Relative Strength
The 14-day relative strength index for the MSCI emerging gauge fell to 19 today, the lowest level since May 2012. An RSI value of 30 or less indicates it may be time to buy the asset.
The Philippine benchmark index slumped 4.6 percent after data showed the nation’s unemployment rate climbed to a three-year high and exports contracted more than expected. Philippine Long Distance, the nation’s biggest phone company, sank the most since January 2012.
Thailand’s SET Index tumbled 4.7 percent after earlier losing as much as 5.3 percent as data showed overseas investors were net sellers of Thai stocks for a sixth straight day. The Jakarta Composite Index slid the most since Oct. 3, 2011. The nation’s stock market was downgraded to underweight today by UBS AG strategist Nicholas Smithie, who cited rising valuations.
The MSCI South East Asia Index dropped 2.4 percent, the sharpest loss since Nov. 10, 2011. The gauge has slumped 11 percent from May 8 when it rose to the highest level since July 1997. The measure’s 50-day volatility for the MSCI South East Asia Index rose to the highest level since August.
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=73311.0