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SE Asia Stocks-Most fall; Thai index nearly breaches 1,450 mark

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

regional peers.

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

best performer.

"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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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