March 11. Euro zone confidence was partially restored by a news on Monday that the Eurogroup decided to give Cyprus more flexibility over a bank levy which is part of the bailout conditions, after a teleconference of euro zone finance ministers. That helped others to recover from the previous session's steep falls, with Malaysia and Vietnam gaining 0.3 percent each, while Indonesia and Singapore gained 0.4 percent each. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 440.80 441.20 -0.09 Singapore 3269.13 3256.47 +0.39 Kuala Lumpur 1625.46 1621.36 +0.25 Bangkok 1568.25 1591.65 -1.47 Jakarta 4822.63 4802.83 +0.41 Manila 6426.25 6536.18 -1.68 Ho Chi Minh 480.48 479.13 +0.28 Change on year Market Current End prev yr Pct Move TR SE Asia Index* 440.80 424.10 +3.94 Singapore 3269.13 3167.08 +3.22 Kuala Lumpur 1625.46 1688.95 -3.76 Bangkok 1568.25 1391.93 +12.66 Jakarta 4822.63 4316.69 +11.72 Manila 6426.25 5812.73 +10.55 Ho Chi Minh 480.48 413.73 +16.13 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.