SE Asia Stocks - Retreat; Philippines off record high before holiday

miércoles 8 de abril de 2015 02:49 GYT
 

BANGKOK, April 8 (Reuters) - Southeast Asian stock markets
fell on Wednesday as overbought Philippine stocks snapped
several days of gains ahead of a public holiday and investors
cashed in recent gains in the region ahead of the quarterly
reporting season.
    The Philippine index eased 0.8 percent after having
hit record closing highs in each of the previous seven sessions.
Shares of Globe Telecom, the most actively traded,
dropped 2 percent after Tuesday's rally to a record high.
    The selling took the index off overbought territory, with
the 14-day relative strength index (RSI) at 67 from Tuesday's
close of 75.8. A level above 70 indicates an overbought
condition.
    The market will be closed on Thursday for a public holiday,
and will reopen on Friday.
    Stocks in Malaysia and Indonesia reversed
from recent rallies while Singapore retreated ahead of
companies' quarterly earnings in coming weeks. 
    Investors had mopped up shares in the region on expectations
the Federal Reserve would hold off its interest rate hike after
weak U.S. jobs data.
    The Fed will release minutes from its March 17-18 monetary
policy meeting on Wednesday, which should shed light on its
internal debate over the rate hike plans. 
    In Bangkok, brokers advised investors to cut risk ahead of
the long Songkran holiday next week. Coal miner Banpu 
slipped 1.6 percent after seven sessions of gains while bank
shares were up 0.4 percent ahead of Jan-March results.
    "We believe their performance will grow both QoQ and YoY but
at an unexciting pace. Prices of banking counters have been
correcting since the beginning of this year and have largely
priced in lacklustre earnings prospects," strategists at broker
Maybank Kim Eng Securities wrote in a report.
    In Asia, Japanese shares were probing 15-year peaks
on Wednesday as investors favoured Asian assets on expectations
of more stimulus from countries such as China and Japan, as well
as a delayed start to any tightening by the Federal Reserve.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0610 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3457.24       3465.62       -0.24
 Kuala Lumpur       1849.60       1856.51       -0.37
 Bangkok            1550.65       1549.53       +0.07
 Jakarta            5497.85       5523.29       -0.46
 Manila             8037.62       8098.68       -0.75
 Ho Chi Minh         547.59        548.11       -0.09
 
 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)