* Philippine index falls as much as 2 percent * SM Prime, Ayala biggest losers on Philippine benchmark By Shreya Mariam Job Jan 16 (Reuters) - Philippine stocks plunged on Wednesday dragged down by two index heavyweights, while most other Southeast Asian markets remained subdued tracking broader Asia as optimism over China's economic stimulus waned. The Philippine benchmark index dropped as much as 2.03 percent in the day, pulled down by real estate and industrial stocks. Shares of index heavyweight SM Prime Holdings Inc tumbled 5.9 percent, after a media report here 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. "This comprises a big part of their expected reclamation. So, this caused SM Prime to drop significantly," said Charles William Ang, an analyst at COL Financial Inc. Shares of Ayala Corp sank 4.7 percent 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. "These two are index heavyweights... I think the drop in the index is because of them. So it is more company specific than any thing in the economy," Charles added. The Malaysian benchmark dropped 0.4 percent, with losses concentrated in financial and utility stocks. Shares of Public Bank Bhd fell 1.1 percent, while those of Tenaga Nasional Bhd shed 1.7 percent. Meanwhile, most other markets in the region remained subdued, tracking broader Asian peers, after their rally on Tuesday owing to positive comments by Chinese officials that allayed fears of a sharper slowdown in global growth. 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 percent, while those of Perusahaan Gas Negara Tbk PT advanced 4.7 percent. The Thai benchmark rose marginally, buoyed by energy and consumer staple stocks. Airports of Thailand PCL's counter gained 0.8 percent, while PTT PCL rose 0.5 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0441 GMT Change on day Market Current Previous Close Pct Move Singapore 3217.2 3212.3 0.15 Bangkok 1569.76 1577 -0.46 Manila 7852.89 8013.42 -2.00 Jakarta 6416.708 6408.784 0.12 Kuala Lumpur 1672.2 1679.42 -0.43 Ho Chi Minh 909.46 909.68 -0.02 Change on year Market Current End 2017 Pct Move Singapore 3217.2 3068.76 4.84 Bangkok 1569.76 1563.88 0.38 Manila 7852.89 8558.42 -8.24 Jakarta 6416.708 6194.498 3.59 Kuala Lumpur 1672.2 1690.58 -1.09 Ho Chi Minh 909.46 984.24 -7.60 ($1 = 52.1700 Philippine pesos) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)
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