REFILE-EMERGING MARKETS-Philippine shares ease on profit taking, Top Glove weighs on Malaysia

  • Reuters
  • Stock Market News
REFILE-EMERGING MARKETS-Philippine shares ease on profit taking, Top Glove weighs on Malaysia

(Corrects to add dropped words in first paragraph)

* Graphic: World FX rates

* Philippine stocks fall most since Aug. 3

* Malaysia's Top Glove slumps as govt. plans to close factories

* Most Asian currencies subdued as U.S. dollar gains

By Shruti Sonal

Nov 24 (Reuters) - Philippine stocks fell on Tuesday as investors cashed in on gains made on the back of a surprise interest rate cut last week, while a slump in the shares of Malaysia's Top Glove weighed on the country's broader stock market.

Manila's benchmark stock index .PSI declined as much as 2.3% in its worst day since early August, after rallying in recent sessions due to the 25 basis point rate reduction and broader optimism around a potential coronavirus vaccine. market (is) taking a breather after enjoying quite a run in the past few days... Tuesday is just seeing some profit taking in index heavyweights", said Nicholas Mapa, a senior economist at Dutch bank ING.

News that the Philippines is close to concluding talks with Britain's AstraZeneca AZN.L for the supply of at least 20 million doses of its COVID-19 vaccine did little to cheer investors. the vaccine front, the Philippines is just now in talks with drug companies for a vaccine while regional peers have secured their doses, which could delay roll out and mass vaccination for the country with the second highest case count in the region", Mapa said.

Most currencies in the region remained subdued as the U.S. dollar bounced off an almost three-month low after data showed U.S. business activity expanded at the fastest rate in more than five years in November. Thai baht THB=TH , Malaysian ringgit MYR= and Indonesian rupiah IDR= all edged lower by 0340 GMT.

Malaysian shares .KLSE fell 0.6%, pressured by a 7.5% slump in Top Glove TPGC.KL stocks. Shares in the world's largest maker of latex gloves fell after the government said some of its factories would be closed in stages for COVID-19 screening and quarantine.

More than 2,000 of the company's workers have tested positive for the coronavirus. stocks .SETI , which have surged more than 5% in the last four sessions, lost steam and traded lower. The tourism-reliant economy is expected to grow 4% in 2021 after a slump this year, the finance minister said on Monday. Top losers on FTSE Bursa Malaysia Kl Index .KLSE include Top Glove Corporation Bhd TPGC.KL , Petronas Dagangan Bhd PETR.KL and Hap Seng Consolidated Bhd

** Indonesian 10-year benchmark yields are up 2.5 basis points at 6.264%

Asia stock indexes and currencies at

0407 GMT













-0.02 +3.87 .N225

2.75 10.87 China

CNY=CFXS +0.03 +5.78 .SSEC -0.07 11.87 India


+0.00 -3.67 .NSEI


6.90 Indonesia


-0.14 -1.91 .JKSE

0.62 -9.71 Malaysia


-0.07 -0.05 .KLSE -0.63 -0.09 Philippines PHP=

+0.19 +5.15 .PSI

-1.31 -9.35 S.Korea

KRW=KFTC -0.07 +4.07 .KS11

0.71 19.27 Singapore


-0.01 +0.07 .STI

0.86 -10.85 Taiwan


+0.99 +5.56 .TWII -0.15 15.50 Thailand


-0.43 -1.61 .SETI -0.36 -10.42

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