SE Asia Stocks-Thailand, Indonesia fall as investors sell overbought markets
BANGKOK, March 18 (Reuters) - Stocks in Thailand and Indonesia retreated on Tuesday as investors cashed in gains in overbought markets, while most others were rangebound ahead of the U.S. Federal Reserve's policy meeting this week on monthly asset purchases. Late selling ate into early gains of Thai shares, sending the benchmark SET index 0.3 percent lower. Its 14-day Relative Strength Index (RSI) was 67.6 at the close, briefly breaching 70 earlier, indicating the market was overbought. The Thai market had risen over the past three sessions due to hopes about improving political situation at home. Thailand is lifting a state of emergency in Bangkok, taking a step to restore some confidence as anti-government protests subside. A court hearing on the Feb. 2 election case on Wednesday could help unlock the crisis. Jakarta's composite index (JCI) dropped 1.5 percent, extending a modest loss on Monday, with its 14-day RSI ending at 66.6 versus Monday's 76. Shares of Astra International slid 2.9 percent after a rally on Monday. The recent market rally on the back of optimism about the coming election sent the index close to end-year target, prompting profit taking. "At this stage, we think some profit-taking is warranted given political pitfalls that still lie ahead," said Harry Su, head of research at broker Bahana Securities in Jakarta. The broker's 2014 index target is 5,000 while JCI ended at 4,805.16. Philippine stocks rose 1 percent, helped by selective buying in large caps in a reporting season, Singapore and Malaysia ended slightly higher, while Vietnam fell into negative territory after early gains. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 406.84 407.06 -0.05 Singapore 3093.84 3092.14 +0.05 Kuala Lumpur 1820.70 1815.16 +0.31 Bangkok 1373.08 1377.10 -0.29 Jakarta 4805.61 4876.19 -1.45 Manila 6466.55 6399.99 +1.04 Ho Chi Minh 599.85 600.36 -0.08 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 406.84 388.37 +4.76 Singapore 3093.84 3167.43 -2.32 Kuala Lumpur 1820.70 1866.96 -2.48 Bangkok 1373.08 1298.71 +5.73 Jakarta 4805.61 4274.18 +12.43 Manila 6466.55 5889.83 +9.79 Ho Chi Minh 599.85 504.63 +18.87 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Stock Market Volume (shares) Market Current Volume Average Volume 30 days Singapore 227,131,000 232,613,847 Kuala Lumpur 138,998,200 129,402,497 Bangkok 7,461,397 6,038,938 Jakarta 4,825,460,600 3,973,912,537 Manila 72,678 81,935 Ho Chi Minh 205,402 144,329
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