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ASEAN Markets to Advance Today

Shayne Heffernan

As we expected most ASEAN stock markets fell on Thursday, retreating after a downbeat economic view from the U.S. Federal Reserve, and weaknesses in energy prices reflected in the sector across ASEAN.

Jakarta closed flat after breaking the 3000 barrier and holding those gains today despite a global sell off yesterday and absorbing some bad earnings results.

PT Tambang Batubara Bukit Asam, the nation’s biggest state coal miner, sees coal output and prices picking up in the second half of the year, after first half results came in below market forecasts.

Bukit Asam’s president director, Sukrisno, said its first half profit slid 43 percent to Rp 908 billion ($100 million) on lower coal prices.

The main buyer for Bukit Asam, which has the second-biggest coal reserves among Indonesian miners but is the sixth-biggest producer, is state-utility PT Perusahaan Listrik Negara, which runs the Suralaya plant on Java.

The company plans to increase output to 50 million tons a year within five to six years by buying new mines and developing a new railway.

Pitoyo said the ability to transport coal was still the company’s main obstacle to lifting output because of the dilapidated state of the railway line on Sumatra.

“Even if they can produce more as demand increases, could they deliver it through the railway?” Pitoyo asked.

Bukit Asam’s shares lost 0.3 percent on Thursday to close at Rp 16,500.

Indonesian coal prices have eased in recent weeks as China has slowed purchases because of ample domestic supply, while Indian buyers only returned to the market for low-quality coal.

Prices may ease further as rains have tapered off in the country’s main coal-producing region of Kalimantan, allowing producers to ramp up output after a prolonged wet season.  Singapore posted a strong day up 1% and heading toward 3000 Keppel Corp (KPLM.SI) rose 1.1 percent before the world's largest maker of oil rigs posted a better-than-expected 9.4 percent rise in quarterly earnings, as its property unit helped offset a weaker rig market.

United Overseas Bank (UOBH.SI) rose 1.3 percent ahead of its quarterly results due early next month while Singapore-listed Chinese shipping firm Cosco (COSC.SI) jumped 6.6 percent. Cosco said after the close that a subsidiary had secured a contract worth more than $500 million from Dalian Deepwater Development Ltd to build a deepwater drillship.

Positive news that Singapore Exchange (SGX) to quote American Depository Receipts (ADRs) of Asian companies on its platform.

Observers said the move will bring more options for investors and increase regional liquidity on the SGX.

They also said SGX could have some of China's biggest blue chip ADRs available to trade in its market.

Brokers could soon be busier with more trading hours and more products to trade in on the Singapore Exchange.

A possible move by SGX to quote Asian ADRs in Singapore would bring new trading volumes from regional markets.

Some ADRs that could trade on the exchange include big caps from China, such as Baidu, Aluminium Corp of China, PetroChina and China Eastern Airlines.

Bangkok, investors bought telecoms shares on renewed optimism about third-generation mobile phone services, with a long-awaited auction for 3G licences now due in September. Market leader Advanced Info Service (ADVA.BK) jumped 4.5 percent, second-ranked Total Access Communication (DTAC.BK) surged 8.5 percent and True Corp TRUE.BK, which controls unlisted True Move, the third-largest operator, rose 4.3 percent.

PTT's exploration flagship, PTT Exploration and Production (PTTE.BK), lost about 2 percent after President Susilo Bambang Yudhoyono said Indonesia would seek compensation from it for an oil spill in the Timor Sea last year.

Transaction by Investor Group in The Stock Exchange of Thailand (SET)

Daily as of 22 Jul 2010
Unit: M.Baht

Investor Type Buy Sell Net
Value % Value % Value %
Local Institutions 3,446.60 8.05 3,782.65 8.84 -336.05 -
Proprietary Trading 5,040.32 11.77 4,959.31 11.59 81.01 -
Foreign Investors 7,287.39 17.02 7,531.26 17.59 -243.87 -
Local Individuals 27,031.33 63.15 26,532.41 61.98 498.91 -

Monthly Cumulative between 1 - 22 Jul 2010
Unit: M.Baht

Investor Type Buy Sell Net
Value % Value % Value %
Local Institutions 31,550.39 7.27 34,280.25 7.90 -2,729.86 -
Proprietary Trading 42,951.56 9.90 43,816.46 10.09 -864.90 -
Foreign Investors 64,158.23 14.78 64,944.90 14.96  -786.67 -
Local Individuals 295,413.03 68.06 26,532.41 67.05 4,381.42 -

Yearly Cumulative since 1 Jan 2010 - 22 Jul 2010
Unit: M.Baht

Investor Type Buy Sell Net
Value % Value % Value %
Local Institutions 219,620.68 7.50 222,982.98 7.62 -3,362.30 -
Proprietary Trading 388,194.71 13.26 388,415.55 13.27 -220.85 -
Foreign Investors 609,197.19 20.81 627,311.24 21.43  -18,114.05 -
Local Individuals 1,710,838.41 58.43 1,689,141.21 57.69 21,697.21 -

Malaysia’s FTSE Bursa Malaysia KLCI Index fell 0.4 per cent to close at 1,336.05, snapping a two-day, 0.6 per cent gain. The following companies were among the most active in Malaysia trading.

Guan Chong Bhd, a chocolate products maker, decreased 7.8 per cent to RM1.07, the sharpest loss since May 19. The company told Malaysia’s stock exchange that it was unaware of the reason for a 40 per cent surge in its share price yesterday to RM1.16 after the bourse asked the company to explain the price movement. Guan Chong said the movement may be due to “market sentiments.”

Kenmark Industrial Bhd, a manufacturer of cabinets and furniture, jumped 54 per cent to 10 sen, the highest close since July 8. The company said it resumed operations at its printing unit.

Malaysia Airports Holdings Bhd, the airport operator, gained 1.6 per cent to RM5 after reporting a 17.8 per cent increase in passengers in Kuala Lumpur from a year ago.

Tatt Giap Group Bhd, a Malaysian stainless steel processer, increased 5.2 per cent to 61 sen on its first trading day. The company sold 14.6 million shares at 58 sen each. The Philippine stock market continues to move within a tight range as both buyers and sellers remain unaggressive in making a big movement.

The bellwether Philippine Stock Exchange index failed to sustain Wednesday's rally and fell 0.11 percent or 3.81 points to 3,414.90 on Thursday. The broader all-share index dipped by 0.16 percent or 3.53 points to 2,169.21.

Trading volume reached 1.36 billion shares valued at 3.06 billion pesos (65.84 million U.S. dollars). Foreign sellers dominated the market with 722 million pesos (15.53 million U.S. dollars).

Decliners swept advancers 67 to 41 while 67 stocks did not move. Of the six counters, only the industrial, property and the mining and oil sectors bucked the decline.

"The range bound trading of the market continued as investors react to the performance of the U.S. markets," Paul Balaoing, analyst at PCCI Securities Brokers Corp., said in an interview.


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