ASEAN KEY DESTINATIONS
Asian stock markets mostly fell Tuesday as investors followed Wall Streets lead.Aluminum maker Alcoa reported first quarter sales below analysts’ expectations Monday after stock trading closed. Investors will be eyeing earnings results this week from Intel, Google, General Electric, Bank of America and JPMorgan Chase.
A positive close today on Wall St and what is expected to be better earnings will lift ASEAN markets today.
The MSCI index of Asian shares outside Japan was down about 0.7 per cent. The index is still up about 4 per cent so far this year.
Hong Kong stocks fell for a second straight session, shedding 0.2 per cent, with currency-sensitive plays such as Air China slipping after Chinese President Hu Jintao said yuan appreciation is not imminent.
During a meeting with US President Barack Obama, Hu said China would stick to its own path for yuan reform. The comments pushed Hong Kong stocks into negative territory as investors took the opportunity to take profit following recent gains.
However, Shanghai stocks rose 1 per cent to its highest close in nearly three months as institutions bought large caps such as banking stocks ahead of the launch of the country’s first index futures on Friday.
Thailand’s markets were closed for a holiday and reopen Friday. Thai stocks plunged 3.6 percent Monday after 21 people were killed in weekend clashes between the army and anti-government protesters.
Indonesian shares ended higher on Tuesday as late buying in commodity stocks helped the benchmark index extend gains from the day before, analysts said.
Foreign investors continued buying local stocks on hopes that first-quarter profits may beat estimates as the economy continues to surge.
On Tuesday, the Jakarta Composite Index rose 3.36 points, or 0.1 percent, to close at 2,884.70. Trading was mixed with 5.6 billion shares worth Rp 4.8 trillion ($532.8 million) changing hands.
“Foreign investors keep buying the big-name stocks no matter what their valuations are because they want to have exposure to Indonesia,” Kenny Soejatman, who helps manage $1.55 billion at PT Mandiri Manajemen, told Bloomberg on Tuesday. “In times of abundant liquidity, small glasses fill up quickly.”
Foreign appetite drove up PT International Nickel Indonesia 4.8 percent to Rp 4,925, the steepest increase since March 29. PT Medco Energi Internasional jumped 9.3 percent to Rp 2,950, its biggest gain since June 1.
Also supporting the JCI were Bimantara group stocks. PT Global Mediacom rose 10.6 percent to Rp 470 and PT Media Nusantara Citra climbed 15 percent to Rp 455. Cece said sentiment in the stocks was boosted by planned acquisitions.
Singapore shares edged lower on Tuesday, tracking falls in markets across the region amid profit-taking and fresh doubts over the eurozone bailout for debt-ridden Greece.
The blue chip Straits Times Index was down 0.19 per cent at closing bell, shaving off 5.57 points to 2,971.6.
Some 2.02 billion shares exchanged hands at a volume of S$1.48 billion, with losers outnumbering gainers 314 to 187.
Rig builders and commodity shares declined the most among blue chip stocks.
Golden Agri Resources was down 1.6 per cent at S$0.605, Wilmar International slipped 0.6 per cent to S$6.95, while Noble Group lost 1.0 per cent at S$3.14.
Keppel Corp dipped 1.3 per cent to S$9.30, while Sembcorp Marine fell 0.9 per cent to S$4.22.
Bank shares were also in the red, with DBS down 0.8 per cent at S$14.82, OCBC 0.2 per cent lower at S$8.95 and UOB flat at S$19.94.
Notable gainers include Genting Singapore, which was 1.1 per cent stronger at S$0.905, and Star Hub, which gained 1.7 per cent to S$2.37.
Philippine stocks closed 0.15 percent higher on Tuesday.
The benchmark Philippine Stock Exchange index increased by 5.07 points to 3,299.90. The all-share index went up by 0.97 point, or 0.048 percent, to 2,036.59.
The trade volume reached 2.62 billion shares worth 31.2 billion pesos (697.4 million U.S. dollars
Vietnam’s stock market index, the VN-Index, closed at 517.98 points on Tuesday, down 1.95 points, or 0.38 percent, against the previous trading day.
A total of 53.75 million shares worth 2.19 trillion Vietnamese dong (VND) (115.26 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange.
The Malaysia stock market ended lower here on Tuesday.
The Kuala Lumpur Composite Index (KLCI) was at 1,334.52, down 5. 09 points or 0.38 percent, and the Emas was at 9,076.25, down 42. 48 points or 0.47 percent.
Volume decreased to 1.03 billion shares valued at 1.41 billion ringgit Malaysia (437.07 million U.S. dollars), compared with 1.11 billion shares valued at 1.66 billion ringgit Malaysia (517.13 million U.S. dollars) on Monday.
The Indian stock benchmark Sensex closed lower Tuesday at 17,821.96 points, dipping 31.04 points or 0.17 percent from the previous closing Monday.
The total turnover with Sensex swelled to 283 million U.S. dollars on Tuesday from usual 170 million U.S. dollars.
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