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ASEAN STOCK WATCH Asean Affairs   9  June  2011

Asean Stock Watch- June 9



The sustained weakness on Wall Street was partly due to continued reaction to comments from Federal Reserve Chairman Ben Bernanke, who spoke at the International Monetary Conference in Atlanta late in the trading day on Tuesday. In his remarks, Bernanke indicated the Fed is not likely to take additional steps to prop up the economy even though the recovery has been "uneven" and "frustratingly slow."

Selling pressure may also have been generated by a notable increase by the price of crude oil, which came after OPEC unexpectedly lefts its production quotas unchanged. Analysts had expected the 12-member group to boost production in an effort to cool off oil prices and take some pressure off the world economy.

Meanwhile, traders largely shrugged off the Federal Reserve's Beige Book report, which said reports from the twelve Fed Districts indicated that economic activity generally continued to expand. The Fed noted that a few districts indicated some deceleration.

The major averages all closed in negative territory, although the tech-heavy NASDAQ underperformed its counterparts. The Dow edged down 21.87 points or 0.2 percent to 12,048.94, while the NASDAQ fell 26.18 points or 1 percent to 2,675.38 and the S&P 500 slid 5.38 points or 0.4 percent to 1,279.56.


The Indonesian stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had collected nearly 20 points or 0.5 percent. The Jakarta Composite Index finished just above the 3,825-point plateau, and now investors are expecting to see those losses accelerate when the market opens on Thursday.

The global forecast for the Asian remains brutal, spurred this time by open dissention in the latest OPEC meeting that sparks supply and pricing concerns for the commodity. Technology shares are expected to fall, along with gold, property, steel and airline stocks. The European and U.S. markets finished firmly under water, and the Asian bourses are tipped to open in similar fashion.

The JCI finished modestly lower on Wednesday following softness among the plantation stocks and cement companies.

For the day, the index dropped 17.13 points or 0.5 percent to finish at 3,825.82 after trading between 3,811.75 and 3,842.86. Volume was 7.47 billion shares worth 6.34 trillion rupiah. There were 157 decliners and 82 gainers.

Among the decliners, Semen Gresik shed 1.1 percent, while Agung Podomoro lost 1.4 percent and Astra Agro Lestari eased 0.4 percent.


Buying support for selected heavyweight stocks helped the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) higher.

At 12.30pm, the FBM KLCI added 1.58 points to 1,553.37, after moving between 1,555.49 and 1,553.07. Turnover stood at 332.1 million shares worth RM528.3mil. Losers were ahead of gainers 263 to 304 with 297 unchanged.

Dealers said the local bourse was expected to be rangebound today as the market was not expecting any catalysts that could spur an upward trend.

HwangDBS Vickers Research expects “thin trading volume today amid a dearth of news flow” to instill buying interest.

“Our Malaysian benchmark FBM KLCI is likely to trade on a negative bias and break below its immediate support level at 1,550. After which, its next support level stands at 1,530,” it said.

On the external front, the US key barometers fell for the sixth consecutive day between 0.2 percent and 1.0 percent as investors sentiment continued to be weighed down by concern of slowing economic growth in the US.

HwangDBS said domestic news flow remained slow but some counters that may attract some trading interest are Berjaya Sports Toto, MyEG Services and Dijaya Corp.

Among the 30 stocks in the FBM KLCI, Maybank fell 2 sen to RM8.76, Genting rose 14 sen to RM11.12 while Sime Darby was 1 sen lower at RM9.21.

Among the major gainers were Malaysia Marine And Heavy Engineering, which rose 25 sen to RM8.50, Hong Leong Financial Group added 20 sen to RM12.38 while AEON Credit rose 17 sen to RM4.88.


Philippine share prices on Wednesday bounced back on bargain-hunting following a three-day losing streak, ignoring comments of the Federal Reserve on the sluggishness of the US economy.

At the Philippine Stock Exchange, the composite index added 18.99 points, or 0.45 percent to 4,255.44, while the broader all shares index rose 9.20 points, or 0.31 percent to 2,994.82.

Decliners beat advancers, 67 to 61, while 46 issues were unchanged. A total of 1.73 billion stocks worth P3.62 billion changed hands.

“Tracking the early movements of the US, and a marginal advance in Europe as well as keeping in step with those of its peers in the Asia Pacific region, local share prices checked a three-session slide thus keeping the measure above a critical technical support level,” said Jun Calaycay of Accord Capital Equities Corp.

The advance was also largely due to the gains of Ayala Land Inc. and JG Summit Holdings Inc., rising 1.20 percent and 1.92 percent, respectively.

For the rest of the week, the market is expected to remain on a sideways trend and with low conviction to move on either direction.

Asian currencies, including the peso, weakened Wednesday on concern slowing economic growth will temper demand for the region’s exports.

At the Philippine Dealing System, the peso shed 9 centavos to close at 43.24 against the US dollar from Tuesday’s 43.15 finish the previous trading day.

The dollar-peso pair opened at 43.16 and moved to a high of 43.24 and a low 43.15. Total trading volume reached $894.52 million from Tuesday’s $866.95 million.

The currency pair is expected to trade at 42.80 to 43.50 within the week.


Singapore shares were lower at midday on Thursday, with the benchmark Straits Times Index at 3,101.97, down 0.03 per cent, or 1.01 points.

About 616 million shares exchanged hands.

Losers beat gainers 201 to 138.


The Stock Exchange of Thailand main index went down 11.58 points or 1.14 percent to close at 1,003.00 points at the end of trading session on Thursday morning. The trade value was 15.24 billion baht.

The SET50 index ended at 699.71 points, down 7.83 points or 1.11 percent, with a total trade value of 10.25 billion baht.

The SET100 index fell 17.95 points or 1.16 percent to stand at 1,524.97 points, with a total turnover of 12.39 billion baht.

The MAI index went down 3.65 points or 1.27 percent to close at 282.91 points, with total transaction value of 372.86 million baht.

Top five most active values were as follows;

PTT  closed at  329.00 baht, down 1.00 baht (0.30 percent)
KBANK closed at 110.00 baht, down 1.50 baht (1.35 percent)
KTB closed at 16.70 baht, down 0.40 baht (2.34 percent)
BBL closed at 148.00 baht, down 0.50 baht (0.34 percent)
PTTCH closed at 138.50 baht, down 3.00 baht (2.12 percent)


Both key indices on the Vietnam bourses rebounded today but on lower market values and volumes.

On the HCM Stock Exchange, the VN-Index closed up 1 percent to 443.95 points. The number of advancers nearly doubled that of decliners.

Around VND573 billion (US$27.3 million) was traded on a volume of 33.5 million shares, sliding 0.9 per cent in value and 11 pe cent in volume.

Of the 10 leading shares in terms of capital, five codes made gains, including food producer Masan Group hitting its ceiling price, Vietinbank (CTG), PetroVietnam Finance (PVF), insurer Bao Viet Holdings (BVH) rising less than 1 percent, and estate developer Vincom (VIC) up 2.7 per- cent.

Meanwhile, property developer Hong Anh Gia Lai lost 0.7 percent, and four others closed unchanged. They are Phu My Fertiliser (DPM), Eximbank (EIB), software giant FPT (FPT) and Sacombank (STB).

Sai Gon Securities Inc (SSI) was the most active share in HCM City, with more than 2.7 million shares changing hands.

On the Ha Noi Stock Exchange, the HNX-Index gained 2.3 percent to finish at 77.39 points.

Advancers outnumbered decliners by 219-75. The value of trades reached 93 percent of yesterday's figure, higher than on the HCM Stock Exchange, at VNÐ664.7 billion ($31.6 million). Market volume dropped 18 percent to 54.7 million shares.

Kim Long Securities (KLS) saw the most significant amount of shares exchanged (7.4 million) followed by VNDirect Securities (VND) with 6.3 million shares and PetroVietnam Construction Co (PVX) with 6.2 million shares.


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