Weaker China shares, virus woes hurt Asian markets



* China shares eye worst month since May 2019

* Taiwan Q2 GDP data eyed

* 'Pace of AxJ FX recovery could remain crimped by regional COVID-19 concerns' - analyst

By Harish Sridharan

July 30 (Reuters) - Emerging Asian equities weakened on Friday, with Philippines leading losses as China shares reversed a brief rally from the day before and virus woes kept markets on edge.

Several regional equities, including China .SSEC , Philippines .PSI , Thailand .SETI and South Korea .KS11 were on track to post significant monthly drops, with severe coronavirus outbreaks and a brutal mainland selloff hurting regional sentiment.

Beijing's announcement of new rules barring for-profit tutoring in core school subjects resulted in a significant rout in the country's equity markets, and battered stocks in the education, property and tech sectors.

Reassurances from Chinese regulators appeared to have soothed investors' nerves temporarily, but stocks .SSEC in the country eyed their worst month since May, 2019.

"The longer-term outlook may still depend on whether Beijing can calm investor nerves about subsequent regulatory clampdowns and the growth impact on its domestic firms," Yeap Jun Rong, Market Strategist at IG said in a note.

The latest coronavirus outbreak in Thailand has resulted in a slump in tourism amid stricter containment measures, travel curbs and curfews. The country's finance ministry slashed its 2021 economic growth forecast on Thursday to 1.3% from a previously predicted 2.3% expansion.

Malaysia and Philippines also suffer from spiking coronavirus infections, with the later imposing lockdown measures in Manila to prevent spread of the contagious Delta variant.

Philippine stocks .PSI were down 3.5% and on course to post their worst month since March of 2020, while shares in Kuala Lampur .KLSE were down 0.6%.

While the dollar languished near a one-month low following dovish remarks by the U.S. Federal Reserve, weakness persisted in several currencies across the region, with the yuan CNY=CFXS trading slightly lower.

"We maintain our earlier assessment that interim hit to AxJ FX from the bout of regulatory crackdown in China is likely to be modest, especially with authorities stepping in to assuage market sentiments," Maybank analysts said in a note.

"(The) pace of AxJ FX recovery could, (however) remain crimped by regional COVID-19 concerns."

The Taiwan dollar TWD=TP saw marginal gains, while stocks .TWII were down 0.5% ahead of the country's second quarter gross domestic product data.

Taiwan's economy is expected to have expanded at a slower pace in the second quarter as a rare spike in COVID-19 cases hurt consumption.

Highlights

** In the Philippines, top index losers are San Miguel Corp SMC.PS down 7.96%

** Thailand shares eye worst month since September 2020

** Philippines announces lockdown in Manila

Asia stock indexes and currencies at

0520 GMT

COUNTRY

FX RIC

FX

FX

INDEX STOCKS STOCKS

DAILY YTD %

DAILY YTD %

%

% Japan

JPY=

-0.02 -5.70 .N225

-1.62 -0.40 China

CNY=CFXS

-0.08 +1.03 .SSEC

-0.71 -2.47 India

INR=IN

-0.02 -1.66 .NSEI

0.15 13.02 Indonesia

IDR=

+0.17 -2.87 .JKSE

0.24

2.62 Malaysia

MYR=

+0.17 -4.96 .KLSE

-0.61 -7.59 Philippines PHP=

-0.29 -4.44 .PSI

-3.48 -12.18 S.Korea

KRW=KFTC

-0.10 -5.36 .KS11

-1.11 11.60 Singapore

SGD=

-0.10 -2.42 .STI

0.07 11.92 Taiwan

TWD=TP

+0.07 +1.99 .TWII

-0.46 17.59 Thailand

THB=TH

-0.09 -8.91 .SETI

-1.02

5.02



Graphic: World FX rates Link
Asian stock markets Link



Reporting by Harish Sridharan in Bengaluru; Editing by Sam
Holmes

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