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ASEAN STOCK WATCH Asean Affairs   17  December  2010

ASEAN Markets to Rally

Shayne Heffernan

ASEAN Stocks will be moving forward today.

In Manila the Philippine market slipped 1.51 percent on Thursday. The bellwether Philippine Stock Exchange index lost 61. 74 points to 4,013.49, while the broader all-share index shed 1.41 percent or 40.67 points to 2,833.53.

Trading volume reached 513 million shares worth 1.45 billion pesos (33 million U.S. dollars).

In Hanoi the Vietnam’s stock market index, VN-Index, closed at 480. 21 points on Thursday, down 13.26 points or 2.69 percent against the previous trading day.

A total of 80.79 million shares worth 1.9 trillion Vietnamese dong (VND) (97.54 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange.

HNX-Index, the index of Vietnam’s Hanoi Stock Exchange, went down 5.17 points, or 4.29 percent, to 115.43 points.

In Shanghai the China’s benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,898.14 Thursday, down 13.27 points, or 0.46 percent, from the previous close. Total turnover was 110.9 billion yuan (16.65 billion U.S. dollars).

In Shenzhen the Shenzhen Component Index on the Shenzhen Stock Exchange closed lower Thursday to end at 12,795.68 points, down 33. 68 points, or 0.26 percent.

Total turnover was 105 billion yuan (15.79 billion U.S. dollars) .

Hong Kong stocks closed down 306.57 points, or 1. 33 percent, at 22,668.78 on Thursday.

Turnover totaled 76.27 billion HK dollars compared with Wednesday’s 72.45 billion HK dollars (1 U.S. dollar equals to 7.77 HK dollar).

The shares prices in Singapore rose a mere 0.47 point on Thursday with the benchmark Straits Times Index (STI) closing at 3,147.67 points.

Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, fell 1.1 percent in London yesterday, extending its seven-day drop to 6.1 percent.

Cosco Corp. Singapore Ltd. (COS ), a China-based shipbuilder that also operates bulk carriers, dropped 1.4 percent to S$2.11. STX Pan Ocean Co. (STX), South Korea’s biggest bulk carrier, rose 0.2 percent to S$13.12.

Amtek Engineering Ltd. (AMTK SP): The supplier of precision components to companies such as Sony Corp. said third-quarter net profit doubled to $12.5 million from $6 million a year earlier. The stock climbed 2.9 percent to S$1.08.

DBS Group Holdings Ltd. (DBS SP): Southeast Asia’s biggest lender by assets said it is targeting China’s revenue contribution to reach 10 percent within five year. DBS, which is taking over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China, fell 0.9 percent to S$13.90.

Olam International Ltd. (OLAM SP): The supplier of agricultural commodities said it bought 100 percent of Timber International, which holds 1.6 million hectares of forest concessions in the Republic of Congo and Republic of Gabon, for 29.6 million euros ($39 million). Olam decreased 1.3 percent to S$3.07.

Singapore Airlines Ltd. (SIA SP): The world’s second- biggest carrier said overall load factor fell to 70.1 percent in November from 72.3 percent a year earlier. The stock declined 2 percent to S$15.46.

Tiger Airways Holdings Ltd. (TGR SP): The budget carrier partly-owned by Singapore Air said it has reached a confidential out-of-court settlement with Swissport International Ltd. The stock lost 0.5 percent to S$1.85.

The overall volume stood at 1.11 billion shares worth 1.39 billion Singapore dollars (about 1.1 billion U.S. dollars).

The Stock Exchange of Thailand (SET) composite index on Thursday moved down 5.87 points or 0.57 percent to close at 1, 029.60 points.

Some 4.09 billion shares worth 42.16 billion baht (about 1.40 billion U.S. dollars) changed hands.

Thailand’s Stock market remains one of the most attractive investment destinations in the world according to Shayne Heffernan. Despite todays fall, the overall outlook for Thailand remains very strong and the current and the current market should be viewed as a buying opportunity.

Listed firms posted a combined net profit of 151 billion baht in the third quarter, an increase of 17.6% quarter-on-quarter and 30.3% year-on-year.

The improved results were attributed to foreign-exchange gains.

Despite some negative signals that growth may be slowing in some businesses, the overall economic indicators continue to point to strong financial statements and liquidity for listed companies.

The Stock Exchange of Thailand (SET) said that listed companies achieved combined third-quarter revenue of 1.81 trillion baht, up by 6.72% year-on-year, thanks to cost reductions and improvements in production efficiency. The improvements lifted the operations-to-cost ratio to 91.43%, from 90.49% in the same period last year.

Revenue from operations totalled 155 billion baht, down by 3.85% year-on-year.

Profitable companies numbered 401 out of the total 506 listed firms.

Ebeling Heffernan Strong Buy PTTEP Exploration & Production (PTTEP), Thailand’s only publicly listed oil explorer, lost 2.6 percent to 168.5 baht, the most since Nov. 30.

The company said in a statement that it’s still in discussion with the Indonesian government over damages from an oil spill, and no agreement has been reached on compensation. PTTEP is a very good buy at these levels Shayne Heffernan said today.

Thoresen Thai Agencies Pcl (TTA TB), the country’s biggest shipping company, gained 2.4 percent to 21.5 baht. The company is expected to return to earnings growth next year, helped by a better outlook for its drilling services unit and coal distributor arm, Phillip Securities said in a report today.

In Jakarta, Indonesia shares closed slightly lower by 82.144 points, or 2.25 percent, to a level of 3,658.314 point on Thursday.

Some 115,487 transactions were booked on Thursday, involving 10. 404 billion copies of share worth 6 trillion rupiah (about 660 million U.S. dollars).

In Kuala Lumpur the Malaysia stock market ended lower here on Thursday. The Kuala Lumpur Composite Index (KLCI) was at 1,497.52 down 11.58 points or 0.77 percent, and the Emas was at 10,230.45 down 71.30 points or 0.69 percent.

Turnover increased to 1.275 billion shares valued at 1.816 billion ringgit (580.19 million U.S. dollars).


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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