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ASEAN STOCK WATCH Asean Affairs   15  December  2010

ASEAN Markets Outlook

Shayne Heffernan

ASEAN Markets will be a little flat today however there will be some bright spots, in Thailand IRPC will be the subject of continued PTT buying.

Yee Lee and Genting in Malaysia should see gains as will Olam and Noble group in Singapore.

In Kuala Lumpur the Bursa Malaysia rose 0.17% to close at 1509.79 points on renewed buying interest in major companies.


Trading volume declined to 1158.46 mil shares worth RM1661.79 mil as compared to Friday’s 1531.65 mil shares worth RM2725.03 mil.

The Winners were IOI (+9 sen to RM5.81), DIGI (+60 sen to RM25.10), MISC (+18 sen to RM8.32), TNB (+6 sen to RM8.66) and GENM (+6 sen to RM3.33).

The Losers were CIMB (-26 sen to RM8.50), PUBLIC BANK (-4 sen to RM12.80), SIME (-3 sen to RM8.63), PETRONAS CHEMICALS (-3 sen to RM5.55) and UMW (-1 sen to RM6.80).

Market breadth was positive with 436 gainers as compared to 304 losers.

The Finance Index lost 0.30% to 13726.44 points, the Properties Index added 0.65% to 1025.65 points and the Plantation Index climbed 0.82% to 7926.79 points. The market traded within a range of 10.27 points between an intra-day high of 1517.15 and a low of 1506.88 during the session.

In Bangkok The Stock Exchange of Thailand (SET) composite index on Tuesday rose 4.09 points or 0.40 per cent to close at 1,037.41 points. The market value was 33.18 billion baht, with 4.37 billion shares traded.

PTT chairman Norkhun Sitthipong said yesterday that the company has approached shareholders including the Government Pension Fund, the Government Savings Bank and the Vayupak Fund. It is awaiting their response.

The Government Pension Fund holds 5.88% of IRPC, with the Government Savings Bank owning 9.69% and the Vayupak Fund 7%.

According to Mr Norkhun, next year is promising for IRPC’s performance given growing demand for polymer products in Asia.

Prospects are brighter despite the economic slowdown in developed countries, he said.

IRPC last week announced a plan to increase its budget for research and development in high-value polymers to 1% of sales next year from 0.1% this year, focusing on specialty monomers and chemical substances.

IRPC president Pailin Chuchottaworn said the company was installing a large research unit in its production base at Rayong. The move aims to increase the proportion of sales of specialty monomers and chemicals to 28% next year from 24% this year, rising to 40% by 2014.

Top five most active values were as follows;

IRPC closed at 5.85 baht, up by 0.50 or 9.35 per cent.

PTTCH closed at 148.00 baht, down by 2.00 or 1.33 per cent.

TRUE closed at 6.50 baht, up by 0.45 or 7.44 per cent.

PTT closed at 324.00 baht, down by 2.00 or 0.61 per cent.

IVL closed at 58.75 baht, up by 1.50 or 2.62 per cent.

In Singapore the STI fell 5.41 points or 0.17 percent on Tuesday with the benchmark Straits Times Index ( STI) closing at 3,176.91 points. The overall volume stood at 1.69 billion shares worth 1.31 billion Singapore dollars (about 1 billion U.S. dollars).

THE world’s five biggest airlines now hail from Asia and Latin America, highlighting the industry’s shift away from the US and Europe to higher-growth countries, the International Air Transport Association said on Tuesday.

Air China is twice the size of either Delta in the US or Germany’s Lufthansa. But despite emerging markets’ strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned.

Gainers led losers by 301 to 168 with another 743 unchanged.

In Manila the Philippine Stock Exchange index recouped 32.65 points or 0.79 percent to finish at 4,148.03.

The day’s rebound was led by the industrial, property and mining/oil sub-indices which all rose by more than 1 percent. All other counters gained albeit at a slower pace.

Gainers overwhelmed decliners 78 to 49 while 38 stocks were unchanged.

Value turnover amounted to P4.9 billion.

Investors loaded up on shares of Metropolitan Bank & Trust Co., Philippine Long Distance Telephone Co., Ayala Corp., Aboitiz Power Corp., Ayala Land Inc., San Miguel Corp., International Container Terminal Services Inc., Megaworld Corp., Manila Electric Co., Robinsons Land Corp., Banco de Oro Unibank Inc., Filinvest Land Inc., Philweb Corp. and Universal Robina Corp.

On the other hand, the market sold down shares of SM Investments Corp., Alliance Global Group Inc., DMCI Holdings Inc. and Cebu Air Inc.

In Jakarta the JCI slid 2.6 points, or 0.1 percent, to close at 3,689.67.

About 5.5 billion shares valued at Rp 5.1 trillion ($566 million) changed hands. Decliners outnumbered gainers 122 to 96.

Decliners included Bank Danamon, Indonesia’s sixth-largest lender by assets, which fell 1.6 percent to Rp 6,250.

Astra Agro Lestari, the nation’s largest listed plantation company by market value, slipped 1.9 percent to Rp 26,200.

Palm oil delivery in February lost as much as 0.5 percent to 3,705 ringgits per metric ton as the market closed on the Malaysia Derivatives Exchange.

Among the gainers was Bakrie Sumatera Plantations, Indonesia’s third-largest plantation company, which rose 2.6 percent to Rp 395. May-delivery rubber on the Tokyo Commodity Exchange climbed as much as 1.2 percent to 400.1 yen per kilogram (4,794 per metric ton) as the market closed in Japan.

Energi Mega Persada, Indonesia’s second-largest listed oil company, rose 1.5 percent to Rp 132. Crude oil’s January contract fell as much as 48 cents, or 0.5 percent, to $88.13 per barrel in electronic trading as the market closed on the New York Mercantile Exchange.

Indonesia’s rupiah strengthened to trade at 9,008 against the US dollar on Tuesday, rising from 9,015 on Monday.

The local currency rose on speculation that discussions by US policymakers would increase funds that can be invested in emerging market assets. The Dollar Index traded on ICE Futures in New York slid 1 percent on Monday amid speculation the Federal Reserve would signal it is open to increasing debt purchases beyond the $600 billion already announced last month.

The rupiah has gained 4.2 percent this year as capital inflow boosted purchases of local bonds by 81 percent to 195.8 trillion rupiah as of Dec. 9.


Shayne Heffernan brings more than 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over US$500m and 1 that reach a peak market cap of US$15billion. He has managed and overseen start-ups in Mining, Shipping, Technology and Financial Services.


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