March 18, 2014 / 7:46 AM / in 4 years

SE Asia Stocks-Thai shares hit more than 3-mth high; govt to lift emergency

March 18 (Reuters) - Thai shares rose to their highest in
more than three months on Tuesday as investors built positions
in selected large caps a day before the state of emergency in
Bangkok is to be lifted, while Philippine large caps
outperformed in a reporting season.
    The Thai SET index was up 0.2 percent at 1,379.59,
its highest since Dec. 4, 2013. Shares of Total Access
Communications and Bangkok Bank were among
the top percentage gainers on the top 50 large caps.
    Thailand is to lift a state of emergency in the capital and
surrounding provinces from Wednesday, two months after imposing
it to curb anti-government protests, as the security situation
has improved due to the dwindling number of demonstrators.
    Thai shares had risen over the last three sessions on
expectations of positive political developments, including a
court ruling on the February election case on Wednesday that
could help unlock the domestic political crisis.
    Brokers see a limited upside in the near term. The SET's
14-day relative strength index (RSI) was slightly above 70,
indicating the market was overbought.
    "Despite more positive factors, Thai valuations are not
cheap at the moment, so SET Index upside may be limited,"
strategists at KGI Securities wrote in a report.
    The Philippine main index was up 1.04 percent, with
Ayala Land and Philippine Long Distance among
the most actively traded shares. Philippine firms are due to
report their 2013 results by the middle of April.
    "There have been some profit-taking and so, the market sees
a kind of a technical rebound today because earnings results so
far have been relatively in line with expectations," said Joseph
Roxas, president of broker Eagle Equities in Manila.
    Other markets were mixed, with profit-taking hitting
Indonesia while Singapore and Malaysia 
were rangebound ahead of the U.S. Federal Reserve's policy
meeting this week on monthly asset purchases. 
    Vietnam edged up 0.08 percent, adding to the gain on
Monday after the central bank cut a series of key interest
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 Change at 0738 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   406.96        407.06       -0.02
 Singapore          3083.44       3092.14       -0.28
 Kuala Lumpur       1819.26       1815.16       +0.23
 Bangkok            1379.59       1377.10       +0.18
 Jakarta            4805.32       4876.19       -1.46
 Manila             6466.55       6399.99       +1.04
 Ho Chi Minh         600.86        600.36       +0.08
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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