SE Asia Stocks -Most range-bound; Thai shares near 8-week lows
BANGKOK, Oct 7 (Reuters) - Thai shares extended their losses for a second day on Tuesday, led lower by large caps such as PTT and Siam Cement, while Bumi Resources shares underperformed in Indonesia after the company cut the size of its rights issue. Bangkok's SET index was down 0.01 percent at midday after moving back and forth in early trading which saw it slip to 1,534.42, the lowest since Aug. 13. Some technical-led buying lifted the index earlier in the day after it dropped 1.7 percent on Monday, its biggest daily fall since Jan. 28, after the royal palace said Thailand's King Bhumibol Adulyadej had undergone surgery to remove his gall bladder. The health of King Bhumibol, the world's longest-reigning monarch, has improved after the successful operation, the Nation newspaper reported, citing the latest statement from the Royal Household Bureau. Domestic institutions sold Thai shares worth a net 3 billion baht ($92.08 million) on Monday, overshadowing buying by foreign and retail investors. "We expect the SET to rebound modestly, but volatility may remain high. External factors are still neutral," broker KGI Securities said in a report. Among the bright spots, shares of Kasikornbank jumped 2.3 percent after a 3.9 percent fall in the previous session sent the stock's 14-day Relative Strength Index (RSI) to 36, near the oversold territory of 30 or below. In Jakarta, foreign-led buying lifted shares of Astra International and Telkom Indonesia, bringing the key share index 0.3 percent higher. Shares of Bumi Resources fell more than 7 percent on resuming trade after a near two-week long trading suspension was lifted. The company said on Monday it slashed its rights issue by about half to 3.96 trillion rupiah ($324.9 million) due to tepid demand. Other markets in Southeast Asia were range-bound while Asian shares inched tentatively higher as the focus turned to an imminent policy decision from the Bank of Japan. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0542 GMT Market Current Prev Close Pct Move Singapore 3242.92 3253.24 -0.32 Kuala Lumpur 1846.35 1840.82 +0.30 Bangkok 1542.90 1543.13 -0.01 Jakarta 5016.35 5000.14 +0.32 Manila 7232.98 7247.03 -0.19 Ho Chi Minh 616.32 614.42 +0.31 (1 US dollar = 32.5800 baht) (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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