ASEAN KEY DESTINATIONS
ASEAN Market Outlook
By Shayne Heffernan Ph.D.
Overnight in the USA
Industrial, technology and consumer-discretionary stocks led losses in the 10 main S&P 500 industry groups, while telephone companies posted the biggest gains. DuPont Co. lost 2.4 per cent to help lead declines in the Dow Jones Industrial Average after the chemical company said quarterly sales volumes fell 2 per cent, led by declines in the electronics unit and in the Asia-Pacific region.
Financial shares in the S&P 500 slid 0.7 per cent as a group. Wall Street banks will have two years to implement the so-called Volcker rule so long as they make a "good faith" effort to comply with the ban on proprietary trading, US regulators said. Banks will have the "full two-year period" provided by the Dodd-Frank financial overhaul law to "fully conform" their activities and investments, the Federal Reserve and four other US agencies said in a statement today.
The Philadelphia Fed's general economic index decreased to 8.5 in April, the lowest level since January and less than the median forecast of economists for a reading of 12. The Labor Department reported initial jobless claims of 386,000 last week, topping the median estimate of 370,000.
Yesterday In Asia
Tokyo slipped 0.82 percent, or 78.88 points, to 9,588.38, Seoul fell 0.23 percent, or 4.67 points, to 1,999.86 and Sydney closed 0.32 percent, or 14.0 points, higher at 4,362.7.
Hong Kong rose 1.03 percent, or 214.28 points, to 20,995.01 and Shanghai ended flat, dipping 2.22 points to 2,378.63.
Singapore added 0.25 percent, or 7.63 points, to 3,008.21.
Oversea-Chinese Banking Corp. rose 0.45 percent to Sg$8.95 while vehicle distributor Jardine Cycle and Carriage shed 0.94 percent to Sg$47.45.
– Taipei closed 0.23 percent, or 17.69 points, higher at 7,622.69.
TSMC was 0.94 percent higher at Tw$85.8 while Hon Hai Precision fell 2.31 percent to Tw$105.5.
– Manila closed 0.24 percent or 12.92 points, lower at 5,173.28.
Philippine Long Distance Telephone shed 0.85 percent to 2,550 pesos and Ayala Land dropped 1.5 percent to 21.55 pesos.
– Wellington closed flat, edging up 2.43 points to 3,525.19.
Contact Energy added 0.20 percent to NZ$4.91 and Telecom was unchanged at NZ$2.53, while Air New Zealand was up 1.15 percent at NZ$0.88.
– Kuala Lumpur shed 0.14 percent, or 2.24 points, to 1,596.62.
Financial firm CIMB Group Holdings shed 0.52 percent to 7.63 ringgit, while UEM Land Holdings lost 4.59 percent to 2.08 ringgit. Utility Tenaga Nasional gained 0.61 percent to 6.59 ringgit.
– Jakarta was flat, edging down 2.52 points to 4,163.72.
– Bangkok finished 1.48 percent, or 17.29 points, higher at 1,185.34.
– Mumbai rose 0.64 percent, or 111.32 points, to 17,503.71.
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