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ASEAN Stock Market Outlook

Shayne Heffernan

A bumpy wee on Wall St did not stop the ASEAN exchanges from advancing, Jakarta set an all time high, Thailand, Singapore and Malaysia also out performed global rivals.

Next week looks like another good week for ASEAN stocks and the best of the market should be Miners, Banks and Air Lines, look for a special report on each sector during the week.

The Jakarta index closed the week at 3,069.28, a decrease of 27.54 points on the day.

Total booked transaction value reached Rp 3.27 trillion with a recorded volume of 12.13 million lots and a frequency of 125,309 times.

Foreign investors in the regular market purchased shares worth Rp 716.74 billion and sold Rp 742.22 billion resulting in Rp 25.48 billion of net selling.

The Stock Exchange of Thailand (SET) composite index moved up 1.24 points, or 0.15 percent, to close at 855.83 points on Friday.

Some 4.55 billion shares worth 22.32 billion baht (about 697 million U.S. dollars) changed hands.

Shayne Heffernan remains very bullish on the Thai market predicting it will break 1000pts by March 2011

The benchmark SET Index is the second-best performer among Asia’s 10 biggest stock markets after Indonesia this year, according to data compiled by Bloomberg. The measure has climbed more than 18 percent from its May 25 low following the slump in global stocks amid the European debt crisis, close to the 20 percent increase that investors define as a bull market.

Foreigners bought 2.83 billion baht ($88 million) of Thai stocks than they sold on July 23, the highest level since April 7.

Overseas investors bought more shares even as Prime Minister Abhisit Vejjajiva tightened security this week in Bangkok, a city already under emergency rule, after a bomb killed one person and injured 10 others hours after polls closed in the first by-election since anti-government demonstrations. The explosion marked the first violence since May 19, when a military assault to end the protests sparked rioting in Bangkok.

The return of foreigners comes after Thai investors drove the benchmark index beyond a two-year high on confidence in earnings growth, Charamporn Jotikasthira, president of the Stock Exchange of Thailand said in a July 22 interview. Locals have offset waning overseas demand in the first half following the nation’s worst political clash in two decades, he said.

Overseas investors continued to add more Thai stocks this week, with 3.74 billion baht of net inflows in the first three trading days, the data showed. The markets were closed for a holiday on July 26.

The central bank said on July 23 it expects the economy to expand the most in at least seven years in 2010 as an export rebound limited the impact from the political clash that left at least 89 people dead. Gross domestic product may expand 6.5 percent to 7.5 percent, compared with an April forecast for growth of 4.3 percent to 5.8 percent.

Exports climbed to a record $18.04 billion in June, helped by the end of the riots and a recovery in the global economy. Automakers Ford Motor Co., General Motors Co. and Mitsubishi Motors Corp. all announced plans to build factories in Thailand in the past month.

The Malaysia stock market ended higher on Friday.

The Kuala Lumpur Composite Index (KLCI) was at 1,360.92 up 2.51 points or 0.18 percent, and the Emas was at 9,212.77 up 11.11 points or 0.12 percent.

Turnover decreased to 918.32 million shares valued at 1.42 billion ringgit Malaysia (446.12 million U.S. dollars).

Vietnam’s stock market index, the VN-Index, closed at 493.91 points on Friday, up 2.8 points, or 0.57 percent, against the previous trading day.

A total of 46.04 million shares worth 1.34 trillion Vietnamese dong (VND) (69.96 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange.

The Philippine market finished 0.07 percent lower on Friday.

The bellwether Philippine Stock Exchange index lost 2.40 points to 3,4626.95, while the broader all-share index declined by 0.03 percent or 0.87 points to 2,182.79.

Trading volume reached 1.02 billion shares worth 2.92 billion pesos (63.75 million U.S. dollars).

The shares prices in Singapore fell 9.95 points or 0.33 percent on Friday with the benchmark Straits Times Index (STI) closing at 2,987.7 points.

The overall volume stood at 1.41 billion shares worth 2.08 billion Singapore dollars (about 1.53 billion U.S. dollars).


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