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ASEAN STOCK WATCH 1 April 2010

Shayne Heffernan
www.livetradingnews.com

Ebeling Heffernan still expect further stock market gains in Southeast Asia’s two biggest economies, after strong economic data, solid earnings growth Shayne Heffernan said today.

Thailand SET hit a fresh 22-month high as strong economic data for February pointed to sustainable growth that have discounted the so-called political tensions. Thailand has attracted $1.6 billion in foreign buying in the past five weeks.

Thai annual inflation was a little lower than expected in March at 3.4 percent while core inflation remained below the central bank’s target range, suggesting interest rates would remain on hold on April 21 at a record low. Thai equities are up 9.3 percent this year, Asia’s fifth-strongest stock market. Shayne Heffernan of Ebeling Heffernan has put an early 2011 target of 1000 on the SET.

Energy and bank shares led gainers. Energy firm PTT rose 3.4 percent, PTT Exploration and Production surged 4.3 percent and Kasikornbank closed up 2.6 percent. Cement shares surged after strong sales in February, Siam Cement SCC.BK, jumping 4.3 percent, Siam City Cement SCCC.BK climbing 1.3 percent and TPI Polene TPIP.BK gaining 2.3 percent.

Indonesia stocks approached a record high on Thursday after inflation data stoked expectations the central bank will keep its interest rate at a record-low next week.

The rise in Indonesia’s stock index does not mean its stocks were overvalued. It still has ample opportunity to grow, strong domestic demand and commodity prices across the resource-rich Indonesian.

The rally in Jakarta pushed its gains for the year to 11.5 percent, Asia’s best performer. Investors snapped up stocks seen as beneficiaries of domestic growth, pushing Astra International (ASII) 6.2 percent higher and Bank Rakyat (BBRI) up 5.5 percent. Both stocks hit record highs.

PT Adaro Energy, Indonesia’s largest coal producer by market value, said on March 31 net income surged almost fivefold last year to 4.37 trillion rupiah on output gains and higher fuel prices. The shares climbed for a fifth day, advancing 2 percent to 2,000 rupiah.

Indonesia’s debt rating may reach investment grade by 2012 as the country’s economic and political conditions improve, Standard Chartered Plc said in a recent report.

The Indonesian rupiah has risen 3.6 percent this year, the second-best-performing currency in Asia, according to data compiled by Bloomberg. A strong rupiah and low inflation have helped the central bank keep its key interest rate at a record low of 6.5 percent to support Southeast Asia’s biggest economy.

Consumer Prices

The nation’s consumer price index rose 3.43 percent in March from a year earlier, the central statistics agency said in Jakarta today. That compares with the 3.7 percent median estimate of 22 economists in a Bloomberg News survey. The inflation rate was 3.81 percent in February, a report showed last month.

Indonesia’s central bank, which will meet on April 6 to review its policy, has kept borrowing costs unchanged since cutting them to a record low in August to help the economy avoid a recession. It has refrained from following Malaysia, India and Australia in raising interest rates this year even as inflation returns to the region amid a global recovery.

The central bank on March 8 raised its economic growth forecast to 5.6 percent from 5.2 percent, citing rising consumer spending. Indonesia’s domestic car sales in February jumped 61 percent from a year earlier, Astra International said on March 19. Shares of Astra, which posted a record 2009 profit, have risen 28 percent this year.

Singapore shares closed 0.8 per cent higher on Monday helped by firmer Asian markets and positive US stock futures.

The Straits Times Index (STI) gained 22.86 points to 2,929.14.

Volume was light at 1.35 billion shares valued at S$1.16 billion, suggesting the local bourse may have trouble making new highs in the near-term.

Gainers outpaced losers 319 to 154.

Rig builders led the market higher, supported by investors seeking out companies with a strong record of cash generation.

Sembcorp Marine jumped 4.2 per cent to S$4.25, its parent company Sembcorp was up 3.3 per cent at S$4.13 and Keppel Corp advanced 1.8 per cent to S$9.31.

Palm oil stock Golden Agri-Resources rose 0.9 per cent to S$0.55, extending Friday’s rebound after falling to a three-week low on customer unease over the company’s Indonesian unit’s plantation practices.

Noble Group lost 0.9 per cent to S$3.15 after RBS cut its trade recommendation to “hold” from “buy” and its target price to S$3.84 from S$3.94.

Global Market Indexes

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
12,144.33
+106.60 (0.89%)
+41.28%
Apr 01, 4:00pm
flag
Mexican Bolsa IPC Index
33,266.43
-133.03 (-0.40%)
+70.33%
Apr 01, 4:00pm
flag
Brazil Bovespa Index
71,096.29
+724.75 (1.03%)
+74.89%
Apr 01, 4:00pm
flag
Argentina Merval Index
2,373.71
-31.06 (-1.29%)
+111.32%
Apr 01, 4:00pm
flag
Chile IPSA Index
3,799.38
+36.26 (0.96%)
+52.34%
Apr 01, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
11,244.40
+154.46 (1.39%)
+36.53%
Apr 01, 4:00pm
flag
ASX All Ordinaries
4,925.90
+32.80 (0.67%)
+38.59%
Apr 01, 4:00pm
flag
Seoul Composite
1,719.17
+26.32 (1.55%)
+43.57%
Apr 01, 4:00pm
flag
Hong Kong Hang Seng
21,537.00
+297.65 (1.40%)
+60.05%
Apr 01, 4:00pm
flag
Shanghai
3,147.42
+38.31 (1.23%)
+33.48%
Apr 01, 4:00pm
flag
Taiwan Weighted
8,013.09
+93.03 (1.17%)
+53.92%
Apr 01, 4:00pm
flag
Singapore Straits Times
2,943.02
+55.56 (1.92%)
+75.90%
Apr 01, 4:00pm
flag
Bombay Sensex Index
17,692.62
+164.85 (0.94%)
+84.91%
Apr 01, 4:00pm
flag
Jakarta Composite
2,830.00
+52.70 (1.90%)
+99.42%
Apr 01, 4:00pm
flag
Kuala Lumpur Composite
1,329.84
+9.27 (0.70%)
+52.97%
Apr 01, 4:00pm
flag
PSE Composite
3,161.80
-40.37 (-1.26%)
+56.28%
Apr 01, 4:00pm
flag
Sri Lanka All Share
3,746.50
+21.91 (0.59%)
+127.81%
Apr 01, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,744.89
+65.25 (1.15%)
+52.67%
Apr 01, 4:00pm
flag
Paris CAC 40
4,034.23
+60.22 (1.52%)
+48.35%
Apr 01, 4:00pm
flag
Frankfurt Index
6,235.56
+82.01 (1.33%)
+56.31%
Apr 01, 4:00pm
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
+26.76%
Mar 31, 5:30pm
flag
Belgium 20 Index
2,680.56
+32.10 (1.21%)
+57.64%
Apr 01, 4:00pm
flag
Swiss Market Index
6,888.92
+15.55 (0.23%)
+45.16%
Apr 01, 4:00pm
flag
OSE Norway All Share
425.23
+3.78 (0.90%)
+60.41%
Apr 01, 4:00pm
flag
ATX Vienna
2,658.30
+24.30 (0.92%)
+64.04%
Apr 01, 4:00pm
flag
Amsterdam Total Return General
351.44
+7.22 (2.10%)
+66.47%
Apr 01, 4:00pm
flag
Madrid General
1,142.41
+19.33 (1.72%)
+43.14%
Apr 01, 4:00pm
flag
Stockholm General Index
329.27
+4.79 (1.48%)
+68.87%
Apr 01, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,158.70
+3.28 (0.28%)
+76.10%
Apr 01, 10:45am
flag
TEL-TECH INDEX
324.83
+0.80 (0.25%)
+84.75%
Apr 01, 10:45am
flag
TEL-TECH-15 INDEX
280.52
+0.35 (0.12%)
+74.51%
Apr 01, 10:45am

 

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