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ASEAN STOCK WATCH Asean Affairs   25  July  2011

Asean Stock Watch- July 25



US stocks were mixed Friday as investors looked to technology-heavy companies to pull them through global economic uncertainty.

The Nasdaq Composite Index saw the greatest gains of the big-three indices, while stocks were down for the blue-chip Dow Jones Industrial Average.

"You're seeing fast money gravitate to the large-cap tech names, viewing them as better able to withstand slower economic growth," Mark Bronzo of Security Global Investors in Irvington, New York,said.

The Dow Jones Average shed 43.25 points, or 0.34 percent, to 12,681.16. The broader Standard and Poor's 500 Index edged up 1.22 points, or 0.09 percent, to 1,345.02. The Nasdaq Index added 24.40 points, or 0.86 percent, to 2,858.83.

For the week, the Dow rose 1.61 percent, the S&P added 2.19 per cent and the Nasdaq increased 2.47 percent.

The US currency made gains against the euro to 69.63 euro cents from 69.36 euro cents on Thursday. The dollar fell slightly against the Japanese currency to 78.46 yen from 78.56 yen


Indonesia’s benchmark stock index rallied for a third consecutive day on Friday to another record high as hope grew for a positive development in the euro crisis.

The Jakarta Composite Index rose 38.75 points, or 1 percent, to close at 4,106.82. More than 8.66 billion shares worth Rp 5.26 trillion ($615 million) changed hands. Gainers outnumbered decliners 143 to 83. For the week, the main gauge advanced 2.1 percent.

“The fundamental indicators in Indonesia remain sound and there are new positive developments coming from Europe,” said Akhmad Nurcahyadi, a market analyst at BNI Securities.

Miscellaneous industries, which include the automotive and garment industries, gained 2.5 percent and led the sectoral gains. The manufacturing sector rose 1.2 percent and infrastructure gained 1.3 percent.

Shares in auto distributor Astra International gained 2.3 percent to Rp 72,900. AKR Corpindo, distributor of energy products and chemical, swelled 4 percent to Rp 2,600 after announcing a 13-fold increase in net profit for the first half of the year, mostly from its divestment of shares in Sorini, an agricultural products maker.

Bread producer Nippon Indosari Corpindo, which produces Sari Roti, rebounded by 5.15 percent to close at Rp 3,575 after the stocks slumped by 5.6 percent on Thursday.


BURSA Malaysia is likely to be moderately bullish this week with external factors swaying the market.

Affin Investment Bank's head of retail, Dr Nazri Khan, said the benchmark FBM KLCI was expected to test the 1,580-point level.

He said that eventually, the local bourse would likely ride on Wall Street's performance and the euro zone rally, barring any further downgrades by major rating agencies.

The Greek second bailout deal, in hopes to prevent the region's debt crisis from deepening, and the last-minute deficit-reduction deal between President Barack Obama and US top lawmakers have eased fears and boosted investor sentiment across the board.

“We see the risk environment has improved although the local sentiment has been on a mixed mode. “However, the ringgit performed strongly and the Asian Dollar Index, a basket of 10 currencies, advanced to a 14-year high which indicates capital flight back into emerging assets,” Nazri said.

He said projections for Malaysia's second quarter economic growth were expected to kick start this week and this would create more excitement on the local front.

For the week just ended, the FBM KLCI fell 12.19 points to 1,565.06 from 1,577.25 points previously.

The Finance Index lost 46.26 points to 14,811.13, the Industrial Index gained 12.34 points to 2,867.9 and the Plantation Index declined 75.68 points to 7,698.11.

The FBM Emas Index fell 43.18 points to 10,766.43.

Total weekly volume increased to 4.900 billion shares valued at RM9.243bil from 3.798 billion shares valued at RM7.22 billion.

The Main Market turnover rose to 3.326 billion shares valued at RM8.981bil from 2.89 billion shares worth RM7.034 billion.

Volume on the ACE Market was higher at 1.040 billion shares worth RM166.035mil from 447.57 million shares valued at RM78.42 million.

Warrants advanced to 521.418 million units worth RM90.732mil from 435.669 million units worth RM263.18 million.


THE Philippine stock market is likely to resume its climb following the approval of a new rescue package for Greece and investor positioning ahead of the release of second quarter local corporate financial results.

The uncertainty over the US debt troubles, however, may continue to cast a dark cloud over the local mart and tempt investors to book profits after the index reached record highs in the previous week.

“Local stocks are seen to trade higher as the Euro zone worries have been contained, following the fresh bailout for Greece and the latest developments on the European Union’s rescue fund,” said AB Capital Securities Inc.

“We also see positioning ahead of the vote on the US debt ceiling, which we think will be raised,” the brokerage added.

The index may trade at a range between 4,380 and 4,580, and break the 4,600-line in the next 10 to 15 days, said Jun Calaycay of Accord Capital Equities Corporation.

While the price to earnings ratio of the PSEi has shot up to 15.72 times, nearly half of the 30 component issues still trade below the market’s PE, he said.

“On this basis alone, a good number of issues, fundamentally sound enough and with sufficient market liquidity to make it to the index, are prime candidates to aid the next northern push,” he added.

Giving the market another solid boost is the return of foreign funds to the country because of the financial troubles in the West, the monetary tightening stance in emerging economies and the undervaluation of local stocks vis-a-vis their peers abroad.

The “US debt ceiling problems could trigger profit-taking in the equity markets,” BDO Unibank Inc. said.

“However, the longer term chart is bullish as the PSEi seems to have broken out from a bullish inverted head and shoulder formation, which has a target of 4,830,” AB Capital said.


Singapore shares opened lower on Monday, with the benchmark Straits Times Index at 3,160.10 in early trade, down 0.72 percent, or 22.85 points.

Around 135 million shares exchanged hands.

Losers beat gainers 165 to 32.


The Stock Exchange of Thailand main index went up 16.89 points or 1.53 percent to close at 1,121.04 points at the end of trading session on Friday afternoon. The trade value was 39.99 billion baht, with 6.02 billion shares traded.

The SET50 index ended at 786.99 points, up 13.41 points or 1.73 percent, with a total trade value of 28.32 billion baht.

The SET100 index rose 28.02 points or 1.66 percent to stand at 1,713.95 points, with a total turnover of 34.10 billion baht.

The SETHD index went up 12.16 points or 1.15 percent to stand at 1,066.38 points, with total trade value of 9.43 billion baht.

The MAI index went up 0.39 points or 0.13 percent to close at 310.49 points, with total transaction value of 616.36 million baht.

Top five most active values were:

KBANK closed at 144.00 baht, up 8.50 baht (6.27 percent)

TOP closed at 78.00 baht, up 2.50 baht (3.31 percent)

PTT closed at 352.00 baht, up 3.00 baht (0.86 percent)

BBL closed at 172.00 baht, up 2.50 baht (1.47 percent)

PTTCH closed at 161.00 baht, up 3.50 baht (2.22 percent)


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