Manila, Bangkok retreat in holiday-thinned trade
BANGKOK - Philippine and Thai stocks failed to hold on to earlier gains to fall on Monday, 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 percent 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 on Monday.
Bangkok's SET index fell 0.6 percent, 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 percent, helped by selective buying in market laggards, including resources shares. Its year-to-date gain was 4.3 percent, still underperforming most others in Southeast Asia.