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ASEAN STOCK WATCH Asean Affairs   21 January 2011

Asean stocks will open lower again today but they may rally in the afternoon session.

Shayne Heffernan

Overnight in the USA

Commodities fell sharply after China reported that its economy expanded 10.3 per- cent in 2010, renewing concerns that the country's central bank will increase borrowing rates to slow growth. China's inflation surged 4.6 percent in December.

Demand from China has been a big factor in sending commodities prices surging over the past year. Companies that produce commodities, such as aluminum maker Alcoa, have been counting on that demand to continue.

Oil and copper fell more than 2 percent. Silver fell 5 percent. Freeport-McMoRan Copper & Gold Inc dropped 4 percent even after the mining giant reported 60 per- cent higher income in the fourth quarter as a result of higher copper and gold prices. DuPont fell 1.1 per cent and Dow Chemical Co fell 2.2 per cent.

The Dow Jones industrial average was 2.49 points lower at the close, off 0.02 per- cent, at 11,822.8.

The Standard & Poor's 500 index fell 1.66 points, by 0.13, at 1280.26. The Nasdaq composite index fell 21.07 points, by 0.77 per cent, at 2704.29.

Shayne Heffernan's best buys today are Krakatau Steel, Aboitiz, MAYBANK, CIMB, Noble Group, PTT.

In Manila the Philippine Stock Exchange index lost another 33.32 points or 0.82 percent to 4,006.24 as profit-taking continued to dominate the market alongside jitters concerning the capital gains tax. The market is wary of a prospective rise in interest rates as Asian countries face rising inflation.

Risk appetite has also been dampened by the Bureau of Internal Revenue's order to slap a 5-10 percent capital gains tax on shares of companies that fall below the minimum public float requirement.

The day's decline was led by the interest rate-sensitive property sector, which slumped by 2.8 percent as investors sold down Megaworld Corp. and Ayala Land Inc.

The industrial counter was likewise down by 1.1 percent.

Only the services counter bucked the downtrend.

There were 87 decliners, which outnumbered 56 advancers, while 34 stocks were unchanged.

Value turnover amounted to P5.3 billion.

Other stocks that fell on heavy volume were Aboitiz Power Corp., Manila Electric Co., International Container Terminal Services Inc., Jollibee Foods Corp., Universal Robina Corp., SM Investments Corp., Leisure & Resorts World Corp., Bank of the Philippine Islands, DMCI Holdings Inc. and Energy Development Corp.

Among the stocks that stayed afloat were Alliance Global Group Inc., Philippine Long Distance Telephone Co., Cebu Air Inc., Metropolitan Bank & Trust Co., Phoenix Petroleum Philippines, APC Group Inc. and Nickel Asia Corp.

In Jakarta the JCI lost 80.17 points, or 2.3 percent, to close at 3,454.12. About 3.6 billion shares worth Rp 5 trillion ($550 million) changed hands.

Astra International, the nation’s biggest automotive retailer, lost 2.5 percent to Rp 47,800 amid speculation that Bank Indonesia would follow China in increasing interest rates to combat rising consumer prices.

Tambang Batubara Bukit Asam, a state-run coal mining company, fell 4.6 percent to Rp 21,950. The firm had its rating downgraded to “sell” from “buy” by UBS AG, which cited “near-term seasonal weakness” and a “correction” in coal prices.

Krakatau Steel, Indonesia’s largest maker of the metal, dropped 1.7 percent to Rp 1,140. Shares fell after a secretary to the directorate general of coal and minerals at the nation’s energy ministry, Witoro Soelarno, said on Thursday that the Indonesian government may ban concentrate exports of copper, lead and iron starting in 2014.

The rupiah weakened to 9,078 against the US dollar as of the market’s close on Thursday, from 9,045 on the previous day.

KLCI index lost 3.53 points or 0.22% on Wednesday.


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.

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 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 Singapore the Straits Times Index more than 1 percent to its lowest in more than two weeks, with palm oil firm, Shayne Heffernan strong buys Noble Group and Golden Agri-Resources losing more than 2 percent.

Shayne Heffernan said today Singapore looks extremely undervalued now and represents value.

The Stock Exchange of Thailand (SET) composite index on Thursday lost 12.64 points or 1.22 per cent to close at 1,022.16 points. The market value was 31.17 billion baht, with 3.34 billion shares traded.

Top five most active values were as follows:

PTT closed at 339.00 baht, down by 3.00 or 0.88 percent.

BANPU closed at 812.00 baht, down by 16.00 or 1.93 percent.

SCB closed at 99.75 baht, down by 0.75 or 0.75 percent.

IVL closed at 42.75 baht, down by 1.75 or 3.93 percent.

TRUE closed at 6.90 baht, down by 0.15 or 2.13 percent.


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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