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ASEAN STOCK WATCH Asean Affairs  17 April 2013 

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China's real estate investment growth slowed in the first quarter of 2013, and some analysts expressed concern that rigorous property curbs may drag down economic growth.

Despite a year-on-year increase of 20.2 percent in real estate investment in the first quarter of 2013, the growth rate was down 3.3 percentage points compared with the same period last year and 2.6 percentage points lower than the first two months this year, the National Bureau of Statistics said on Monday.

Revenues from property sales in the country rose 61.3 percent, compared with a 77.6 percent rise in January and February combined, according to the bureau.

Given the weaker-than-expected performance of China's economy in the first quarter, some economists are worried that the newly launched property policies could drag down the economy further.

China's GDP growth in the first quarter eased to 7.7 percent year-on-year, down from 7.9 percent in the fourth quarter last year, suggesting that the economic recovery remains fragile.


At Bursa Malaysia, Aeon Credit was the top gainer, up 56 sen to RM14.88, while Petronas Dagangan jumped 52 sen to RM23.50 and Petronas Gas gained 18 sen to RM19.04 and Genting gained 16 sen to RM10.28.

Crude palm oil (CPO) for third-month delivery gained RM3 to RM2,304. United Plantations lost 18 sen to RM27.80, KL Kepong and IOI Corp gained six sen each to RM21.70 and RM5.03.

As for banks, HL Bank slipped two sen to RM14.44, HLFG two sen to RM15.10 but Public Bank gained two sen to RM16.26.

TAS Offshore, climbed four sen to 41.5 sen after its unit secured new contracts for the sale of four vessels totalling RM160mil.

The major decliners were BAT, United Plantations, Genting Plantations and Dayang.


Philippine Stock Exchange index shed 51.44 points or 0.75 percent to close at 6,786.33. All counters were in the red but the sharpest declines were incurred by the mining/oil (-2.26 percent) and property counters (-1.22 percent).

Value turnover amounted to P8.95 billion. There were 42 advancers as against 115 decliners while 46 stocks were unchanged.

Joseph Roxas, president of Eagle Equities Inc., said the recent Boston explosions had some impact on sentiment “but it’s more of indirect effect because of the Wall Street (decline).” The Dow Jones industrial average lost 1.79 percent overnight due to the Boston explosions.

At the same time, valuation concerns at the local equity markets tempted some profit-taking especially given concerns on China’s economy.

The day’s biggest index decliners were Globe (-2.95 percent), Philex (-2.94 percent) and Ayala Land (-2.25 percent) while Semirara, ICTSI, Bloomberry, Aboitiz Power, DMCI, Petron and First Gen also dragged down the index.


The FTSE Straits Times Index (STI) ended +7.21 points higher or +0.22% higher to 3,291.58, taking the year-to-date performance to +3.93%.

The FTSE ST Mid Cap Index declined -0.36% while the FTSE ST Small Cap Index declined -0.09%.

The top active stocks were Singtel (+1.40%), DBS (-0.13%), GoldenAgr (-1.80%), Kep Corp (-0.35%), and Ascendasreit (-3.50%).

The outperforming sectors today were represented by the FTSE ST Telecommunications which gained +1.36%. The two biggest stocks of the Telecommunications Index are Singtel (+1.40%) and Starhub Limited (+0.91%). The underperforming sector, FTSE ST Technology, declined -2.13% with Liongold Corp Limited declining -3.17% and Stats Chippac Limited declining -2.35%. The FTSE ST Real Estate Index declined -0.25%,  FTSE ST Consumer Services Index gained +0.14% and the FTSE ST Utilities declined -0.54%.

The three most active Exchange Traded Funds (ETFs) by value today were SPDR GOLD SHARES (-3.34%), IS MSCI INDIA 100 (+2.01%) and DBXT MSCI THAILAND TRN ETF 10 (-0.62%).

The three most active Real Estate Investment Trusts (REITs) by value were Ascendasreit (-3.50%), SuntecReit (+1.27%) and CapitaMall (+0.89%).

The most active index warrants by value today were HSI21400MBePW130530 (unchanged), HSI21800MBeCW130530 (-8.00%) and HSI21200MBeCW130627 (unchanged).

The most active stock warrants by value today were Wilmar MBePW130903 (+5.00%), DBS MB eCW130910 (-3.74%), and HSBC UB

Yesterday in Asia

Tokyo fell 0.41 percent, or 54.22 points, to 13,221.44, and Sydney eased 0.34 percent, or 17.1 points, to 4,950.8. Seoul ended flat, edging up 1.76 points to 1,922.21 while Hong Kong was 0.46 percent lower, giving up 100.64 points to 21,672.03.

However, Shanghai rose 0.59 percent, or 12.91 points, to 2,194.85 on bargain-buying following three days of losses.

– Singapore rose 0.22 percent, or 7.21 points, to close at 3,291.58.

Real estate developer Capitaland was down 0.86 percent at Sg$3.47 while Singapore Telecom gained 1.40 percent to Sg$3.62.

– Taipei rose 0.48 percent, or 37.52 points, to 7,801.05.

Smartphone maker HTC rose 2.13 percent to Tw$263.5 while Taiwan Semiconductor Manufacturing Co. was 1.11 percent higher at Tw$100.5.

– Manila fell 0.75 percent, or 51.44 points, to 6,786.33.

SM Investment slipped 1.25 percent to 1,105 pesos while Ayala Corp. was down 0.91 percent at 595.50 pesos.

– Wellington fell 0.60 percent, or 26.87 points, to 4,427.83.

Fletcher Building was down 1.4 percent at NZ$8.45, casino operator SkyCity fell 2.1 percent to NZ$4.21 and Telecom was steady at NZ$2.44.

– Jakarta jumped 1.04 percent, or 50.66 points, to 4,945.25.

Cement producer Indocement Tunggal Prakarsa jumped 3.39 percent to 24,400 rupiah, while palm oil firm Astra Agro Lestari fell 1.62 percent to 18,250 rupiah.

– Kuala Lumpur added 0.16 percent, or 2.76 points, to 1,700.53.

Genting Malaysia gained 3.1 percent to 3.72 ringgit, while Petronas Dagangan added 2.3 percent to 23.50 ringgit. Hong Leong Financial Group shed 1.3 percent to 15.10 ringgit.

– Mumbai rose 2.11 percent, or 387.13 points, at 18,744.93 points, on hopes of an interest rate cut, as global commodity prices fell.

Maruti Suzuki rose 4.23 percent to 1,483.7 rupees. Oil and Natural Gas Corp. rose 3.87 percent to 331.5 rupees.

Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager

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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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