Philippine shares lead gains on robust data; currencies muted



* EM assets in Asia subdued, lack direction

* China, Hong Kong shares drop

* Indian stocks scale another record high

* Malaysian markets closed for public holiday

By Harish Sridharan

Sept 16 (Reuters) - Philippine shares snapped a three-day decline to mark their best session in three weeks, leading gains among emerging Asian markets on Thursday as strong economic data aided sentiment.

Regional currencies traded sideways against a largely unchanged dollar, with market participants looking to next week's U.S. Federal Reserve policy meeting for clues on how soon the central bank would begin tapering pandemic-era stimulus.

Equities in broader Asia were largely subdued, dragged by heavy losses in Chinese property stocks amid fears that cash-strapped real estate giant China Evergrande's 3333.HK financial woes could trigger a contagion.

Shares in China .SSEC fell 1%, while South Korea .KS11 dropped 0.7% to snap a four-day rally.

On a brighter note, Indian shares .NSEI rose as much as 0.3% to hit yet another record high, benefiting from gains in banks and consumer goods companies, while stocks in Singapore .STI and Thailand SETI also rose.

Stocks in Manila .PSI added 1.3% a day after the nation's cash remittances for July showed a 2.5% rise from last year.

"(The) market could move north as investors take opportunities out of the three-day decline. The growth in July cash remittances may help spur positive sentiment," Manila-based brokerage Philstocks said.

Earlier this week, the Philippine government said it would shift from wide-scale restrictions to localised lockdowns in its capital region to balance economic recovery and health risks.

The peso PHP= , however, weakened 0.5%.

Separately, the Philippine government offered $866.2 million worth of retail dollar bonds at a price-setting auction on Wednesday to raise extra cash for pandemic recovery, promote bond market activity and boost foreign exchange inflows.

Markets in Malaysia were closed for a public holiday.

HIGHLIGHTS

** Indonesian 10-year benchmark yields are down 1.9 basis points at 6.153%

** In the Philippines, top index gainer was Globe Telecom Inc GLO.PS , up 5.26%

** KOSPI .KS11 and Taiwan SE Weighted Index .TWII down 0.7% and 0.4%, respectively

Asia stock indexes and currencies at 0646 GMT COUNTRY

FX RIC

FX

FX

INDEX STOCKS STOCK

DAILY YTD %

DAILY S YTD

%

%

% Japan

JPY=

+0.05 -5.55 .N225

-0.62 10.49 China

CNY=CFXS

-0.07 +1.41 .SSEC

-0.94 4.28 India

INR=IN

+0.10 -0.48 .NSEI

0.23 25.58 Indonesia

IDR=

+0.04 -1.37 .JKSE

-0.04 2.16 Philippines PHP=

-0.49 -3.89 .PSI

1.28 -2.40 S.Korea

KRW=KFTC

-0.11 -7.31 .KS11

-0.74 8.93 Singapore

SGD=

-0.07 -1.55 .STI

0.25 7.82 Taiwan

TWD=TP

+0.02 +2.82 .TWII

-0.43 17.28 Thailand

THB=TH

-0.15 -8.99 .SETI

0.33 12.70



Graphic: World FX rates Link
Asian stock markets Link



Reporting by Harish Sridharan in Bengaluru; Editing by Devika
Syamnath

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