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* Philippine shares close 2.3% lower
* China shares end 2.3% lower
* Investors eye South Korea"s Q2 GDP data on Tuesday
By Harish Sridharan
July 26 (Reuters) - Philippine stocks fell to a two-month
low and led losses among Asian equities on Monday, as a sharp
drop in Chinese shares and soaring COVID-19 cases in countries
such as Malaysia, Indonesia and Thailand weighed on sentiment.
Chinese shares closed 2.3% lower as worries over the
impact of government regulations hammered the education and
property sectors, after Beijing barred for-profit tutoring in
core school subjects.
"The drop (in Southeast Asia) today in part is China-led,"
said Mitul Kotecha, chief emerging market Asia & Europe
strategist at TD Securities.
Equities in Manila fell 2.3%, leading losses in the
Southeast Asia region as strong U.S. corporate earnings sucked
funds out of emerging markets into Wall Street.
"The downturn in stocks (in the Philippines) can be traced
to the ongoing pickup in Delta variant infections in the
country, with businesses concerned about a potential return to
stringent lockdowns," said Nicholas Mapa, a senior economist at
ING Research.
"Philippine financial markets will likely be pressured in
the near term as the spate of negative news continues."
Thailand reported a record number of coronavirus cases on
Monday, while Malaysia has notched up more than 1 million
infections, as the virulent Delta variant carves a deadly path
through Southeast Asia.
The Indian rupee, Taiwan"s dollar and
Singapore"s dollar traded flat to 0.1% weaker as the
greenback held near its highest level since April ahead of a
U.S. Federal Reserve meeting.
The U.S. central bank will conclude its two-day policy
review on Wednesday, with market participants watching out for
clues on the timing of stimulus tapering.
Meanwhile, Indonesia on Sunday extended its COVID-19
restrictions by a week to Aug. 2 and said it would add more
intensive care units amid a rise in deaths.
South Korean stocks and the won weakened
ahead of second-quarter gross domestic product data due on
Tuesday, as worries over rising COVID-19 cases took hold.
South Korea"s economy is likely to post its fastest
year-on-year growth in a decade in the second quarter on
resilience in exports and investments, a Reuters poll showed.
Highlights
** Philippine stock index closes at lowest since May 26
** Top gainer on the Jakarta stock index was Equity
Development Investment Tbk PT, up 34.21%
** Malaysia govt will not seek extension of the national
state of emergency - reports
Asia stock indexes and
currencies at 0711 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan +0.29 -6.33 <.N2 1.04 1.42
25>
China
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