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ASEAN STOCK WATCH Asean Affairs   23  August  2011

Asean Stock Watch- August 23



Libyan rebels, we are told this morning, have captured Col. Muammar Gaddafi’s stronghold in the Libyan capital, Tripoli.

On the news this morning, the Dow rallied 125 points and is close to 11,000 again after Friday’s late-day sell-off.

Dow Jones Industrial Average closed up 37 points, or 0.34 percent at 10,854.65, led S&P 500 rose 0.29 points, or 0.03 percent at 1,123.82. Nasdaq gaind 3.54 points, or 0.15 percent at 2,345.38.

No major economic news for the day, investors will await new home sales figures, durable goods orders data and GDP numbers throughout the week.

Meanwhile gold closed up at US$1,891 an ounce, another new high, as investors fled to the commodity as a safe-haven play amid fears of another U.S. recession and the euro zone's debt crisis. Gold should be at above US$2,000 an ounce for most of next year, traders said.


Indonesia’s benchmark stock index finished lower for a second straight day, with the finance and commodities-based sectors leading the slide amid concerns the global economy would slip back into recession.

Shares of consumer goods manufacturers, however, rose on expectations that household spending would increase a week before the end of Ramadan.

The Jakarta Composite Index lost 3.13 points, or 0.1 percent, to close at 3,839.62. But gainers beat decliners by 123 to 101. Almost five billion shares worth more than Rp 5 trillion ($585 million) were traded. Foreign investors sold Rp 685 billion more in shares than they bought.

“The market will be volatile this week. Global sentiment is still vulnerable, and investors will become more defensive before the long holiday,” said Felix Sindhunata, an analyst at Henan Putihrai, a Jakarta-based securities firm.

Investment banks such as Goldman Sachs have been lowering their forecasts on growth in the United States, the world’s largest economy. That and concerns over Europe’s debt crisis have forced investors to dump equity and invest in safe-haven assets such as gold, which is trading at a record high.

Bank Central Asia, the country’s third-largest lender by assets, dropped 3.1 percent to Rp 7,750. Bank Mandiri, the second biggest, slipped 2.2 percent to Rp 6,800. Coal miner Borneo Lumbung Energi & Metal declined 3.4 percent to Rp 1,150.

Meanwhile, the consumer goods sector rose 1.5 percent. Beverage producer Ultra Jaya Milk Industry & Trading gained 1.6 percent to Rp 1,240, while cigarette maker Gudang Garam rose 1.8 percent to Rp 53,950.

The rupiah gained 0.1 percent to Rp 8,539 on Monday.


Investors remained cautious on Tuesday despite Asian markets opening higher on speculation of another round of quantitative easing in the US, an improvement in a gauge of US industrial production data and Wall Street edging higher at close.

Gold prices reflected investor sentiments with the metal rising to another all-time high at US$1,913.50 an ounce at 9.29am before retreating to US$1,897.10.

At 10am, the local bourse's benchmark FBM KLCI was a tenth of a percent lower at 1,470.60 while Singapore's Straits Times Index dropped two-thirds of a percent to 2,713.25.

Tokyo's Nikkei 225 was up a tenth of a percent to 8,636.78 at the midday break, Hong Kong's Hang Seng Index shed 0.30 percent to 19,427.88, Shanghai's A share index gained 0.17 percent to 2,520.25 and Seoul's Kospi Index advanced 1.68 percent to 1,739.51.

At Bursa Malaysia, trading was thin with 138.76 million shares done with at a turnover of RM218.86 million. Losers outpaced gainers 200 to 153 while 192 other counters were traded unchanged.

Sunway, the newly merged entity that took over the listings of SunCity and Sunway Holdings, fell 26 sen to RM2.54.

Among industrial stocks, Tasek was down 9 sen to RM7.70, Innorprise shed 12 sen to RM1.17 and Metech tumbled 16.5 sen to 31.5 sen.

Supermax was 9 sen lower at RM3.02, Tradewinds lost 7 sen to RM9.08 and Amway was down 9 sen to RM8.93.

Nymex crude oil in electronic trade was up 16 cents to US$84.58 per barrel.

The ringgit was quoted at 2.974 to the greenback and 4.275 to the euro.


Philippine share prices on Monday faltered as fears of a global recession heightened risk aversion.

At the Philippine Stock Exchange, the composite index lost 48.79 points, or 1.12 percent to 4,291.11, while the broader all-shares index fell 28.17 points, or 0.93 percent to 2,989.37.

Among the six counters, only the mining and oil index bucked the downtrend, rising 2.68 percent on surging gold prices.

Losers beat gainers, 72 to 61, while 37 stocks were unchanged. A total of 4.42 billion stocks worth P4.45 billion changed hands.

“Fund managers are risk averse. They continue to realign their portfolios to other less risky assets because a potential crisis is staring us in the face,” Astro del Castillo, managing director at First Grade Finance Inc.

Asian stocks were broadly lower Monday, while shares in Japanese exporters faltered on concerns over the appreciation of the yen.

Del Castillo said the market is expected to trade at this range for the next two weeks, unless the US and Europe, the two major sources of uncertainties, come out with a clear-cut solution to their problems.

“We cannot deny the fact that we continue to be part of web of international trade and unless we see progress from big economies that consume our exports and ensure the continued remittances of overseas Filipinos that can boost consumption, market will be trading at this pace,” he said.

Asian currencies were mixed Monday as hopes the US Federal Reserve might take action to keep the world’s biggest economy from slipping back into recession offset fears of a global slowdown.

At the Philippine Dealing System, the peso edged higher to the dollar to close at 42.450, up 19 centavos from 42.64 on Friday.

The dollar-peso pair opened at 42.590 and moved to a high of 42.610 and to a low of 42.450. Total trading volume eased to $735.580 million from $841.580 million last week.

The currency pair is expected to trade within the 42.10 to 43.10 range within the week.


Singapore shares opened higher on Tuesday, with the benchmark Straits Times Index at 2,733.7 in early trade, up 0.07 percent, or 1.89 points.

Around 27.1 million shares exchanged hands.

Gainers beat losers 51 to 48.


The Stock Exchange of Thailand main index went down 1.36 points or 0.13 percent to close at 1,067.84 points at the end of trading session on Monday Afternoon. The trade value was 34.17 billion baht, with 4.50 billion shares traded.

The SET50 index ended at 741.98 points, down 0.88 points or 0.12 percent, with a total trade value of 24.90 billion baht.

The SET100 index fell 1.37 points or 0.08 percent to stand at 1,619.72 points, with a total turnover of 29.25 billion baht.

The SETHD index went down 4.64 points or 0.45 percent to stand at 1,017.24 points, with total trade value of 8.36 billion baht.

The MAI index went up 5.90 points or 1.93 percent to close at 312.37 points, with total transaction value of 489.89 million baht.

Top five most active values were as follows;

PTT closed at 315.00 baht, down 3.00 baht (0.94 percent)

BANPU closed at 632.00 baht, down 26.00 baht (3.95 percent)

KBANK closed at 129.00 baht, down 2.00 baht (1.53 percent)

SCB closed at 117.50 baht, up 0.50 baht (0.43 percent)

PTTCH closed at 139.00 baht, down 3.50 baht (2.46 percent)


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This year in Thailand-what next?

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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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