SE Asia Stocks - Thai shares snap rising streak after weak exports data
BANGKOK, Sept 29 (Reuters) - Thai stocks snapped eight sessions of gains on Monday as disappointing August exports data fuelled late selling in an overbought market, while most others in Southeast Asia were flat-to-weaker amid weakness in regional currencies. The Thai SET index closed down 0.9 percent after rallying 2.2 percent in the previous eight trading sessions. Large-caps fell on strong volume, including Bangkok Bank , Advanced Info Service and PTT. The index closed at 1,585.79, down from Friday's close of 1,600.16, which sent its 14-day Relative Strength Index (RSI) to 71.9. A reading above 70 indicates an overbought market. "The trade data added to an already weak market sentiment as we also had a technical-led selling around the 1,600 level," said Viwat Techapoonphol, a senior strategist at Tisco Securities. Thai exports in August suffered the biggest percentage drop since bad flooding in late 2011, confirming that a key engine of the country's economy was not firing. Indonesian shares edged higher, rebounding from a more than seven-week low hit earlier, while Philippine shares were flat amid foreign-led selling in telecoms stocks such as Globe Telecom. The Indonesian rupiah hit a seven-month low on Monday on worries about political uncertainty and in response to the U.S. dollar's broad strength, while Asian currencies retreated broadly. 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 Singapore 3289.72 3292.21 -0.08 Kuala Lumpur 1846.34 1840.50 +0.32 Bangkok 1585.79 1600.16 -0.90 Jakarta 5142.01 5132.56 +0.18 Manila 7265.36 7261.30 -0.06 Ho Chi Minh 599.78 604.98 -0.86 Change on year Market Current End 2013 Pct Move Singapore 3289.72 3167.43 +3.86 Kuala Lumpur 1846.34 1866.96 -1.10 Bangkok 1585.79 1298.71 +22.11 Jakarta 5142.01 4274.18 +20.30 Manila 7265.36 5889.83 +23.35 Ho Chi Minh 599.78 504.63 +18.86 (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
© Thomson Reuters 2017 All rights reserved.