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Bangkok, Manila retreat in holiday-thinned trade

BANGKOK, Feb 11 – Philippine and Thai stocks failed to hold on to earlier gains to fall today, amid selling in recent gainers such as Ayala Land Inc and Bangkok Bank Pcl while Indonesia posted modest gains, led by energy names such as United Tractors Tbk.

Sharemarkets took a breather in the Lunar New Year holiday in subdued trade in Asia, with Singapore, Malaysia and Vietnam shut.

The Philippine main index ended down 0.01 per cent at 6,458.01 after touching an all-time high of 6500.08.

Manila still hovered near a record close of 6,470.49 hit on Feb 5 and remained in the overbought territory, while its 14-day relative strength index (RSI) closed at 75.8 today.

Bangkok’s SET index fell 0.6 per cent, extending its loss for a fifth session and taking the index’s 14-day RSI to 66.52, below the overbought mark of 70 and above.

Jakarta’s Composite index was up 0.3 per cent, helped by selective buying in market laggards, including resources shares.

Its year-to-date gain was 4.3 per cent, still underperforming most others in Southeast Asia. – Reuters

 

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