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Philippine shares fell over 2 percent on Thursday, hurt by holding firms and property companies, while Indonesian stocks erased early gains to close lower ahead of a central bank policy decision. The Philippine Stock Exchange PSEI Index extended falls into a second session and closed 2.2 percent lower. It has declined 1.6 percent so far this month after three straight monthly falls.
Ayala Corp dropped over 5 percent, while SM Prime Holdiings closed 3.7 percent lower A fall in March remittances would have also worried investors, said Fio De Jesus, an equity research analyst with RCBC Securities in Manila.
Indonesian shares closed 0.4 percent lower after rising 1 percent intraday with financials being the top losers.
Bank Central Asia declined 1.7 percent to its lowest close since late April, while United Tractors rose 4.3 percent. Bank Indonesia will raise its key interest rate to support the rupiah and stabilise domestic markets, a majority of economists in a Reuters poll said. The decision is due later in the day.
The rupiah has lost more than 5 percent against the dollar since late January despite central bank intervention, and in recent weeks has traded near its weakest level since December 2015. Vietnam shares declined 2.3 percent to a one-week closing low.
Malaysian shares finished 0.2 percent lower, hurt by financials. Earlier in the day, they gained 0.5 percent on the back of gains in consumer goods stocks after the new government said it will introduce a sales and service tax to partly offset the shortfall in revenue from effectively scrapping the general sales tax (GST) from June.
Public Bank Bhd fell 0.7 percent, while plantation company Kuala Lumpur Kepong ended nearly 4 percent lower. Malaysia's annual economic growth slowed to 5.4 percent in the first quarter, data released by the central bank showed.
Thai shares closed slightly higher, aided by energy stocks. PTT Exploration and Production rose 6.5 percent with oil prices hitting their highest since November 2014.

Copyright Reuters, 2018

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