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Most Southeast Asian markets remained subdued on Wednesday tracking broader Asia as optimism over China's economic stimulus waned while Philippine stocks plunged.
The Philippine benchmark index dropped as much as 2.03 per cent in the day, pulled down by real estate and industrial stocks, reports Reuters.
Shares of index heavyweight SM Prime Holdings Inc tumbled 5.9 per cent, after a media report there stated the Secretary of Department of Interior and Local Government had said the reclamation projects in the Manila Bay should be scrapped for the area's rehabilitation to succeed.
The Group had signed a 54.5 billion pesos ($1.04 billion) joint venture agreement with the Pasay City government to reclaim 300 hectares of land in the Manila Bay area in 2013.
Shares of Ayala Corp sank 4.7 per cent after Mitsubishi sold 13 million shares of the company at 900 pesos per share which was a discount to the last close of 970.50 pesos.
The Malaysian benchmark dropped 0.4 per cent, with losses concentrated in financial and utility stocks.
Shares of Public Bank Bhd fell 1.1 per cent, while those of Tenaga Nasional Bhd shed 1.7 per cent.
MSCI's broadest index of Asia-Pacific shares outside Japan traded a touch lower. The Indonesian index rose marginally, helped by energy and consumer cyclical stocks.
Shares of United Tractors Tbk PT rose 3.3 per cent, while those of Perusahaan Gas Negara Tbk PT advanced 4.7 per cent.
The Thai benchmark rose marginally, buoyed by energy and consumer staple stocks.
Airports of Thailand PCL's counter gained 0.8 per cent, while PTT PCL rose 0.5 per cent.