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ASEAN STOCK WATCH Asean Affairs   5 January 2011

ASEAN Market Outlook

Shayne Heffernan

ASEAN Markets will open flat today but may rally in the afternoon, overnight in the USA A rally that pushed stocks up nearly 7 per cent in December paused Tuesday as traders waited for minutes from the Federal Reserve's last policy meeting.

Investors will scour the report for insight into how members of the Fed view the central bank's bond-buying program, a monetary policy known as quantitative easing.

Stock indices started the day with slight gains but fell throughout the morning, even after a better-than-expected report on factory orders for November.

Automakers reported December and year-end sales figures throughout the day.

General Motors Co rose 0.8 per cent to $US37.37 after reporting that its sales of cars and trucks in the US rose 6.3 per cent last year. Ford Motor Corp gained 0.1 per cent to $US17.27 after reporting that its sales rose 15 per cent in 2010.

At the close, the Dow Jones industrial average was up 20.43 points, or 0.18 per cent, at 11,691.18. The Standard and Poor's 500-stock index had dipped 1.67, or 0.13 per cent, to 1270.2. The Nasdaq composite had fallen 10.27, or 0.38 per cent, to 2681.25.

In Kuala Lumpur the KLCI index gained 18.47 points or 1.20% on Tuesday. The Finance Index increased 0.98% to 14116.32 points, the Properties Index up 1.72% to 1054.63 points and the Plantation Index rose 1.80% to 8279.61 points.

The market traded within a range of 17.49 points between an intra-day high of 1551.89 and a low of 1534.40 during the session.


Trading volume increased to 2011.86 mil shares worth RM2880.78 mil as compared to Monday’s 1119.61 mil shares worth RM1872.49 mil.

The Winners were SIME (+51 sen to RM9.46), MAYBANK (+22 sen to RM8.77), IOICORP (+22 sen to RM6.05), PBBANK (+14 sen to RM13.18) and UMW (+24 sen to RM7.50).

The Losers were MISC (-8 sen to RM8.44), YTLPOWR (-0 sen to RM2.44), AXIATA (-1 sen to RM4.73), GENM (-2 sen to RM3.49) and TENAGA (-1 sen to RM6.72). Market breadth was positive with 637 gainers as compared to 233 losers.

In Manila the stock market failed to mimic the positive performance of the US markets and the Asian equities as sellers continue to hound the local shares yesterday.

The Philippine Stock Exchange index barely eluded the profit takers and finished the session up by a mere 3.52 points or 0.08 percent to 4,218.73 despite touching an intra-day high of 4,246.27. The broader all-share index slipped by 0.52 percent or 16.08 points to 3,028.46.

Five of the six sectors finished in the negative. Only the holding firm sector bucked the sell-down, supported by selected issues such as power conglomerate First Philippine Holdings Corp. and construction giant DMCI Holdings, Inc.

Trading volume reached 2.96 billion shares valued at P4.87 billion ($111 million). Decliners beat advancers 79 to 69 while 31 stocks finished flat.

Brokerage DBP-Daiwa Securities, Inc. said in its daily market comment that investors were on bargain-hunting mode at the start of trading day. News on government’s confidence of limiting its budget deficit within target; steady growth of consumer lending and improved consumer sentiment buoyed early today’s trade.

“The benchmark index immediately zoomed up to 4,246.27, though, enthusiasm among buyers began to fade towards mid-trade,” DBP- Daiwa Securities said.

The local stock market lost its momentum which analyst Justino Calaycay of Accord Capital Equities, Corp. said may be seen an overdue “correction” considering the market’s positive performance in the past two days.

In Jakarta the JCI on Tuesday advanced 32.54 points, or 0.9 percent, to close at 3,760.06. About 6.4 billion shares worth Rp 7 trillion ($777 million) changed hands.

Bank Mandiri, Indonesia’s largest lender by assets, rose 2.3 percent to Rp 6,600. The bank expects to raise Rp 14.4 trillion in fresh capital from a rights issue to boost lending and capital structure in February.

Tambang Batubara Bukit Asam, a state-owned coal producer, advanced 3.9 percent to Rp 24,900. Its president director, Sukrisno, said the company was seeking bank loans totaling an estimated $272 million to buy an additional 20 percent stake in Bukit Asam Transpacific Railway. The company currently holds a 10 percent stake in the railway.

Bakrie Sumatera Plantations, the country’s third-largest plantation company, climbed 3.8 percent to Rp 415.

June-delivery rubber gained as much as 2.9 percent to 426.6 yen per kilogram ($5,192 per metric ton) on the Tokyo Commodity Exchange.

United Tractors, Indonesia’s largest heavy equipment seller, rose 3.9 percent to Rp 25,250. The company forecast its sales to reach 6,000 units this year from an estimated 5,400 units last year, Investor Daily reported, citing the company’s investor relations officer, Ari Setiyawan. Meanwhile, the rupiah was little changed on Tuesday, trading at 8,982 to the US dollar compared to 8,985 on Monday. The currency advanced after a US manufacturing report boosted optimism that the global economic recovery would continue.

The Institute for Supply Management said on Tuesday that its factory index rose to 57 in December from 56.6, the fastest pace in seven months.


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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