May 27 (Reuters) - Philippine shares extended falls into a third session on Wednesday, dragged lower by index heavyweights such as SM Investments and Ayala Land, while Malaysian stocks rose as they tried to play catch-up after a long weekend.
Broader Asian markets slipped as rising Sino-U.S. tensions over a proposed Hong Kong security law tempered optimism about a reopening of the world economy.
U.S. President Donald Trump said on Tuesday the United States was working on a strong response to China's planned national security legislation for Hong Kong that would reduce
the city's separate legal status.
Market players were also looking out for any possible signs of a second wave of COVID-19 infections as economies continue to reopen after months under lockdown, according to economists at ING.
Leading losses, Philippine shares dropped up to 1.3%. Conglomerates SM Investments and Ayala Land fell 3% and 2.8%, respectively.
Malaysian shares jumped 1.5% to their highest since early March.
"The market could potentially be playing catch-up with the rest as we were closed yesterday," said Kong Seh Siang, head of retail research Malaysia, CGS- CIMB Securities.
Major healthcare stocks Hartalega Holdings and Top Glove Corp surged 14% and 12.7%, respectively.
Thai shares advanced 0.6% and were poised for a third straight session of gains.
Financials were the top performers, with Siam Commercial Bank and Kasikornbank
adding 2.5% and 2.8%, respectively.
Thailand's cabinet on Tuesday extended an emergency decree to fight the coronavirus to June 30, amid allegations that it was a political move.
Indonesian shares edged lower on consumer staples, while Vietnamese stocks rose on financials.

Sumber : Reuters.com