Emerging Markets-Asian stocks retreat as oil spike compounds tech selloff

In Southeast Asia, Philippine stocks .PSI slipped as much as 1.5% to their lowest since July 6. The Philippine peso PHP= weakened to 61.86 per dollar, headed for its sixth straight week of losses and hovering near a record low of 61.933 against the greenback.

The Philippines' heavy reliance on imported fuel leaves it especially exposed to supply disruptions and price swings during geopolitical crises. At the height of the conflict in March, concerns over fuel supply and prices briefly forced the suspension of electricity trading on the country's Wholesale Electricity Spot Market.

Indonesian stocks .JKSE dropped as much as 2.4%, marking their sharpest intraday decline since late June, while the rupiah IDR= hovered just above the key 18,000-per-dollar level.

In Malaysia, stocks .KLSE slipped 0.5%, while the ringgit MYR= edged lower to 4.091 against the dollar.