SE Asia Stocks-Philippines extends falls on heavyweights; Malaysia gains

* Philippines leads losses, down for 3rd day * Malaysia hits highest level since early March * Thailand extends virus emergency powers By Arundhati Dutta 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0350 GMT Change on the day Market Current Previous close Pct Move Singapore 2530.22 2530.3 0.00 Bangkok 1341.23 1336.09 0.38 Manila 5433.38 5496.83 -1.15 Jakarta 4615.098 4626.799 -0.25 Kuala Lumpur 1451.93 1436.76 1.06 Ho Chi Minh 874.24 869.13 0.59 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2530.22 3222.83 -21.49 Bangkok 1341.23 1579.84 -15.10 Manila 5433.38 7,815.26 -30.48 Jakarta 4615.098 6,299.54 -26.74 Kuala Lumpur 1451.93 1588.76 -8.61 Ho Chi Minh 874.24 960.99 -9.03 (Reporting by Arundhati Dutta; Editing by Subhranshu Sahu)