By Aaron Saldanha
Nov 28 (Reuters) - Philippine shares fell sharply on Tuesday
as a selloff in Chinese stocks weighed on Southeast Asian
markets, with Malaysia edging to a more than eight-month low.
Chinese stocks fell 0.7 percent after shedding 1.3 percent
in the previous session, while bond yields rose, hurting
investor confidence amid Beijing's crackdown on shadow banking
and other riskier forms of financing.
MSCI's broadest index of Asia-Pacific shares outside Japan
slipped further from decade highs, touching its
lowest in a week.
Philippine shares fell as much as 1.1 percent, after
closing largely flat in the previous session.
"We are catching up with yesterday's movement in the rest of
Asia, following China. We were actually down this much
yesterday, it was only at the close that we moved close to
unchanged. So right now, we are just trying to catch," said
Joseph Roxas, president at Manila-based Eagle Equities.
Industrials and financial stocks weighed on the benchmark
the most. However, the biggest drag was telecom PLDT Inc
, which fell more than 4 percent to its lowest in eight
months.
"I see that movement to continue till the end of the year,
because there will be foreign funds selling all the way up to
the end of the year which is normal seasonal tendency and then
the market will start to pick up when they come back in
January," added Eagle Equities' Roxas.
Meanwhile, Indonesia's index of its 45 most liquid stocks
slipped as much as 0.6 percent, before recovering some
lost ground, largely due to losses in consumer discretionary
stocks such as Astra International, which fell as much
as 1.8 percent.
Malaysian shares also fell as much as 0.6 percent,
largely due to telecom stocks, with Maxis Bhd hitting
its lowest since the end of July.
The Singapore benchmark was trading as much as 0.2
percent lower as gains in financials were more than offset by
losses incurred in industrial stocks.
Moving in the other direction, Thai shares were up
0.3 percent in early trade, helped by industrials and financial
stocks.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0315 GMT
Change at 0315
GMT
Market Current Previous Pct Move
close
Singapore 3432.41 3436.36 -0.11
Bangkok 1700.64 1695.67 0.29
Manila 8283.99 8361.69 -0.93
Jakarta 6048.95 6064.589 -0.26
Kuala Lumpur 1713.62 1719.86 -0.36
Ho Chi Minh 940.96 938.61 0.25
Change so far
this year
Market Current End 2016 Pct Move
Singapore 3432.41 2880.76 19.15
Bangkok 1700.64 1542.94 10.22
Manila 8283.99 6840.64 21.10
Jakarta 6048.95 5296.711 14.20
Kuala Lumpur 1713.62 1641.73 4.38
Ho Chi Minh 940.96 664.87 41.53
(Reporting by Aaron Saldanha in Bengaluru, Additional reporting
by Nikhil Nainan; Editing by Amrutha Gayathri)