SINGAPORE: Among Southeast Asian markets, Philippine shares fell the most on Friday, dragged by industrials, while other markets in the region ended flat to lower, as investors continued to digest US Federal Reserve's outlook on interest rates.
"The regional currencies were weakening against the dollar after the nudge in US interest rates. I think that is one of the leading indicators on why Asian equities trimmed their gains from morning's trade," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.
Sentiment was also affected by Wall Street, with a recent slump in technology stocks worsening further on Thursday, dragging on major US indexes.
Philippine shares posted their lowest close in over two weeks, pulled down by index heavyweights SM Investment Corp and Aboitiz Equity Ventures.
The index recorded its biggest weekly percentage drop since March 10.
Early in the day, the Philippine central bank revised its current account balance forecast for this year, predicting a deficit for the first time since 2002, on expectations of surging imports. Data showing April remittances dropped 5.9 percent from a year ago had also dented sentiment.
Indonesia extended its declines to end 0.9 percent lower, with Elang Mahkota Teknologi Tbk Pt plunging 16.4 percent.
Earlier in the session, Malaysia hit a two-year high, adding 0.1 percent for the week in its fourth straight weekly gain.
Singapore ended the day marginally lower, dragged down by industrials and consumer discretionary stocks. The index posted its biggest weekly fall since May 19.
Singapore's exports shrank for a second straight month in May, with non-oil domestic exports (NODX) from the city-state dropping 1.2 percent.
Thailand was the biggest gainer in the region, despite the central bank saying its foreign exchange reserves fell to $184.1 billion in the week ended June 9, down from $185.0 billion a week ago.
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