(Corrects to add dropped words in first paragraph)
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Philippine stocks fall most since Aug. 3
* Malaysia's Top Glove slumps as govt. plans to close
factories
* Most Asian currencies subdued as U.S. dollar gains
By Shruti Sonal
Nov 24 (Reuters) - Philippine stocks fell on Tuesday as
investors cashed in on gains made on the back of a surprise
interest rate cut last week, while a slump in the shares of
Malaysia's Top Glove weighed on the country's broader stock
market.
Manila's benchmark stock index .PSI declined as much as
2.3% in its worst day since early August, after rallying in
recent sessions due to the 25 basis point rate reduction and
broader optimism around a potential coronavirus vaccine.
"The market (is) taking a breather after enjoying quite a
run in the past few days... Tuesday is just seeing some profit
taking in index heavyweights", said Nicholas Mapa, a senior
economist at Dutch bank ING.
News that the Philippines is close to concluding talks with
Britain's AstraZeneca AZN.L for the supply of at least 20
million doses of its COVID-19 vaccine did little to cheer
investors. "On the vaccine front, the Philippines is just now in talks
with drug companies for a vaccine while regional peers have
secured their doses, which could delay roll out and mass
vaccination for the country with the second highest case count
in the region", Mapa said.
Most currencies in the region remained subdued as the U.S.
dollar bounced off an almost three-month low after data showed
U.S. business activity expanded at the fastest rate in more than
five years in November. The Thai baht THB=TH , Malaysian ringgit MYR= and
Indonesian rupiah IDR= all edged lower by 0340 GMT.
Malaysian shares .KLSE fell 0.6%, pressured by a 7.5%
slump in Top Glove TPGC.KL stocks. Shares in the world's
largest maker of latex gloves fell after the government said
some of its factories would be closed in stages for COVID-19
screening and quarantine.
More than 2,000 of the company's workers have tested
positive for the coronavirus. Thai stocks .SETI , which have surged more than 5% in the
last four sessions, lost steam and traded lower. The
tourism-reliant economy is expected to grow 4% in 2021 after a
slump this year, the finance minister said on Monday.
** Top losers on FTSE Bursa Malaysia Kl Index .KLSE
include Top Glove Corporation Bhd TPGC.KL , Petronas Dagangan
Bhd PETR.KL and Hap Seng Consolidated Bhd
** Indonesian 10-year benchmark yields are up 2.5 basis
points at 6.264%
Asia stock indexes and currencies at
0407 GMT
COUNTRY FX RIC FX FX INDEX STOCK STOCKS
DAILY YTD % S YTD %
% DAILY
%
Japan JPY= -0.02 +3.87 .N225 2.75 10.87
China CNY=CFXS +0.03 +5.78 .SSEC -0.07 11.87
India INR=IN +0.00 -3.67 .NSEI 0.63 6.90
Indonesia IDR= -0.14 -1.91 .JKSE 0.62 -9.71
Malaysia MYR= -0.07 -0.05 .KLSE -0.63 -0.09
Philippines PHP= +0.19 +5.15 .PSI -1.31 -9.35
S.Korea KRW=KFTC -0.07 +4.07 .KS11 0.71 19.27
Singapore SGD= -0.01 +0.07 .STI 0.86 -10.85
Taiwan TWD=TP +0.99 +5.56 .TWII -0.15 15.50
Thailand THB=TH -0.43 -1.61 .SETI -0.36 -10.42