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Advanced Info Declines Most in Nine Months on RSI Signal

Aug. 27 (Bloomberg) -- Advanced Info Service Pcl, Thailand’s biggest mobile-phone company, fell the most in almost two years in Bangkok trading after a technical signal indicated the stock was poised to decline.

The stock dropped 5.7 percent to 214 baht, the biggest decline since Nov. 16, 2010, and was the worst performer in the SET50 Index, which declined 0.5 percent. Advanced Info advanced 10 percent in the three trading days through Aug. 24, when they closed at a record 227 baht.

“The shares have risen very fast and have almost reached our price estimate,” Athaporn Arayasantiparb, head of research at UOB-Kay Hian Securities (Thailand) Pcl in Bangkok, said by telephone today. “Some investors may view it’s time to take profit as the stock has limited room for upside gains.”

The brokerage has a buy rating on Advanced Info and a 12-month price estimate of 224 baht.

The Bangkok-based company’s 14-day relative strength index, a gauge of how rapidly share prices advance or decline, closed at 72.9 on Aug. 24, the highest level since July 11, according to data compiled by Bloomberg. A reading above 70 suggests a security is overvalued and is seen by some investors as a signal to sell.

The shares have rallied 52 percent this year, compared with a 20 percent gain in Thailand’s benchmark SET Index.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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