SE Asia Stocks-Indonesia retreats; Thai shares nearly overbought

Fri Aug 22, 2014 3:23am EDT

Related Topics

BANGKOK, Aug 22 (Reuters) - Indonesian shares failed to hold
on to earlier gains and slipped after hitting a near record high
on Friday as investors booked profit in large caps such as
Telekomunikasi Indonesia, while the Thai benchmark hit
a 14-month high for a fourth straight day.
    Stocks in the benchmark Jakarta's Composite Index 
fell 0.4 percent, but still on track for its second straight
week of gains.
    The index opened near a record high as the rupiah 
strengthened, a day after the country's highest court gave Joko
Widodo the green light to lead Southeast Asia's largest economy
from its worst slowdown since the global financial
crisis.  
    Bangkok's SET index rose 0.5 percent to 1,558.41,
heading for a weekly gain of 0.8 percent after military leader
General Prayuth Chan-ocha was appointed prime minister and
investors were optimistic about the political
stability. 
    The index hit a high of 1,559.21, the highest since June 3,
2013.
    Brokers said the market rally could be short lived, with
shares nearly overbought. The SET's 14-day Relative Strength
Index (RSI) was at 67.18, close to an overbought line of 70 or
above.
    "If the SET index could inch closer to 1,560 points, it
would be safe for investors to gradually book profits as the
market approaches overbought territory," strategists at broker
Phillip Securities wrote in a report.
    Other stock markets in Southeast Asia mostly edged higher as
upbeat U.S. economic data sparked another record close on Wall
Street. 
    Shares in Singapore, Malaysia, and the
Philippines are poised to extend their gains for a second
week, while Vietnam is heading for a weekly gain of 3
percent, reversing the loss on the previous week.
 
    
For Asian Companies click;  
For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0628 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   446.68        444.83       +0.42
 Singapore          3332.50       3324.09       +0.25
 Kuala Lumpur       1874.56       1874.81       -0.01
 Bangkok            1558.41       1551.41       +0.45
 Jakarta            5187.65       5206.14       -0.36
 Manila             7121.05       7096.49       +0.35
 Ho Chi Minh         621.33        612.94       +1.37
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.    

 (Reporting by Viparat Jantraprap; Editing by Anand Basu)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.