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ASEAN STOCK WATCH Asean Affairs   3 July 2012

ASEAN Markets Will Open Lower

 By Shayne Heffernan Ph.D.

The Standard & Poor’s 500 Index erased earlier losses as company acquisitions tempered concern with data showing that manufacturing unexpectedly contracted.

The S&P 500 rose 0.2 percent to 1,364.23 at 4 p.m. New York time, according to preliminary closing data.

Based on the latest available data, the Dow Jones industrial average was down 8.70 points, or 0.07 percent, to end unofficially at 12,871.39. But the Standard & Poor's 500 Index was up 3.35 points, or 0.25 percent, to finish unofficially at 1,365.51. The Nasdaq Composite Index was up 16.18 points, or 0.55 percent, to close unofficially at 2,951.23.


The FBM KLCI index gained 1.70 points or 0.11% on Monday. The Finance Index increased 0.18% to 14266.27 points, the Properties Index up 0.35% to 1024.46 points and the Plantation Index rose 0.14% to 8496.19 points. The market traded within a range of 5.55 points between an intra-day high of 1605.22 and a low of 1599.67 during the session.

Actively traded stocks include INGENS, INGENS-WA, FLONIC, FLONIC-WA, LUSTER, FGV, PERMAJU, GPRO, MBFHLDG-WA and NICORP. Trading volume decreased to 1078.82 mil shares worth RM1284.90 mil as compared to Friday’s 1301.32 mil shares worth RM1885.56 mil.

Leading Movers were GENTING (+10 sen to RM9.53), HLBANK (+22 sen to RM12.66), DIGI (+2 sen to RM4.27), UMW (+13 sen to RM9.26) and PBBANK (+2 sen to RM13.78). Lagging Movers were PETCHEM (-5 sen to RM6.42), CIMB (-2 sen to RM7.55), TENAGA (-2 sen to RM6.72), AXIATA (-1 sen to RM5.46) and RHBCAP (-4 sen to RM7.36). Market breadth was positive with 412 gainers as compared to 302 losers.


Shares in Bangkok Bank Pcl BBL.BK, the country's biggest bank, fell as much as 1.8 percent, underperforming the banking sector and the broader stock market, amid concerns of weak loan growth.

At the midsession break of 0530 GMT, Bangkok Bank shares were down 1.6 percent at 188.5 baht ($5.94). The banking subindex was up 0.8 percent while the benchmark SET index gained 1 percent.

Broker Thanachart Securities said it has downgraded the stock's rating to 'hold' from 'buy', with a lower target price of 190 baht ($5.98) from 200 baht. Loan growth was expected to fall to 8 percent in 2013 from an estimated 13 percent in 2012, it said.

"BBL has been slow on tapping into retail loans which has led to a relatively slower growth in fee income compared to the industry," it said.


Singapore says home prices rose slightly in the second quarter after dropping for the first in almost three years in the previous quarter.

The Urban Redevelopment Authority said in a statement Monday that private home prices increased 0.4 percent in the April to June period after falling 0.1 percent in the first quarter.

Private housing prices have been little changed since the government imposed a 10 percent tax on residential property purchases by foreigners and companies in December.

Private property prices are up about 80 percent since 2004.

The Housing Development Board on Monday reported a 1.3 percent increase in the prices of government-built housing, where about 80 percent of Singaporeans live.

After rising in early trade, Tokyo edged down 0.04 percent, or 3.30 points, to close at 9,003.48, while Seoul closed down 0.13 percent, or 2.36 points, at 1,851.65.

Shanghai was flat, edging up 0.03 percent, or 0.68 points, to close at 2,226.11. But Sydney put on 0.94 percent, or 38.4 points, to close at 4,133. Hong Kong was closed for a public holiday.

– Taipei rose 0.67 percent, or 48.88 points, to 7,345.16.

Taiwan Semiconductor Manufacturing Co. gained 2.46 percent to Tw$83.3 while Fubon Financial Holding ended 1.85 percent higher at Tw$30.35.

– Wellington rose 1.19 percent, or 40.33 points, to 3,440.16.

Telecom Corp. gained 2.5 percent to NZ$2.45, Fletcher Building was up 3.2 percent at NZ$6.06 and Chorus was steady at NZ$3.14.

– Manila closed 1.03 percent, 53.83 points, higher at 5,300.24.

Ayala Land Inc. rose 2.08 percent to 22.05 pesos and Philippine Long Distance Telephone Co. added 2.40 percent to close at 2,716 pesos.

– Kuala Lumpur ended 0.11 percent, or 1.70 points, higher at 1,600.85.

Telekom Malaysia gained 0.35 percent to 5.67 ringgit, while UEM Land Holdings inched up 0.96 percent to 2.10. Financial firm CIMB Group Holdings lost 0.16 percent to 7.55 ringgit.

– Singapore was up 1.12 percent, or 32.14 points, at 2,910.59.

Keppel Corp. gained 3.31 percent to Sg$10.62 and DBS Group climbed 0.87 percent to Sg$13.99.

– Bangkok added 1.42 percent, or 16.63 points, to 1,188.74.

Banpu gained 4.02 percent to 466 baht, while PTT added 2.17 percent to 330 baht.

– Jakarta rose 0.91 percent, or 35.96 points, closing at 3,991.54.

Nickel and gold miner Antam rose 1.49 percent to 1,360 rupiah, carmaker Astra International gained 0.73 percent to 6,900 rupiah and cement manufacturer Indocement rose 4.61 percent to 18,150 rupiah.

– Mumbai fell 0.18 percent, or 31.0 points, to 17,398.98, snapping four straight days of gains.

India’s private steel producer Jindal Steel fell 2.49 percent to 457.8 rupees while leading vehicle maker Tata Motors slid 1.53 percent to 238.35 rupees after the company reported weaker-than-expected monthly sales.


Shayne Heffernan Ph.D.  

Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408 Fax: +65 6329 9699
Email :
Suite 53 Athenee Tower
63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330
New York 347 5th Avenue, Suite 1402-508 NY, NY 10016


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