Philippines extends rout, Thailand slides as trading resumes

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BENGALURU (Aug 14): Philippine shares slumped on Tuesday, extending a rout from the previous session, while Thailand caught up with a slide in global shares as trade resumed after a holiday, with the Turkish lira's collapse keeping risk appetite fragile across emerging markets.

Most other Southeast Asian stock markets also extended losses from the previous day, in line with broader Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan slipping about 0.1% by 0235 GMT.

The lira eased further after losing about 8% on Monday.

"Asian markets are likely to trade with a nervous tone today amid the ongoing Turkish jitters," OCBC Bank said in a note.

The lira has lost about 82% of its value against the dollar this year, largely over worries about President Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

Philippine shares slumped 1.5% to a near three-week low, extending a 2.2% drop on Monday, with the Bank of the Philippine Islands down 2.4% and property developer SM Prime Holdings Inc 2.3% lower.

Thai stocks slid 1.3% to their lowest in nearly three weeks, as trading resumed after Monday's holiday, with financials and energy stocks accounting for a bulk of the losses.

Siam Commercial Bank PCL shed 0.7%, while oil and gas explorers PTT PCL and PTT Exploration and Production PCL lost nearly 1% each.

The Thai baht also fell about 0.2% to the dollar.

Indonesian shares, which plunged 3.6% on Monday, eased further to a five-week low, with the rupiah near a three-year low against the dollar.

SOUTHEAST ASIAN STOCK MARKETS AS AT 0400 GMT:
Change on the day

Market             Current   Previous close  % move
Singapore          3239.8    3245.34         -0.17
Bangkok            1687.78   1705.96         -1.07
Manila             7524.11   7635.27         -1.46
Jakarta            5853.451  5861.246        -0.13
Kuala Lumpur       1783.74   1783.34          0.02
Ho Chi Minh        975.51    978.04          -0.26

Change on year

Market             Current   End 2017        % move
Singapore          3239.8    3402.92         -4.79
Bangkok            1687.78   1753.71         -3.76
Manila             7524.11   8558.42         -12.09
Jakarta            5853.451  6355.654        -7.90
Kuala Lumpur       1783.74   1796.81         -0.73
Ho Chi Minh        975.51    984.24          -0.89