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ASEAN STOCK WATCH 6  August  2010

Flat Day on ASEAN Markets Expected

Shayne Heffernan

www.livetradingnews.com

Jakarta recovered strongly today bouncing back above the 3000 level. The Jakarta Composite Index gained 61.69 points, or 2.1 percent, to close at 3,044.94. Gainers outnumbered losers 154 to 48. Some 4.05 billion shares worth Rp 4.01 trillion ($449.1 million) changed hands.

Southeast Asia’s biggest economy grew 6.2 percent in the April-June quarter thanks to strong exports, investment and consumer demand, fueling expectations of full-year growth above 6 percent.

Foreign investors bought up $16.4 million worth of Indonesian shares on Thursday after two days of selling totaling $87 million, with higher-than-expected inflation figures for July and the prospect of a rate rise prompting profit-taking.

Financial stocks provided the biggest boost to the index, as Bank Central Asia, the nation’s largest bank by market value, rose 3.5 percent.

Bank Rakyat Indonesia, the nation’s second-biggest bank by assets, gained 2.7 percent, and Bank Danamon Indonesia rose 1.9 percent.

Palm oil producers also gained as the price of the commodity reached its highest level since March. Astra Agro Lestari, the nation’s biggest listed plantation company by value, surged 8.6 percent, and Perusahaan Perkebunan London Sumatra Indonesia, the second largest, advanced 4.9 percent.

Pakistan, the world’s third-biggest importer of palm oil, will increase purchases of vegetable and rapeseed oil from overseas this year as demand climbs during the holy month of Ramadan, a refiners’ group has said.

Pakistani imports of palm oil might climb to as much as 1.85 million metric tons from 1.75 million tons in 2009, said Rasheed Janmohammad, vice chairman of the Pakistan Edible Oil Refiners Association.

Timah, the nation’s largest tin mining company, gained 6.4 percent to Rp 2,500, rising for the first time from a 50-day low. Tin for three-month delivery advanced 2.2 percent to $20,290 a metric ton in London, the biggest increase since July 23.

Gains in the JCI were led by Astra International, as the most active stock by value in Jakarta, which rose 4.8 percent, or Rp 2,250, to Rp 48,750, and Telekomunikasi Indonesia increased 1.2 percent, or Rp 100, to Rp 8,200.

The next most-active issues were Bank Rakyat Indonesia, which rose 2.7 percent, or Rp 250, to Rp 9,450.

The rupiah strengthened for a 10th day, trading at 8,935 per dollar as of the stock market’s close. It has risen 4.8 percent to become Asia’s second-best performing currency outside Japan this year.

Bank Indonesia might seek to prevent a strengthening to 8,900 per dollar after the currency reached a three-year high this week, said Iwan Ridwan Gunandar, a foreign-exchange trader at Bank CIMB Niaga in Jakarta.

“The rupiah should still strengthen” as many investors are investing their money in Indonesia, Iwan said, although he did not expect it to break 8,900 any time soon.

Foreign funds have bought $1.3 billion more Indonesian equities than they sold this year, according to exchange data.

The Malaysia stock market ended mixed here on Thursday.

The Kuala Lumpur Composite Index (KLCI) was at 1,362.08 down 0. 66 point or 0.05 percent, and the Emas was at 9,237.78 up 6.24 points or 0.07 percent.

Turnover increased to 993.85 million shares valued at 1.58 billion ringgit Malaysia (500.48 million U.S. dollars).

The Finance Index rose 0.739 points to 12,285.27, the Plantation Index added 37.31 points to 6,468.67 while the Industrial Index fell 9.83 points to 2,661.26.

The FBM Emas Index increased 6.24 points to 9,237.78, the FBM70 Index increased 34.841 points to 9,258.94 and the FBM Ace Index went up 22.71 points to 3,845.25.

Market breadth was positive with gainers leading losers 362 to 349 while 276 counters were unchanged, 382 untraded and 30 others were suspended.

Volume rose to 993.853 million shares, valued at RM1.575 billion, from 811.414 million shares, worth RM1.188 billion, registered Wednesday.

Among active stocks, TimeDotCom added six sen to 71 sen, Time Engineering perked two sen to 47.5 sen and AirAsia increased 1.5 sen to RM1.65.

Zelan eased five sen to 73 sen and Sinotop fell one sen to 17 sen. Power plant builder, Mudajaya shaved off RM1.01 to RM3.92, its fourth day of decline, as the company was under probe by the Securities Commission.

As for heavyweights, Maybank was flat at RM7.74, Maxis added one sen to RM5.31, CIMB fell one sen to RM7.38, Sime Darby decreased 18 sen to RM7.52 and MISC dropped two sen RM8.82.

The Main Market volume rose to 893.586 million shares, valued at RM1.553 billion, from 699.711 million shares, worth RM1.167 billion, registered Wednesday.

Warrants was reduced at 45.999 million units, worth RM9.024 billion, from 55.384 million units, valued at RM9.846 million, previously.

Turnover on the ACE Market fell to 46.497 million shares, worth RM8.072 million, from 47.430 million shares valued at RM6.698 million, on Wednesday.

Consumer products accounted for 67.832 million shares traded on the Main Market, industrial products 139.502 million, construction 94.665 million, trade and services 292.401 million, technology 36.804 million, infrastructure 75.82 million, finance 56.269 million, hotels 2.603 million, properties 97.462 million, plantations 26.493 million, mining nil, REITs 3.634 million, and closed/fund 95,400.

The Stock Exchange of Thailand (SET) composite index on Thursday gained 7.58 points or 0.87 per cent to close at 874.92 points. The market value was 37.31 billion baht, with 9.20 billion shares traded.

Thailand’s exports rose 47.1 percent in June to a record $17.9 billion, prompting the government to raise its 2010 export growth target to 19 percent. The central bank forecasts shipments will grow as much as 27.5 percent this year.

A re-introduction of restrictions lifted in 2008 on funding entering the country to slow baht gains and protect exports “is not on agenda,” Korn said. “I haven’t heard the central bank talk about it.”

Economic growth in the second quarter “may soften,” Bank of Thailand Governor Tarisa Watanagase said yesterday. “But growth momentum remains strong for the rest of the year. All economic data are good, especially exports.”

Thailand’s Finance Ministry on June 29 raised its growth forecast for 2010 to as much as 6 percent. Consumer confidence gained for a second month in June while manufacturing output rose 21.3 percent from a year earlier, after a revised 17.5 percent gain in May.

Thailand’s economy may expand as much as 8 percent this year, the fastest pace since 1995, as surging overseas shipments help spur a recovery from the nation’s worst political violence in almost two decades.

“We are surprised by the rebound in exports and also the level in private investment and consumption,” Finance Minister Korn Chatikavanij said late yesterday.

Top five most active values were as follows;

TRUE closed at 6.00 baht, up by 0.90 baht or 17.65 per cent.

CPF closed at 25.25 baht, up by 1.45 baht or 6.09 per cent.

SCB closed at 93.00 baht, up by 1.25 baht or 1.36 per cent.

KBANK closed at 106.50 baht, up by 3.00 baht or 2.90 per cent.

KTB closed at 13.20 baht, up by 0.20 baht or 1.54 per cent.

Singapore closed higher on Thursday, with the benchmark Straits Times Index at 3,006.76, up 0.16 per cent, or 4.89 points.

About 1.89 billion shares exchanged hands.

Gainers beat losers 268 to 187.

CapitaLand Register $476m in 2Q10 Net Profit

CapitaLand reported a 2Q10 net profit of $476.1m, reversing from a net loss of $156.9m in Q209 due to a net fair value loss of $212.6m arising from the valuation of properties in Singapore and Australia. Revenue for 2Q10 rose 48% YoY to $873.9m as the developer saw better contributions from most of its business units. For 1H10, CapitaLand reported a net profit of $591.5m, reversing from a net loss of $114.1m in 1H09. Revenue rose 45% YoY to $1.56b. Looking ahead, the company unveiled plans to set up a new business unit to build ‘affordable housing’ in China and Vietnam. CapitaLand, which has cash reserves of some $4.9b and a gearing level of 0.28 times, is also exploring setting up new funds and JV in Malaysia, China and Vietnam.

Roxy-Pacific’s 2Q10 Earnings Rise 37%

Roxy-Pacific Holdings announced a 37% rise in its 2Q10 net profit to $12.8m on the back of a 27% growth in revenue to $55.4m. The improvement in turnover was a result of a 25% growth in revenue from its Property Development segment as well as a 145% surge in revenue from its Property Investment segment. In addition, its Hotel Ownership segment reported a 27% rise in revenue in the current quarter due to an increase in both the average occupancy rate and average room rate. Going forward, the balance amount of about $227.5m in attributable progress billings to be recognised from its development projects is expected to contribute to the group’s performance from next quarter.

Roxy-Pacific’s 2Q10 Earnings Rise 37%

Roxy-Pacific Holdings announced a 37% rise in its 2Q10 net profit to $12.8m on the back of a 27% growth in revenue to $55.4m. The improvement in turnover was a result of a 25% growth in revenue from its Property Development segment as well as a 145% surge in revenue from its Property Investment segment. In addition, its Hotel Ownership segment reported a 27% rise in revenue in the current quarter due to an increase in both the average occupancy rate and average room rate. Going forward, the balance amount of about $227.5m in attributable progress billings to be recognised from its development projects is expected to contribute to the group’s performance from next quarter.

Innovalues Returns To Profitability With $1.54m Net Profit Innovalues has returned to profitability, with its latest quarterly earnings ended in June show that the firm made a net profit of $1.54m, reversing a $1.02m loss it incurred over the same period last year. Revenue rose 28.6% on-year to $27.5m. The increased revenue was mainly due to higher orders following the recovery of global economy. Looking ahead, the firm says the recovery in its performance continues to gain traction and has embarked on reviewing the business strategy so as to ensure it will meet customers’ expectations.

WBL Corp. breached a share option agreement when it refused to seek approval to issue stock to ex- finance chief Kevin Lew Chee Fai, who was found liable in Singapore’s first civil insider trading lawsuit, a judge said.

Singapore High Court Judge Lai Siu Chiu ordered WBL to get the consent of the relevant authorities to issue Lew 167,500 shares for his stock options exercised in July 2007, according to the July 30 judgment, released today.

“If WBL does not obtain the requisite consent to issue the shares and hence is unable to do so,” Judge Lai said, “it would not be in breach of contract in refusing to issue the shares to Lew.”

Lew, 50, was forced to resign from WBL, a distributor of Volvo and Jaguar cars, in July 2007. The Monetary Authority of Singapore sued Lew, who it said avoided a loss of S$27,000 by selling WBL shares two days after learning it was forecast to report losses on July 2, 2007. Lew was fined S$67,500 ($50,000) last month for insider trading.


 


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