BANGKOK, Sept 23 (Reuters) - Thai stocks dropped 2.4 percent
on Monday as players locked in quick gains in large caps and
banking stocks, while most others in Southeast Asia followed a
broader fall in Asia amid renewed concerns about the U.S.
Federal Reserve's policy.
Thai main SET index fell to near 1,450 mark at the
midday trading break, with shares in Siam Commercial Bank Pcl
and Krung Thai Bank Pcl sliding more than 4
percent. The stocks were among the outperformers last week.
Some brokers cited technical-led selling as indicators
showed Thai stocks were relatively overbought compared to
The SET's 14-day Relative Strength Index hovered near an
overbought condition of 70 on the previous two sessions. The
benchmark racked up 6.1 percent gain last week, Southeast Asia's
"Big caps are still the target of this risk-on and risk-off
sentiment which will keep shares volatile. We have government
spending story as a key boost domestically but there's still an
uncertainty," said an analyst at Phillip Securities.
The government's proposed 2 trillion baht ($64.62
billion)infrastructure loan bill passed the third reading in the
House on Friday and the bill is expected to be passed to the
Senate for deliberation this week.
Among weak spot, Jakarta's Composite Index was down
1 percent after last week's gain of almost 5 percent.
Singapore's index fell 0.7 percent in light volume that
was around one-third of a full day average over the past 30
Bucking the trend, the Philippine main index was up
0.6 percent helped by selective buying in big caps including SM
Investments Corp and Ayala Land Inc.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0646 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 417.85 423.51 -1.34
Singapore 3213.76 3237.53 -0.73
Kuala Lumpur 1796.28 1801.83 -0.31
Bangkok 1451.11 1486.76 -2.40
Jakarta 4539.46 4583.83 -0.93
Manila 6460.79 6424.45 +0.57
Ho Chi Minh 477.11 477.19 -0.02