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ASEAN STOCK WATCH Asean Affairs   25  August  2011

Asean Stock Watch- August 25

AseanAffairs

US

The Dow Jones Industrial Average surged 143.95 points, or 1.29 percent, to close at 11,320.71,

The S&P 500 gained 15.25 points, or 1.31 percent, to end at 1,177.60. All 10 S&P sectors finished higher, led by financials and utilities.

The Nasdaq composite rose 21.63 points, or 0.88 percent, to finish at 2,467.69.

Malaysia

The FBM KLCI and other stock markets in Asia slipped on Wednesday, as investors took in Moody's downgrade of its rating on Japanese government debt and shrugged off both a surge on Wall Street and fresh efforts by the Japanese government to prop up feeble economic growth.

In the news were CIMB Group Holdings Bhd, which announced record second quarter earnings and Axiata Group Bhd, which also saw its net profit rise in the similar quarter.

However, local airlines Malaysia Airlines (MAS) and AirAsia Bhd saw higher fuel cost eat into their second quarter operating numbers, with MAS posting a net loss of RM526.68mil while AirAsia posted a slight drop in its net profit at RM104.26mil.

Philippines

Philippine share prices on Wednesday fell slightly as investors booked their profits, particularly on Philippine Long Distance Telephone Co. (PLDT).

At the Philippine Stock Exchange, the composite index lost 8.94 points, or 0.20 percent to 4,366.45, while the broader all-shares index rose 2.3 points, or 0.08 percent to 3,014.02.

Gainers beat losers, 80 to 63, while 44 stocks were unchanged. A total of 7.26 billion stocks were traded. Value turnover rose significantly to P18.18 billion following a special block sale of Manila Electric Co. shares worth P13 billion.

Index heavyweight PLDT led the drop of the benchmark index, losing 3.29 percent to close at P2,350.

“PLDT was lower today due to its cash dividend. Stocks typically decline on the ex-date of their cash dividends as the ex-date is the first day investors can sell the stock and still receive the cash dividend,” said Prince Anthony Yeung of AB Capital Securities Inc.

The PSE index ignored the positive sentiment from the rise in Wall Street and mirrored the general weakness in Asian stocks, dragged by Moody’s credit downgrade of Japan.

The Dow Jones Industrial Average had its best day since August 11, jumping 322 points, or 3 percent to 11,176.76.

“Concerns on the global economy tend to pain the sentiment. Now it’s Japan and the other economies being affected by a stronger currency,” said Astro del Castillo, managing director at First Grade Finance Inc., adding that trading is expected to remain subdued for the rest of the week ahead of a long weekend.

“The market remains in consolidation as we face these risks. This volatility will remain until a clear direction of the global economy will be seen,” del Castillo added.

Asian currencies also were muted Wednesday following Moody’s downgrade of Japan’s credit rating and weak US home sales figures.

At the Philippine Dealing System, the peso shed 15 centavos to close at 42.475 against the US dollar from 42.325 the previous trading day.

The dollar-peso pair opened at 42.280 and moved to a high of 42.475 and to a low of 42.260.

Total trading volume went up to $825.030 million from $718.240 million the previous trading day. The currency pair is expected to trade within the 42.200 to 43.100 range this week.

Singapore

Singapore shares closed lower on Wednesday, with the benchmark Straits Times Index at 2719.90, down 1.66 percent, or 45.25 points.

About 1.6 billion shares exchanged hands.

Losers beat gainers 353 to 166.

Thailand

The Stock Exchange of Thailand main index went down 10.85 points or 1.03 percent to close at 1,046.43 points at the end of trading session on Wednesday afternoon. The trade value was 33.05 billion baht, with 1.28 billion shares traded.

The SET50 index ended at 725.70 points, down 8.13 points or 1.11 percent, with a total trade value of 25.02 billion baht.

The SET100 index fell 17.90 points or 1.12 percent to stand at 1,584.72 points, with a total turnover of 28.71 billion baht.

The SETHD went down 5.77 points, or 0.57 percent, to 1,007.01 points, with the total trade value of 7.42 billion baht.

The MAI index dropped 2.50 points or 0.83 percent to close at 298.85 points, with total transaction value of 620.69 million baht.

Top five most active values were as follows;

BANPU closed at 594.00 baht, down 18.00 baht (2.94 percent)

KBANK closed at 124.50 baht, down 1.50 baht (1.19 percent)

BBL closed at 151.00 baht, down 3.50 baht (2.27 percent)

SCB closed at 114.50 baht, down 2.00 baht (1.72 percent)

PTTCH closed at 129.00 baht, down 3.00 baht (2.27 percent)




 


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By David Swartzentruber      

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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