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ASEAN STOCK WATCH Asean Affairs   18  August  2011

Asean Stock Watch- August 18

AseanAffairs

US

The Dow Jones Industrial Average closed up 4.28 points at 11,410.21.The S&P 500 gained 1.12 points at 1,193.88, while the Nasdaq composite fell 11.97 points, or 0.47 percent at 2,511.48.

All three major indexes are poised for their best week in almost a month. Meanwhile, European recovered from earlier losses to close at their highest level in more than a week.

Asian stocks opened softer Thursday, as weakness in the outlook for major technology companies renewed fears of a weaker economy Gold prices settled at US$1,788.50 an ounce amid fears over euro debts, while crude oil was at $87.18 a barrel.

Malaysia

Share prices on Bursa Malaysia opened firmer Thursday, supported by gains in selected bluechips following optimism over GDP growth figures.

At 9.45am, the FBM KLCI was 2.37 points or 0.16 per cent higher at 1,505.44 after opening at 1,506.71

Dealers said the market was lifted by positive remarks by Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz that the economy would be able to maintain its forecast of five to six per cent growth for 2011, driven by strong fundamentals and the Economic Transformation Programme (ETP).

The central bank announced yesterday that Malaysia's economy grew 4.0 per cent in the second quarter.

Bursa Malaysia's Finance Index rose 33.939 points to 14,303.13, the Plantation Index gained 26.31 points to 7,365.93 and the Industrial Index added 5.8 points to 2,768.6.

The FBM Emas Index rose 12.101 points to 10,325.15, the FBM Mid 70 Index advanced 4.67 points to 11,326 and the FBM Ace Index increased 17.36 points to 3,915.1.

Gainers outpaced losers 166 to 124 while 184 other counters were unchanged.

A total of 149.28 million shares worth RM174.04 million were traded.

Among active stocks, MAA Holdings gained seven sen to 63 sen, Hap Seng Cons-Warrants earned three sen to 53 sen and Esso Malaysia fell 75 sen to RM4.20.

For heavyweights, Maybank and CIMB added three sen each to RM8.71 and RM8.18 while Sime Darby gained eight sen to RM8.96.

Philippines

Philippine share prices broke a five-day rally while the peso slipped against the US dollar on Wednesday on renewed pessimism about global economic concerns and the lack of confidence in the plan of European leaders to deal with their debt crisis.

At the Philippine Stock Exchange, the composite index lost 32.43 points, or 0.74 percent to 4,340.27, while the broader all-shares index fell 20.91 points, or 0.68 percent to 3,035.38.

Decliners beat advancers, 102 to 44, while 36 issues were unchanged. A total of 5.17 billion worth P6.59 billion changed hands.

“After a series of positive spins that buoyed confidence and sent market indexes higher for consecutive days, pessimism crept back into the collective consciousness of investors after the summit of Europe’s leaders failed to draw a clear path to arrest the crisis confounding the region’s fiscal health,” said Jun Calaycay of Accord Capital Equities Corporation.

US stocks ended a three-day rally following muted growth figures in Germany in the last quarter and mixed housing and factory reports. Overnight, the Dow Jones Industrial Average fell 76.97 points, or 0.7 percent, to close at 11,405.93.

Analysts expect the market’s weakness to persist on Thursday as investors book their profits and the main index encounters resistance at the 4,360 mark, its 50-day exponential moving average.

“Such drops cause bargain hunters and contrarians to raise the ante on their bets, providing support and balancing the sell pressure,” said Calaycay.

“Notwithstanding, we expect volatility to taper off relative to what we have been experiencing since last week. Bias is lower as the negative drivers will come mostly from the external concerns from abroad, particularly the more developed countries,” said AB Capital Securities Inc.

Support is at the 4,330-line, while resistance is at 4,370 to 4,400.

Asian currencies, including the peso, were mostly down on Wednesday after the euro slipped against the US dollar amid growing investor concerns that French and German plans for closer fiscal integration may be insufficient to stop the regional debt crisis from spreading further.

At the Philippine Dealing System, the local unit lost 6 centavos to close at 42.445 to the greenback from 42.385 the previous trading day.

The leaders of France and Germany on Tuesday unveiled wide-reaching plans for closer euro zone integration, including deficit limits and biannual summits, but said joint euro bonds could only be a longer-term option.

“Under heavy pressure to restore confidence in the euro zone following a dramatic market slump, President Nicolas Sarkozy and Chancellor Angela Merkel stopped short of increasing the euro zone’s [European Financial Stability Facility] rescue fund but vowed to stand shoulder-to-shoulder in defending the single currency,” an analyst from the Metropolitan Bank and Trust Co. said in a commentary.

However, the highly anticipated proposals from the two leaders failed to shore up investors’ confidence in the euro zone, resulting in the euro trading within a tight range against the dollar before subsequently losing ground, traders said.

The dollar-peso pair opened at 42.44 and moved in tight range to a high of 42.50 and to a low of 42.41. Total trading volume eased to $736.64 million from $1.051 billion the previous trading day.

Traders expect the currency pair to trade at 42.10 to 43.10 within the week.

Singapore

Singapore shares opened higher on Thursday, with the benchmark Straits Times Index at 2,836.67 in early trade, up 0.29 percent, or 8.14 points.

Around 60.5 million shares exchanged hands.

Gainers beat losers 80 to 66.

Thailand

The Stock Exchange of Thailand main index went up 16.49 points or 1.53 percent to close at 1,093.51 points at the end of trading session on Wednesday. The trade value was 33.84 billion baht, with 5.60 billion shares traded.

The SET50 index ended at 760.83 points, up 12.00 points or 1.60 percent, with a total trade value of 23.60 billion baht.

The SET100 index went up 26.94 points or 1.65 percent to stand at 1,659.84 points, with a total turnover of 28.21 billion baht.

The SETHD index went up 16.33 points or 1.58 percent to stand at 1,047.92 points, with total trade value of 7.20 billion baht.

The MAI index went up 3.89 points or 1.27 percent to close at 309.63 points, with total transaction value of 832.65 million baht.

Top five most active values were as follows;

PTT closed at 332.00 baht, up 9.00 baht (2.79 percent)

KTB closed at 20.30 baht, up 0.40 baht (2.01 percent)

BBL closed at 159.00 baht, up 1.00 baht (0.63 percent)

SCB closed at 117.00 baht, unchanged

KBANK closed at 134.00 baht, up 2.50 baht (1.90 percent)

Vietnam

Shares rose more vigorously on Wednesday with about 65 percent of codes posting gains on both national stock exchanges. Market volumes and values also increased as investors began hunting for cheap shares.

In HCM City, the VN-Index gained another 1.81 percent to close at 393.46 points. The market value rose strongly to VND805.5 billion (US$38.7 million), up from yesterday's value of just VND299 billion ($14.4 million), while the volume of trades doubled to 39.3 million shares.

Gainers outnumbered losers by 198-40, with most blue chips increasing, of which insurer Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai (HAG), PetroVietnam Finance (PVF) and Saigon Securities Inc (SSI) hit their daily ceiling prices of around 5 percent.

SSI was also the most active shares on the HCM City bourse with 2.77 million shares changing hands, closing at VND17,900 ($0.86) a share.

Among the 10 largest shares by capitalisation, only food producer Masan Group (MSN) dropped (by 5 percent).

In Ha Noi, the HNX-Index closed up 2.4 percent at 67.41 points. Both trading volume and value tripled yesterday to 50 million shares worth more than VND480 billion ($23.1 million).

Advancers outnumber decliners sixfold.

Kim Long brokerage house (KLS) was still the most speculative share nationwide with 7.9 million shares changing hands, rising 4 percent to close at VND10,300 a share.


 


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