BANGKOK, March 18 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
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.
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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