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ASEAN STOCK WATCH Asean Affairs   20 January 2011

Asean stocks will be flat today after Goldman Sachs results flattened US markets overnight

Shayne Heffernan

Best buys today: Adaro Energy, Medco Energi, Aboitiz, CIMB, PTT.

The S&P 500 index dipped 1 percent + in afternoon trading Wednesday, the largest daily percentage drop since November 23, 2010.

Financial stocks were among the biggest drags on the index after disappointing results from Goldman Sachs (NYSE:GS).

The DJIA .DJI closed down 26.60 pts, or 0.22 percent, at 11,811.33, the S&P 500.SPX was off 13.63 pts, or 1.05 percent, at 1,281.39, and the NAS .IXIC gave up 40.71 pts, or 1.47 percent, to close at 2,725.14.

The Stock Exchange of Thailand (SET) composite index on Wednesday gained 10.26 points or 1.00 per cent to close at 1,0.34.80 points. The market value was 31.34 billion baht, with 3.34 billion shares traded.

Top five most active values were as follows;

PTT closed at 342.00 baht, up by 8.00 baht or 2.40 percent.

SCB closed at 100.50 baht, up by 1.50 baht or 1.52 percent.

PTTAR closed at 38.50 baht, up by 1.75 baht or 4.76 percent.

PTTCH closed at 152.00 baht, up by 2.00 baht or 1.33 percent.

TOP closed at 75.50 baht, up by 2.50 baht or 3.42 percent.

In Singapore the STI closed 0.23 percent lower on Wednesday, with the benchmark Straits Times Index at 3241.96, down 0.23 per cent, or 7.62 points.

About 1.7 billion shares exchanged hands.

Gainers beat losers 288 to 213.

In Kuala Lumpur the KLCI index lost 3.53 points or 0.22% on Wednesday.


Trading volume decreased to 1631.78 mil shares worth RM2204.36 mil as compared to Tuesday's 1703.63 mil shares worth RM2020.36 mil.

The Losers were CIMB (-14 sen to RM8.64), MAYBANK (-5 sen to RM8.91), IOICORP (-3 sen to RM5.95), PBBANK (-4 sen to RM13.44) and AMMB (-5 sen to RM6.90).

The Winners were PETCHEM (+7 sen to RM6.35), DIGI (+28 sen to RM25.58), KLK (+10 sen to RM22.86), MAS (+3 sen to RM2.16) and YTLPOWR (+1 sen to RM2.44). Market breadth was negative with 293 gainers as compared to 545 losers.

The Finance Index fell 0.75% to 14230.41 points, the Properties Index dropped 0.29% to 1122.59 points and the Plantation Index rose 0.01% to 8209.23 points. The market traded within a range of 7.01 points between an intra-day high of 1568.88 and a low of 1561.87 during the session.

In Manila, the Philippine Stock Exchange index lost 33.03 points or 0.81 percent to 4,039.56.

The property, holding and mining/oil firms led the day's downturn as their respective indices declined by 1.67 percent, 1.5 percent and 1.35 percent.

The property sector was battered the most given its sensitivity to interest rates, which are expected to rise across Asian markets this year as concerns shift away from local currency appreciation to rising inflation.

There were 54 advancers, which were edged out by 94 decliners while 37 stocks were unchanged.

The downturn was led by Aboitiz Power Corp., Alliance Global Group Inc., Cebu Air Inc., Metropolitan Bank & Trust Co., Megaworld Corp., Filinvest Land Inc., Semirara Mining Corp., Cyber Bay Corp., Fil-Estate Land Inc. and DMCI Holdings Inc.

On the other hand, SM Investments Corp. and Manila Electric Co. defied the day's downturn as they rose on heavy volume alongside Nickel Asia Corp., Leisure & Resorts World Corp., Philippine Long Distance Telephone Co., Pacific Online Systems Corp., San Miguel Corp., Energy Development Corp., Belle Corp. and Philex Mining Corp.

Dealers said the market was still jittery over the 5-10 percent capital gains tax that the Bureau of Internal Revenue has recently imposed on companies falling below the minimum public float requirement.

Overnight, the Dow Jones Industrial Index was up by 50.55 points or 0.43 percent to 11,837.93.

Investment bank Credit Agricole CIB said sentiments were highly upbeat, with equities and bond yields up sharply in Europe and the ZEW economic sentiment (indicator for Germany) came out much better than expected, adding to the positive sentiment.

In Jakarta the JCI Index fell 0.9 percent to close at 3,517.28. Trading volume was about 3.4 billion shares, valued at Rp 5.1 trillion ($566.1 million). Decliners outnumbered gainers 148 to 53.

Energy stocks led the fall, with Adaro Energy, the country’s second-largest coal producer, dropping 2.8 percent to Rp 2,600. Coal shares fell after the state power utility urged lower prices from suppliers this year.

Medco Energi Internasional, the nation’s biggest listed oil company, lost 0.8 percent to Rp 3,150. The shares fell after crude oil dropped as much as 16 cents to $91.38 on the New York Mercantile Exchange on Tuesday, its lowest price since Jan. 11.

Consumer goods maker Unilever Indonesia fell 2.8 percent to Rp 15,650 as palm oil futures rose 1.6 percent to 3,730 ringgit ($1,221) a metric ton in Kuala Lumpur. The rising price of the commodity makes production of palm oil-based personal-care products like soap more expensive.


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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