SINGAPORE: Most Southeast Asian stock markets extended falls on Monday, with the Philippines hitting its lowest in nearly nine months, as fears of a full-blown trade war between the United States and China continued to rattle global markets.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped nearly 0.3 percent for its fourth consecutive day in the red.
"Asian equities are likely to remain on the back foot notwithstanding selective bargain hunting after last week's sell-off," Mizuho said in a note.
Philippine shares dropped as much as 1.7 percent to their lowest since July last year and stayed well below the psychologically important 8,000 level. The benchmark stock index has declined 7.5 percent so far this month following a more than 3 percent drop in February.
Industrial and real estate stocks accounted for 80 percent of the fall on the main board on Monday. Realtors SM Prime Holdings dropped as much as 2.5 percent and SM Investments declined up to 3.8 percent and were the biggest drags.
Singapore shares dropped 0.7 percent , extending their declines into a fourth session, ahead of industrial production data scheduled to be released later in the day.
Financials were the biggest drag, with DBS Group Holdings Ltd down for a third straight session and contributing the most to the decline.
A Reuters poll showed that the city-state's industrial production likely expanded at a significantly slower annual pace in February than the previous month, reflecting the timing of Lunar New Year holidays this year.
Indonesian shares fell for a third straight session, weighed down by financials. An index of the country's 45 most liquid stocks dropped 0.7 percent.
Vietnamese shares came off early falls to rise as much as 0.9 percent and were headed for a third session of gains in four. Real estate and consumer staple stocks were among the top boost with Vingroup JSC touching a record high.
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