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ASEAN Markets to Trade Flat Today

Shayne Heffernan

ASEAN stock markets consolidated as we predicted yesterday and will continue that consolidation today after flat manufacturing news hit Wall St. Indonesia ended a rally that took it close to a record high, Singapore retreated from a 10-week peak as investors turned wary over the U.S. economy.

Investors remain optimistic about the outlook for share markets in ASEAN as strong Asian economies raised hopes for corporate earnings. In its Asia Equity Strategy, Credit Suisse said it was staying overweight on Indonesia, seeing palm oil and coal as the most undervalued sectors, while Thailand and the Philippines were on its list of cheapest markets.

The ING Investor Dashboard survey showed that Southeast Asian emerging markets were looking increasingly attractive to wealthy Asian investors as they grew less optimistic about prospects in Greater China.

Ebeling Heffernan see dtrong growth in domestic consumption driving Thailand and Indonesian Stock markets higer over the next year.

The Stock Exchange of Thailand (SET) composite index on Thursday gained 1.48 points or 0.18 per cent to close at 821.02 points. The market value was 24.81 billion baht, with 7.04 billion shares traded.

Local automobile sales rose 54.1% year-on-year to 356,692 units in the first half of 2010 with June sales up 62.6% to 70,557, according to Toyota Motor Thailand, which compiles the industry figures.

First-half sales were 10,700 higher than in the first half of 2005, when a record 703,432 units were sold for the year.Passenger car sales rose 59.6% in the period while commercial vehicles including pickup trucks increased 50.3%, reflecting improving purchasing power, stable fuel prices and interest rates.

Toyota said June was the best month in 10 years thanks to high passenger car demand, with sales rising 75.7% year-on-year to 32,946 units, on strong demand for small and fuel-efficient cars.

Sales of commercial vehicles in June grew 52.5% year-on-year to 37,611 units because of the economic rebound and the easing of political tension.

Toyota predicted sales would rise again in July, as suppliers have had trouble keeping up with demand for new models, such as Nissan’s new March eco-car.

Foreign investors were net sellers of 60 billion baht worth of Thai stocks in the second quarter as investors closed off positions due to uncertainty about the country’s political stability and growing risks in the global economic recovery.

But the Stock Exchange of Thailand (SET) index still closed in positive territory in the first half at 797.31 points, up by 8.55% from the end of last year thanks to solid fundamentals of listed companies and a double-digit earnings rebound.

The SET index boosted market capitalisation to 6.44 trillion baht as of June 30, up by 1.7% quarter-on-quarter and 8.14% from the end of last year.


Index Last Change %Change High Low Volume
821.02 +1.48 +0.18 823.26 817.84 7,049,782 24,810.84

1,224.51 +1.97 +0.16 1,228.12 1,219.27 5,351,130 20,094.65

557.17 +0.74 +0.13 558.88 554.85 2,433,967 13,326.49

235.61 +1.14 +0.49 236.43 235.16 308,158 283.66



Top 10 Most Active Value 
Symbol Value
(’000 Baht)
Last Change
TMB 3,469,729 1.94 +0.13 (+7.18%)

CPF 1,251,665 21.40 +0.50 (+2.39%)

STPI 665,882 37.25 +1.50 (+4.20%)

BANPU 651,772 614.00 -6.00 (-0.97%)

SSI 606,133 1.66 -0.02 (-1.19%)

JAS 561,675 0.73 +0.03 (+4.29%)

TPIPL 546,436 12.40 +0.60 (+5.08%)

STA 503,134 20.90 +0.90 (+4.50%)

BTS 501,764 0.89 -0.01 (-1.11%)

SGP 497,281 15.00 +0.40 (+2.74%)

  Top 10 Gainers 
Symbol Volume
Last Change
CEN-W3 5,923,700 1.19 +0.20 (+20.20%)

PREB 5,020,100 2.90 +0.36 (+14.17%)

CEN 14,306,600 3.04 +0.36 (+13.43%)

DCON 32,145,800 3.22 +0.38 (+13.38%)

CEN-W2 5,369,700 0.88 +0.10 (+12.82%)

PATO 6,600,800 9.80 +1.00 (+11.36%)

SICCO 50,482,400 5.90 +0.60 (+11.32%)

TPCORP 2,400 10.50 +1.05 (+11.11%)

TK 5,922,700 6.40 +0.60 (+10.34%)

SMIT 36,575,900 2.14 +0.17 (+8.63%)

Top 10 Most Active Volume 
Symbol Volume
Last Change
TMB 1,839,720,600 1.94 +0.13 (+7.18%)

JAS 800,597,600 0.73 +0.03 (+4.29%)

BTS 561,527,600 0.89 -0.01 (-1.11%)

BLAND 382,201,700 0.67 -0.02 (-2.90%)

SSI 358,931,900 1.66 -0.02 (-1.19%)

GSTEEL <NP> 230,753,300 0.40 - -

QH 166,569,100 2.20 +0.04 (+1.85%)

NWR 144,121,700 0.44 - -

TT&T 111,755,400 0.39 -0.01 (-2.50%)

BLAND-W2 79,632,900 0.15 - -

  Top 10 Losers 
Symbol Volume
Last Change
RS-W2 1,236,200 0.87 -0.09 (-9.37%)

TUCC-W1 54,700 0.52 -0.05 (-8.77%)

GL-W1 40,500 2.20 -0.16 (-6.78%)

TCCC <NP> 223,200 16.60 -1.20 (-6.74%)

NKI 900 60.25 -4.25 (-6.59%)

SAUCE 500 184.00 -11.00 (-5.64%)

CPL 64,800 25.25 -1.50 (-5.61%)

RS-W1 1,339,200 0.69 -0.04 (-5.48%)

AS 492,600 8.65 -0.45 (-4.95%)

GEN 18,382,800 0.40 -0.02 (-4.76%

Seven Bakrie companies and Bank Capital, whose first quarter financial reports revealed missing funds to the tune of almost Rp 7 trillion, have been given until Friday to produce written explanations to the Indonesia Stock Exchange (BEI), BEI director Eddy Sugito says.

“We want them to submit written clarifications as soon as possible. Afterwards we can decide what to do,” he told The Jakarta Post by phone on Wednesday.

Based on the reports, the seven companies had Rp 9.06 trillion (US$1.01 billion) in deposits at Bank Capital.

However, Capital only had records of Rp 2.17 trillion in total deposits booked in its report, leaving almost Rp 7 trillion missing.

The reports included Rp 3.76 trillion allegedly deposited by PT Bakrie and Brothers Tbk., Rp 3.5 trillion by PT Bakrie Sumatera Plantations Tbk., Rp 1.14 trillion by PT Energi Mega Persada Tbk., Rp 202.28 billion by PT Bakrieland Development Tbk., Rp 254.3 billion by PT Bakrie Telecom Tbk.; $1.1 million PT Bumi Resources Tbk. ; and PT Darma Henwa Tbk. $21.06 million.

The Jakarta Composite Index lost 0.46 of a point, or 0.02 percent, to close at 2,980.60, its first drop after a five-day rally.

Volume was moderate with 5.4 billion shares worth Rp 3.3 trillion ($366 million) changing hands. Decliners outnumbered gainers 133 to 71.

PT Energi Mega Persada, the country’s second-largest listed oil firm, dropped 5.4 percent, while PT Benakat Petroleum Energy, which began trading in February, declined 0.9 percent to Rp 114, a record low.

Crude oil for August delivery fell as much as 0.7 percent to $76.50 in electronic trading before trimming losses.

The decline came after the Federal Reserve’s assessment that the economic outlook has “softened” adding to concerns a recovery in fuel demand may falter in the United States, the world’s biggest energy consumer.

Coal miner PT Bumi Resources, the country’s largest producer of the commodity, fell 3.7 percent, while PT Adaro Energy, the country’s biggest coal miner by market value, dropped 1.2 percent. Falling oil prices reduce the appeal for alternative fuels such as coal.

On the upside, PT Bank Mandiri, the nation’s largest lender by assets, rose 3.3 percent to Rp 6,300, its highest close since it was first publicly traded in 2003.

The bank is seeking to raise as much as Rp 8 trillion in a rights issue planned for the third quarter, said Riswinandi, Mandiri’s vice president director. The lender had previously forecast Rp 7 trillion of proceeds from the share sale.

PT Unilever Indonesia fell 0.6 percent to Rp 16,550, its lowest price in four weeks as palm oil futures rose for a sixth day, weakening the outlook of the company that produces Lifebuoy and Lux soaps.

Higher palm oil prices increase the production cost of soap as the key commodity is used in making the product.

The rupiah was little changed near a three-month high on speculation the improving economy and relatively high interest rates will spur inflows from industrialized nations.

“We see a stable to appreciating trend for the rupiah as its economic fundamentals are really strong,” said Kumar Rachapudi, a fixed-income strategist at Barclays in Singapore.

“Also, foreign inflows into the bond market are from real money investors like Western pension funds and insurance companies, not hedge funds. So they are not so leveraged.”

The currency inched up to 9,038 against the dollar as of the stock market’s close, from 9,045 on Wednesday. It touched 8,998 on June 21, the strongest level since April.

The rupiah has gained 3.8 percent this year, a performance second only to Malaysia’s ringgit among Asian currencies, as foreigners pumped $1.1 billion into Indonesian stocks.

Global funds held a record Rp 166 trillion rupiah of government debt as of July 8, 54 percent more than at the start of the year.

The benchmark interest rate of 6.5 percent compares with a maximum 1 percent in the United States, Europe and Japan.

The rupiah may appreciate to 8,800 by the end of March 2011, Rachapudi predicted, adding that any weakness will be limited as Bank Indonesia intervenes to “restrain volatility.”

Central banks can influence exchange rates by buying or selling currencies.

Palm oil futures rose for a sixth day. A higher palm oil price increases the production cost of soap as the agricultural commodity is used in making the product.


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