SE Asia Stocks-Retreat tracking Asia; global oil woes weigh
BANGKOK, Jan 21 (Reuters) - Southeast Asian stocks retreated on Thursday tracking Asian markets as the instability in global oil prices kept investors wary, dealers said. Stocks in the Philippines and Vietnam slipped into oversold territory while Malaysia fell ahead of an interest rate decision. The Philippine composite index dropped 2.2 percent to its lowest since February 2014. The index was in the oversold zone, with the 14-day Relative Strength Index below 30. Vietnam was down 1 percent, sending its 14-day RSI index to below 30. In Kuala Lumpur, shares traded slightly weaker. Economists in a Reuters poll predicted that Bank Negara Malaysia (BNM) would maintain its overnight policy rate at 3.25 percent, even as crude oil prices fell to a 13-year low this week. The Thai SET index recovered much of its early losses, aided by selective buying in banks. Kasikornbank rose more than 1 percent ahead of its 2015 earnings release due this week. "There may be a technical rebound after yesterday's steep fall," said broker Krungsri Securities in a report. "However, we would stay cautious of renewed worries over global growth." Asian shares slipped 0.5 percent while oil prices dipped, erasing modest early gains as analysts said a persistent global surplus of crude would keep pressure on the market. Indonesian stocks fell back after an early rise as a weak outlook on interest rates underpinned broader market sentiment. Nomura said it continued to have a positive outlook on Indonesian equities and recommend an overweight stance within ASEAN. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0659 GMT Market Current Previous Close Pct Move Singapore 2539.11 2559.77 -0.81 Bangkok 1247.81 1248.98 -0.09 Manila 6123.35 6259.61 -2.18 Jakarta 4424.14 4427.985 -0.09 Kuala Lumpur 1609.53 1618.83 -0.57 Ho Chi Minh 523.7 529.44 -1.08 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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