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ASEAN STOCK WATCH Asean Affairs   15  February 2011

ASEAN Markets to Continue Rally

Shayne Heffernan

Asean markets will continue to rally today, Malaysia and Jakarta will be closed.

In Singapore the Straits Times Index at 3,104.42, up 0.88 percent, or 27.15 points. The STI fell around 4 percent last week on concerns over Egypt and market reaction to the news of funds outflow from Asia back to the U.S.

Singapore stocks were part of a regional rally as investors took to bargain hunting after a week of falls, Mining reports from BHP and RIO helped lift the mood that has been negative for several days.

Shares of Keppel Corp, the world’s biggest oil rig builder, rose as much as predicted by Shayne Heffernan after it said its unit, Keppel FELS Brazil, had secured two contracts with a total value of 500 million Brazilian real ($299.2 million).

Shares of HCM strong buy Olam International rose today and could post further gains during the week.

Today we are looking to see a lighter day of trading and possible falls, be on the lookout for dips in Keppel, Olam, Genting.


About 1.2 billion shares exchanged hands.

Gainers beat losers 270 to 210.

Yesterday The Stock Exchange of Thailand (SET) composite index on Monday gained 17.50 points or 1.84 per cent to close at 967.07 points. The market value was 23.92 billion baht, with 2.52 billion shares traded.

The Asian Development Bank has signed an agreement to grant $300 million worth of credit loans to Thailand under the capital market development program.

The 15-year loans will be charged with a floating interest rate and a 0.15 percent fee will be charged on the amount that isn’t disbursed, the Thai finance ministry said in a statement Monday.

Banks and Financials look like great buys today in Bangkok, TMB, KBANK, BBL

Top five most active values were as follows;

PTT closed at 324.00 baht, up by 8.00 or 2.53 percent.

BANPU closed at 718.00 baht, up by 24.00 or 3.46 percent.

KBANK closed at 110.00 baht, up by 6.00 or 5.77 percent.

PTTAR closed at 37.00 baht, up by 0.25 or 0.68 percent.

BBL closed at 151.00 baht, up by 7.00 or 4.86 percent.

In Manila Yesterday the Philippine Stock Exchange index added 47.58 points or 1.23 percent to finish 3,796.73.

Today we are looking for strong showings from PLDT, Alliance Global, Aboitiz Power, Empire East Land, Megaworld, Cebu Air, and Nickel Asia.

Value turnover, was thin at P3.74 billion, which indicated lack of strong conviction to load up on equities for now.

The property, mining/oil, holding firms and financial sectors led the day’s rally.

Bangko Sentral ng Pilipinas said today that inflation would not be a concern.

There were twice as many winners as there were losers (81 to 40) while 34 stocks were unchanged.

The Big Winners were Aboitiz Equity Ventures, Metrobank, Ayala Land,

DMCI Holdings, EDC, Lopez Holdings, Jollibee, BDO, SM Investments,

Semirara Mining, Ayala Corp.,and Metro Pacific Investments.

Since the start of the year, local brokerage Accord Capital Equities Corp. estimated the average foreign outflow (net selling) per day stood at P267.1 million. For February alone, net foreign selling stood at P384.9 million. Foreign transaction value accounts for 75 percent of the market’s gross value turnover, it said.

“This is more a reflection of the improving fundamentals in the developing economies showing up in vastly improved equity valuations rather than a judgment on the prospects of the Philippine’s growth moving forward,” Accord Capital said.

The charts, the local brokerage said, still hinted of a good timing for aggressive accumulation.

“Of course, the news about President Hosni Mubarak’s resignation removes the biggest drag over the recent weeks and restores optimism in global markets,” it said.

This week is earnings week in Malaysia so expect some volatility,Yesterday the Bursa Malaysia ended the on a firmer note with sentiment supported by local funds as well gains in key regional markets, said a dealer.

The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.81 points to 1,505.33, pushed by gains mostly in Tenaga and CIMB. It had opened 3.37 points higher at 1,497.89.

Bursa Malaysia will be closed today for Prophet Muhammad’s birthday.

It will resume operations on February 16.

Meanwhile, the Finance Index surged 103.89 points to 13,623.00, the Plantation Index increased to 52.50 points to 7,861.99 and the Industrial Index rose 8.82 points to 2,844.71.

The FBM Emas Index jumped 76.50 points to 10,429.31, the FBM 70 Index was 98.771 points higher at 11,301.44, the FBMT100 increased 76.24 points to 10,126.24 and FBM Ace Index rose 33.06 points to 4,539.22.

Winners outnumbered losers by 546 to 268, while 285 counters were unchanged, 288 untraded and 29 others suspended.

Turnover was higher at 1.978 billion shares worth RM1.866 billion from 1.679 billion shares worth RM2.410 billion on Friday.

Most Active yesterday, Jotech Holdings added 2.5 sen to 11 sen, Karambunai Corp was unchanged at 23 sen, Frontken increased 3 sen to 23.5 sen, Ho Wah Genting and Jotech was up 2.5 sen to 86.5 sen and 16.5 sen respectively.

Petronas Chemicals rose five sen to RM6.06, IOI Corp increased 5 sen to RM5.58, Genting Bhd added 8 sen to RM10.16 but Axiata slipped 2 sen to RM4.95.Tenaga gained 19 sen to RM6.14 after a news report said that the company was gaining from the appreciation of the ringgit against the US dollar in terms of interest payment on loans.

United Kotak Bhd will be removed from the Official List of Bursa Securities with effect from 9 a.m. on Thursday, February 17.

Volume on the Main Market today rose to 1.582 billion shares worth RM1.798 billion from 1.34 billion shares worth RM2.34 billion last week.


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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