SE Asia Stocks-Thailand, Indonesia fall as investors sell overbought markets

Tue Mar 18, 2014 6:36am EDT

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