Philippines shares rose on Tuesday as investors hunted for bargains following four consecutive sessions of decline, while a sell-off continued in most other Southeast Asian stock markets on growing fears around global growth.
Philippine shares added 1.4 percent, posting their biggest intraday gain in one week, mostly supported by gains in the industrials and real estate sectors.
"The Philippine market has been relatively weaker than other regional markets. What we see today is a rebound after the declines in the last three to four days," said Charles William Ang, an associate analyst at COL Financial Group.
Meanwhile, S&P Global Ratings said it continued to see downside risks to Asia-Pacific growth forecasts. The global growth drivers that produced the regional upturn have started to fade, S&P said and lowered forecasts for almost every country in the Asia-Pacific.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7 percent and was hovering near a three-week trough.
Thai shares slipped to lowest in more than 2 weeks, hurt by industrials and energy stocks, with PTT Exploration and Production PCL shedding 2.2 percent.
Malaysia's benchmark index posted its sixth straight session of declines and was near its two-year low. Lenders Malayan Banking Bhd and Public Bank Bhd dipped to their lowest since mid-November.
Singapore shares dropped 0.4 percent with index-heavyweight Jardine Strategic Holdings losing 2.8 percent, while lender DBS Group Holdings fell to more a than two-week low. Indonesian shares fell 0.5 percent as losses in the consumer staples and materials sectors weighed in.