EMERGING MARKETS-Philippines, Indonesian equities tumble 4% on lockdown extensions

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Indonesian stocks post biggest intraday drop since March
    * Philippine stocks hit two-month low
    * Indonesia inflation due at 0500 GMT

    By Rashmi Ashok
    Aug 3 (Reuters) - Philippines and Indonesian stock markets
tumbled on Monday after restrictions were extended in the
capital cities of both countries as coronavirus cases surged,
denting hopes of a quick economic recovery in Southeast Asia's
two most populous nations.
    The Philippines reimposed a stricter coronavirus lockdown in
and around the capital for two weeks from Tuesday, authorities
said on Sunday, as the country struggles to contain infections
that have jumped to more than 100,000 cases.
    The benchmark stock index tumbled on opening and
deepened losses to 3.9%, hitting a two-month low after central
bank data showed remittances in May fell 19.3%.
    Remittances from overseas workers is an important source of
foreign money and especially important for the Philippines,
which routinely posts trade deficits. 
    "There is definitely a heightened risk of near-term losses
in the local benchmark stock index and rising cases can pour
cold water on expectations of a swift economic recovery," said
Daniel Dubrovsky, analyst at IG.
    He pointed out that the drop in remittances was the worst
decline since 1999, which further put the economic outlook at
risk given that in 2019, remittances accounted for about 10% of
overall GDP. 
    With lockdowns prompting salary cuts and job losses
overseas, remittances have fallen across the globe since the
start of the pandemic and are expected to fall further in 2020.

   "The path for the peso is less clear due to what has been
significant depreciation in the U.S. Dollar amid fading global
market volatility," he added. 
    Indonesian stocks slid nearly 4% in their biggest
intraday fall since March 30, after local media reported the
extension of restrictions for another two weeks, as authorities
failed to control the spike in COVID-19 cases.
    Lenders Bank Central Asia Tbk and Bank Rakyat
Indonesia (Persero) Tbk slid nearly 7% and 5%,
respectively, while household products maker Unilever Indonesia
Tbk lost nearly 4%. 
    The rupiah and peso were unperturbed,
enjoying some calm after the dollar ended July with its worst
drop in a decade amid a surge in cases in the United States.
    Indonesian 10-year bonds yields opened lower,
extending recent declines to hit their lowest since March 9,
although they later ticked up to be in positive territory.
    "This may be the markets anticipating a softer-than-expected
outcome for local CPI data today. That may further boost easing
expectations for the Bank of Indonesia," IG's Dubrovsky said.
    Indonesia's inflation data is expected at 0500 GMT.
    ** In the Philippines, top index losers were Robinsons Land
Corp down 6.63% and Aboitiz Equity Ventures Inc
 down 5.72% 
    ** Top losers on the Singapore STI included Jardine
Matheson Holdings Ltd down 5.77% and Jardine Cycle &
Carriage Ltd down 4.3% 
    ** Indonesian 10-year benchmark yields were last up 1.2
basis points at 6.837%​​  

  Asia stock indexes and                                     
 currencies at   0350 GMT                              
                         DAILY  YTD %               S   YTD %
                             %                  DAILY  
 Japan                   +0.02  +2.60            1.91   -6.48
 China        <CNY=CFX   +0.01  -0.15            1.08    9.69
 India                   +0.00  -4.58            0.00   -9.00
 Indonesia               -0.21  -4.67           -2.92  -20.64
 Malaysia                +0.14  -3.36           -0.91    0.02
 Philippines             +0.08  +3.16           -3.84  -27.05
 S.Korea      <KRW=KFT   -0.23  -3.15           -0.16    2.19
 Singapore               -0.08  -2.25           -1.01  -22.30
 Taiwan                  +0.47  +2.52           -1.04    4.47
 Thailand                -0.10  -4.17           -0.70  -16.49

 (Reporting by Rashmi Ashok in Bengaluru; Editining by Sam

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