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ASEAN STOCK WATCH Asean Affairs   20  July  2011

Asean Stock Watch- July 20



Overnight, the Dow Jones Industrial Average dropped 94.57 points, or 0.76 percent to 12,385.16 after financial stocks took a beating because of the debt-ceiling standoff at the US Congress.


The FBM KLCI was in rebound mode after two days of panic selling and substantial correction from the government linked stocks. Dealers caution that anxieties over the Eurozone debt will continue to plague the market with fear. Furthermore, with speculation of the General Elections being postponed, there is no positive internal news to sustain interest and buying momentum. A dealer said that for those who were long term in nature, this was a great time to pick up stocks. Trading oriented investors however should continue to stay on the sidelines, as market upside was capped for the moment. Volumes and interest could fizzle out within days.

The market can however look forward to the listing of Bumi Armada tomorrow.

Over in the US, stocks posted impressive gains on Tuesday, following a trio of good news: generally upbeat quarterly earnings from blue-chip U.S. companies, a better-than-expected reading on U.S. housing starts in June and optimism that Washington might be approaching a deal of extending the U.S. debt ceiling.

The Dow Jones industrial average closed at 12,587.42, up 202.26 points. The broader S&P 500 closed at 1326.73, up 21.29 points. The gains began early in the day, after investors began digesting the latest round of quarterly earnings. However, U.S. President Barack Obama's endorsement of a Senate plan to cut the deficit seen as a precursor to an agreement among politicians to raise the U.S. debt ceiling gave stocks an extra push.

At 10.20am, Wednesday, the FBM KLCI was up 8.19 points to 1,563.83. There were a total of 333 gainers and 117 losers with 195 stocks unchanged.

Nymex crude oil was up US$0.78 to US$99.02 per barrel.

Spot gold was down US$11.60 at US$1,589.50 per ounce. The Ringgit was traded at 2.998 to the Dollar.


In spite of persistent debt troubles in the US and Europe, Philippine share prices continue to climb, hitting record levels on the strength of mining stocks and the improved outlook for the second half of the year. At the Philippine Stock Exchange, the composite index added 9.64 points, or 0.22 percent to a fresh record of 4,485.65, surpassing the previous high of 4,476.01 on Monday.

Year-to-date, the PSE index has gained 6.8 percent.

The broader all-shares index went up 2.05 points, or 0.07 percent to 3,103.73.

Market breadth was negative as decliners beat advancers, 73 to 71, while 48 issues were unchanged. A total of 7.86 billion stocks worth P6.998 billion changed hands.

“Despite the continued slide in the Dow Jones, we continue to outperform other markets given that investors are more optimistic for the rest of the year especially with second quarter earnings trickling in,” said Astro del Castillo, managing director at First Grade Finance Inc.

“We are not badly hit because the market is so liquid and we are not heavily exposed to the US debt unlike Singapore,” del Castillo said.

Hans Sicat, PSE president and chief executive, welcomed the continued resiliency of the PSEi amid jitters caused by the debt woes in the US and Europe.

“Good news has also come from the record highs in gold prices reached this week which have boosted the mining index,” Sicat added.

The mining index rose 1,079.88 points, or 4.9 percent to close at 23,159.06 led by Lepanto Consolidated Mining, Philex Mining, Semirara Mining, Manila Mining and Atlas Consolidated Mining and Development.

The peso, along with other Asian currencies, showed little strength on Tuesday as debt worries in the US and Europe continue to dampen overall investor sentiment.

At the Philippine Dealing System, the local unit moved back to the 42-to-a-US dollar level, closing at 42.83, up 21 centavos from 43.04 the previous trading day.

The dollar-peso pair opened at 42.96 and moved to a high of 42.97 and a low of 42.83.

Total trading volume reached $922.215 million on Tuesday, up from $845.82 million the previous day.

Other analysts said the gains among Asian currencies were brought about by Malaysia’s central bank governor’s statement that the region was more resilient to global shocks.

The dollar-peso pair is expected to trade within a 42.85 to 43.20 range, with the market on a biddish tone within the week.


Singapore shares opened higher on Wednesday, with the benchmark Straits Times Index at 3,112.91 in early trade, up 0.54percent, or 16.79 points.

Around 119.9 million shares exchanged hands.


The Stock Exchange of Thailand main index went up 12.83 points or 1.18 to close at 1,096.77 points at the end of trading session on Tuesday afternoon. The trade value was 37.19 billion baht, with 4.39 billion shares traded.

The SET50 index ended at 768.95 points, up 10.09 points or 1.33 percent, with a total trade value of 24.53 billion baht.

The SET100 index rose 21.80 points or 1.32 percent to stand at 1,674.81 points, with a total turnover of 28.88 billion baht.

The SETHD gained 13.12 points, or 1.29 percent, to close at 1.032.46. The trade value was 8.68 billion baht.

The MAI index went down 0.01 points or 0.00 percent to close at 309.60 points, with total transaction value of 744.66 million baht.

Top five most active values were as follows;

KBANK closed at 136.00 baht, up 8.50 baht (6.67 percent)

BBL closed at 167.00 baht, up 5.00 baht (3.09 percent)

SCB closed at 121.00 baht, up 5.00 baht (4.31 percent)

PTT closed at 340.00 baht, up 2.00 baht (0.59 percent)

KTB closed at 20.00 baht, up 0.40 baht (2.04 percent)


Shares retreated on Tuesday from Monday's modest rally on the HCM City Stock Exchange, while stocks on the Hanoi exchange tumbled for a fifth consecutive session.

ACB Securities Co's analyst Ho Ba Tinh said the stock market was weakening significantly. "The expectation that interest rates would fall has been shaken," Tinh said.

Meanwhile, officials from the Ministry of Finance's price management unit have hinted that inflation figures to be released for July would indicate a sharp increase.

Stock trading, as a consquence, was sluggish, with the value of trades on the HCM City market reaching only VND274.9 billion (US$13.3 million) on a volume of 16.7 million shares – a 21-per-cent decrease in value and a 14-percent decrease in volume from the previous session and the lowest market value in the past 50 days.

Accordingly, the VN-Index dived 1.4 percent to close at 410.12 points, with over half of listed stocks losing ground.

Blue chips failed to sustain the VN-Index, as food producer Masan Group (MSN), bottomed out and insurer Bao Viet Holdings (BVH), property developers Hoang Anh Gia Lai (HAG) and Vincom (VIC), PetroVietnam Finance (PVF) and Sacombank (STB) all tumbled.

Shares of BIDV Securities Co (BSI) saw their first day of trading on the HCM City Stock Exchange, closing at VND10,900 up from its reference price of VND10,300.

BSI plans to increase its chartered capital in the fourth quarter from VND865 billion to VND1.2 trillion and will sell a 10-percent stake to strategic partners. It has targeted a net profit of VND9.5 billion ($461,200) this year, off from VND11.43 billion ($554,850) in 2010.

Shares of engineering company COMA 18 (CIG) also saw their first day of trading yesterday, closing at VND10,800 a decline from the VND13,500 reference price. CIG, with a charter capital of VND120 billion ($5.8 million), posted a net profit last year of VND16.5 billion, expected to rise this year to VND51 billion ($2.5 million).

On the Hanoi Stock Exchange, the HNX-Index lost another 0.4 percent to conclude yesterday's session at 70.74. The value of trades reached only VND192.4 billion ($9.3 million) on a volume of just 19 million shares. Losers outnumbered gainers by 155-78.

PetroVietnam Construction Corp (PVX) was the most-active share nationwide, with 1.8 million traded, followed by Kim Long Securities Co (KLS) with a volume of 1.7 million shares and VNDirect Securities Co (VND) with 1.3 million shares traded. These three shares together accounted for 25 per cent of the total volume on the northern exchange.


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