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ASEAN STOCK WATCH Asean Affairs   14  July  2011

Asean Stock Watch- July 14



Wall Street closed lower for the third consecutive session following a downgrade of Ireland’s credit rating and a soft start to the earnings season. The Dow Jones Industrial Average fell 58.88 points, or 0.47 percent to 12,446.88.


Indonesian stocks rebounded on Wednesday, halting a two-day slide, as commodity prices rose and a growing Chinese economy suggested continued demand for imported goods.

The Jakarta Composite Index advanced by 42.83 points, or 1.1 percent, to close at 3,980.85. More than 6.42 billion shares worth Rp 4 trillion ($468 million) were traded. Gainers beat decliners by 177 to 43.

Foreign investors sold Rp 19 billion more in shares than they bought, according to Indonesia Stock Exchange data.

China’s economy grew 9.5 percent in the second quarter from the same period last year, beating expectations of 9.4 percent growth. With the Chinese economy humming along, the expectation is that it could boost demand for commodities from Indonesia.

Prices for commodities such as gold and palm oil advanced as concerns eased about Europe’s debt crisis spreading.

“Regional markets and commodity prices advanced today, especially the gold price and China’s stocks, and that helped the market here,” said Deni Hamzah, an analyst at Corfina Capital.

Astra Agro Lestari, the largest listed plantation company, gained 0.9 percent to Rp 23,100. London Sumatra Plantation, a company affiliated with Indofood, rose 1.1 percent to Rp 2,325. Crude palm oil futures gained 2 percent for October delivery, increasing the companies’ revenue prospects.

Indika Energy, a mining and energy company, rose by 0.7 percent to Rp 3,700. The company expects coal production at its subsidiary Kideco Jaya Agung to increase by 6.5 percent this year to 31 million tons, Panin Sekuritas said in a note to clients on Wednesday.

Shares of Star Petrochem, which provides logistics for the chemical industry, began trading for the first time. The stock surged 35 percent to Rp 138.

The rupiah strengthened by 0.2 percent against the dollar, closing at 8,548 on Wednesday in Jakarta, as investors shifted their investments to assets such as gold. Spot gold maintained its 5 percent gain of the last seven sessions.

“When the gold price is high, the dollar will trade weaker,” Deni said.


Bursa Malaysia staged a late rebound to close higher Wednesday, tracking the bullish regional markets, an analyst said.

At 5pm, the FTSE Bursa Malaysia Composite Index (FBM KLCI) rose 2.57 points, or 16.3 percent, to close at 1,580.67, supported by gains in blue-chips, led by by Petronas Dagangan Bhd and MISC.

The FBM KLCI opened 0.55 point higher at 1,578.65 and moved between 1,576.37 and 1,580.75 throughout the day.

The analyst said news that the Italian government has managed to sell its bonds at relatively good prices helped boost the regional markets.

He said overall, the local market was still resilient as investors were still looking for a boost from major projects such as the mass rapid transit and the spending in the oil and gas sector.

The Plantation Index dropped 17.19 points to 7,833.39 and Finance Index fell 7.64 points to 14,877.08.

The Industrial Index, however, increased 12.11 points to 2,858.01.

The FBM Emas Index gained 20.93 points to 10,843.67, FBM Ace Index was higher by 12.09 points to 4,145.55 and the FBM70 Index rose 38.13 points to 11,818.73.

Advancers led losers by 389 to 306 while 327 counters were unchanged, 464 untraded and 22 others suspended.

Turnover rose to 843.27 million shares valued at RM1.57 billion from 832.79 million shares valued at RM1.55 billion on Tuesday. Among top gainers, DiGi.Com added 50 sen to RM30, British American Tobacco gained 22 sen to RM46.62 and Hong Leong Financial advanced 20 sen to RM13.50.

Of the actives, Wijaya Baru Global-WA increased two sen to 9.5 sen and Wijaya Baru Global rose 12.5 sen to 56.5 sen.

In heavyweights, CIMB improved one sen to RM8.82, Petronas Dagangan rose 56 sen to RM18 and MISC added 14 sen to RM7.70.

Maybank lost four sen to RM8.86 and Petronas Chemicals fell one sen to RM7.06.

OldTown, which made its debut on Wednesday, rose 7 sen to RM1.32, against its initial public offering price of RM1.25.

Main Market volume decreased to 636.14 million shares worth RM1.53 billion from 655.99 million shares worth RM1.52 billion on Tuesday.

Turnover on the ACE Market rose to 116.71 million units valued at RM18.84 million from 83.74 million units valued at RM14.02 million previously.

Warrants eased to 86.04 million shares worth RM16.49 million from 88.58 million shares worth RM18.56 million Tuesday.

Consumer products accounted for 46.7 million shares traded on the Main Market, industrial products 149.15 million, construction 33.21 million, trade and services 219.69 million, technology 6.94 million, infrastructure 17.04 million, finance 62.12 million, hotels 573,600, properties 78.05 million, plantations 17.15 million, mining 156,000, REITs 5.26 million and closed/fund 93,0


Philippine share prices and the peso bounced back on Wednesday as investors cheered the robust economic growth of China despite lingering woes over Europe’s debt troubles.

At the Philippine Stock Exchange, the composite index added 53.91 points, or 1.24 percent to 4,404.00, while the broader all-shares index added 20.89 points, or 0.69 percent to 3,066.59.

All sub-indices were in the green led by the 4.41-percent advance in the mining and oil counter. Gainers beat losers, 103 to 44, while 33 stocks were unchanged. A total of 8.15 billion stocks worth P6.77 billion changed hands.

“Concerns over China’s slowing economy eased after government released a better-than-expected GDP growth for the second quarter,” said Jun Calaycay of Accord Capital Equities Corporation. “This overshadowed the Dow’s continued slide and European market’s negative reaction to the developments in the Greece second bailout talks,” Calaycay said.

Expected to slow down to 9.3 percent, China’s gross domestic product posted a 9.5-percent growth even after its central bank raised interest rates at least three times this year and increased the reserve requirements for big lenders.

The robust growth provided “investors with a positive hinge against the backdrop of a troubled Europe and even the US,” Calaycay said..

“In the coming days, these considerations will be balanced with expectations on domestic corporate earnings,” Calaycay said.

Immediate support is pegged at 4,370 to 4,390 with resistance at the 4,430 level. For the second half, equities will remain an attractive asset class as share prices are expected to reach record levels, said Ed Francisco, BDO Capital & Investment Corporation president.

“If you want to diversify your investments, putting it in some fixed-income [fund] is still worthwhile even if the coupon is not that high, but at least it gives you certainty,” he said. Francisco said the target return on equities is at least 15 percent “since they are riskier so therefore that should be a premium.”

At the Philippine Dealing System, the peso gained 18 centavos to close at 43.05 against the US dollar from Tuesday’s 43.23 finish.

The dollar-peso pair opened at 43.15 and moved to high of 43.19 and a low of 43. Total trading volume rose to $1.257 billion from Tuesday’s $1.131 billion. The peso-dollar pair is expected to trade between 42.50 and 43.20 within the week.


Singapore shares opened higher on Thursday, with the benchmark Straits Times Index at 3,099.15 in early trade, up 0.35 percent, or 10.73 points.

Around 113.5 million shares exchanged hands.


The Stock Exchange of Thailand (SET) composite index on Wednesday gained 15.01 points, or 1.41 percent, to close at 1,077.40 points. The market value was 20.63 billion baht, with 3.79 billion shares traded.

The SET50 index rose 11.51 points, or 1.55 percent, to stay at 754.02 points, with a total transaction value of 13.97 billion baht.

The SET100 index ended the session at 1,642.51 points, up 24.48 points, or 1.51 percent, with a total trade value of 16.49 billion baht.

The SETHD index increased 11.61 points, or 1.16 percent, to stay at 1,013.49 points, with a total market value of 4.86 billion baht.

The Market for Alternative Investment (mai) index moved up 1.84 points, or 0.60 percent, to close at 309.04 points, with a total turnover of 1.58 billion baht.

Top five most active values were as follows;

PTT closed at 332.00 baht, up by 3.00 baht, or 0.91 percent.

BBL closed at 162.00 baht, up by 2.50 baht, or 1.57 percent.

TOP closed at 73.50 baht, up by 1.75 baht, or 2.44 percent.

ADVANC closed at 114.50 baht, up by 3.50, baht or 3.15 percent.

PTTCH closed at 159.00 baht, up by 2.50 baht, or 1.60 percent.


The VN-Index closed at 418.18 yesterday, a gain of 0.22 percent, as large-cap shares rebounded on the HCM City Stock Exchange.

Shares of real estate developer Hoang Anh Gia Lai (HAG), financial conglomerate Masan Group (MSN) and steel producer Hoa Phat Group (HPG) all rose yesterday after successive sessions of declines. HAG soared 4.7 percent while MSN increased by 3.6 percent and HPG by 1.7 percent.

Sacombank (STB) continued to be the most-active share on the southern exchange, closing unchanged after 1.57 million shares changed hands. Advancers outnumbered decliners overall on the HCM City market by 114-83.

Stock markets raise $1.3 billion in first half

Capital raised through the nation's two stock exchanges in the first half of the year, including share issues and bond auctions, totalled VND27.2 trillion (US$1.3 billion), the Ministry of Finance has reported.

During the period, 54 enterprises were approved by the State Securities Commission to auction 568 million shares worth over VND5.77 trillion ($280.2 million), of which 12 auctions were carried out successfully to mobilise a combined VND580 billion ($28.2 million). Meanwhile, VND22.7 trillion ($1.1 billion) worth of Government bonds were sold in 29 auctions – three times higher than in the same period last year.

At the end of the period, 673 companies were listed on the two stock exchanges, while another 127 were traded on the unlisted public companies market (UPCoM). About 47,000 new investor trading accounts were created during the period, lifting the total number of investor accounts to over 1.1 million, of which foreigner investors made up just 0.04 per cent. — VNS

The overall value of trades declined 13 per cent from the previous day's level, reaching VN559.5billion (US$27.2 million) on a volume of 40.3 million shares – with about half of that volume attributable to negotiated trades. As many as 10.7 million shares of the Viet Nam Fund (VFMVF4) were exchanged through negotiated transactions, while over 3 million shares of seafood processor Hung Vuong Corp (HVG) and Vinh Son-Song Hinh Hydropower Co (VSH) also changed hands yesterday by this method.

Independent analyst Nguyen Viet Hung said that, with no significant news, yesterday's rise could have been a technical adjustment, with a few investors attracted to sound shares that have become undervalued.

"Market value remaining modest has showed that most investors remain cautious about any jumps in the market for the time being," Hung said, predicting the market would likely continue to tread water for the next few sessions.

On the Ha Noi Stock Exchange, the HNX-Index retreated by 0.46 percent yesterday to close at 71.95 points, reversing the previous day's gains. Trades were sluggish, with just 19.6 million shares traded for a value of only VND212.8 billion ($10.3 million). Losers outnumbered gainers by 157-82, with Kim Long Securities (KLS) once again holding down the spot as the most active share nationwide with 3 million traded. KLS closed down 2.9 percent to VND10,700 ($0.50) a share.

Foreign investors concluded yesterday as net sellers on both bourses, unloading a net of over VND15 billion ($728,200) worth of shares.


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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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