* Philippines leads losses, down for 3rd day
* Malaysia hits highest level since early March
* Thailand extends virus emergency powers
By Arundhati Dutta
May 27 (Reuters) - Philippine shares extended falls into a
third session on Wednesday, dragged lower by index heavyweights
such as SM Investments and Ayala Land , while Malaysian stocks
rose as they tried to play catch-up after a long weekend.
Broader Asian markets slipped as rising Sino-U.S. tensions
over a proposed Hong Kong security law tempered optimism about a
reopening of the world economy.
U.S. President Donald Trump said on Tuesday the United
States was working on a strong response to China's planned
national security legislation for Hong Kong that would reduce
the city's separate legal status. Market players were also looking out for any possible signs
of a second wave of COVID-19 infections as economies continue to
reopen after months under lockdown, according to economists at
ING.
Leading losses, Philippine shares .PSI dropped up to 1.3%.
Conglomerates SM Investments SM.PS and Ayala Land ALI.PS
fell 3% and 2.8%, respectively.
Malaysian shares .KLSE jumped 1.5% to their highest since
early March.
"The market could potentially be playing catch-up with the
rest as we were closed yesterday," said Kong Seh Siang, head of
retail research Malaysia, CGS-CIMB Securities.
Major healthcare stocks Hartalega Holdings HTHB.KL and Top
Glove Corp TPGC.KL surged 14% and 12.7%, respectively.
Thai shares .SETI advanced 0.6% and were poised for a
third straight session of gains. Financials were the top
performers, with Siam Commercial Bank SCB.BK and Kasikornbank
KBANK.BK adding 2.5% and 2.8%, respectively.
Thailand's cabinet on Tuesday extended an emergency decree
to fight the coronavirus to June 30, amid allegations that it
was a political move.
Indonesian shares .JKSE edged lower on consumer staples,
while Vietnamese stocks .VNI rose on financials.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0350 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2530.22 2530.3 0.00
Bangkok 1341.23 1336.09 0.38
Manila 5433.38 5496.83 -1.15
Jakarta 4615.098 4626.799 -0.25
Kuala Lumpur 1451.93 1436.76 1.06
Ho Chi Minh 874.24 869.13 0.59
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2530.22 3222.83 -21.49
Bangkok 1341.23 1579.84 -15.10
Manila 5433.38 7,815.26 -30.48
Jakarta 4615.098 6,299.54 -26.74
Kuala Lumpur 1451.93 1588.76 -8.61
Ho Chi Minh 874.24 960.99 -9.03