Philippine shares jumped 2.4 percent on Wednesday, the most in three months, while other Southeast Asian stock markets declined in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9 percent as of 0752 GMT, with higher oil prices also weighing on the region's import-heavy economies.
Singapore shares declined for a fourth session in five and closed 0.8 percent lower, dragged by financials. Lender DBS Group shed 1.2 percent. Industrial production, which is a main contributor to the city-state's exports, rose in May. "However, looking ahead the growth trajectory may get more challenging - first due to the heightened US-Sino trade tensions which could impact regional manufacturing production chains if the list of tariffs continue to grow; second the electronics industry slowdown is becoming more apparent outside of semiconductors," OCBC said in a note.
Indonesian shares gave up early gains and closed lower, weighed down by energy and consumer discretionary stocks. Coal miner Dian Swastatika Sentosa shed about 7 percent, while automobile wholesaler Astra International ended more than 4 percent lower. Philippine shares gained 2.4 percent as investors sought to buy into a largely cheaper market ahead of the quarter-end. Industrial and real estate stocks led the gains.
Real estate company Ayala Land rose 2.7 percent, while industrial conglomerate SM Investments Corp closed 4.5 percent higher, making it the biggest boost to the benchmark index.