Most Southeast Asian stock markets fell in line with broader Asia on Tuesday but Philippine shares recouped early losses to finish higher for a fifth straight session, their longest winning streak since December. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.4 percent after European equities fell.
US markets were shut on Monday for a holiday. The S&P 500 futures were down 0.4 percent at 0825 GMT. "Rising bond yields in the United States are hurting regional markets," said Lexter Azurin, a senior equity analyst at AB Capital. US benchmark 10-year yields, which move inversely to prices, are edging towards the four-year highs reached last week.
"For the US market, there will be a close eye on the upcoming Federal Open Market Committee meeting. We will probably get an indication from the Fed," Azurin added. Indonesian shares ended the session 0.4 percent lower after briefly touching a fresh record high. Bank Mandiri (Persero) Tbk PT, up 6.8 percent at a closing high, helped cushion the fall.
Bank Central Asia Tbk PT, down 0.9 percent, was the biggest drag on the index. Conglomerate Astra International Tbk PT fell 1.5 percent. An index of the country's 45 most liquid stocks declined 0.5 percent. Philippine shares reversed early losses to end 0.1 percent higher, led by index heavyweight SM Investments Corp, up 1.4 percent.
Telco PLDT Inc rose 2.6 percent to its best close since Jan-end, helping offset losses in financials. Singapore shares slipped 0.3 percent, weighed down by real estate and telecom stocks. Singapore Telecommunications fell 1.5 percent, while City Developments Ltd and CapitaLand Ltd dropped 3 percent and 1.9 percent, respectively.
The city-state unveiled several tax measures on Monday, including increasing the top marginal buyer's stamp duty on residential property worth more than S$1 million, raising the excise duty on tobacco products and introducing GST on imported services from 2020. Malaysia ended marginally lower, while Thai shares fell 0.5 percent. Vietnam was closed for a holiday.
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