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ASEAN STOCK WATCH 10 June 2010

Thailand Leads ASEAN Higher

Shayne Heffernan
www.livetradingnews.com

News of strong China export growth last month pushed its key stock index up 2.8 percent on Wednesday and broader Asian shares gained, with MSCI’s index for Asian markets, excluding Japan, up 0.17 percent at 1009 GMT.

Federal Reserve Chairman Ben S. Bernanke said the U.S. recovery, while being sustained by private demand, isn’t as strong as he prefers and faces risks from Europe’s debt crisis that may require further Fed action.

U.S. growth is “not as fast as we would like,” Bernanke told the House Budget Committee in testimony today just hours before the Fed’s regional business survey said the economy expanded in all 12 Federal Reserve districts for the first time in more than two years, with a “modest” pace in many regions.

Bernanke gave no indication he’ll soon back off from the central bank’s pledge to keep interest rates at a record low for an “extended period,” given high unemployment and low inflation. Economists surveyed by Bloomberg News this month pushed back their forecast of higher rates to 2011 from late 2010, based on the median estimates.

Asean markets improved yesterday Indonesia, the Philippines and Vietnam, attracted more foreign buying, while gains on the Thai market were mainly pushed by domestic buyers.

Thailand was the cheapest in Southeast Asia, trading at a 12-month forward price to earnings of 10.3 times, below Indonesia’s 13.3, the highest in the region.A false perception of political risk has kept foreign investors away from the Thai market.

Foreign investors reversed direction and bought Thai shares worth a net $2.3 million on the day, after selling $49 million in the past two sessions.

Gains in Bangkok on Wednesday included Krung Thai Bank KTB.BK, the second-largest lender, which was up 5 percent after a rating upgrade by Moody’s Investors Service. PTT (PTT.BK) rose 0.8 percent after the top energy firm said a consolidation of its downstream business, eagerly awaited by the stock market, would probably be completed in the first quarter of 2011 rather than the fourth quarter of this year.

In Kuala Lumpur, AirAsia (AIRA) jumped 4.7 percent after a newspaper reported its long-haul budget carrier, AirAsia X, planned to launch an initial public offering in the second half of 2011 to tap public funds for growth.

In Singapore, big caps pulled the market lower. Top lender DBS Group Holdings (DBSM.SI) and the biggest developer CapitaLand (CATL.SI) both fell 0.6 percent.

Losses in Manila included Philippine Long Distance Telephone (TEL.PS), its largest listed firm, and Bank of the Philippine Islands (BPI.PS), the third biggest bank, both falling more than 1 percent.

Global Markets By Region

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11,517.18
+12.44 (0.11%)
+9.18%
Jun 09, 4:00pm
flag
Mexican Bolsa IPC Index
31,059.83
+320.82 (1.04%)
+24.57%
Jun 09, 4:00pm
flag
Brazil Bovespa Index
61,730.30
-125.70 (-0.20%)
+15.10%
Jun 09, 4:00pm
flag
Argentina Merval Index
2,203.52
+34.53 (1.59%)
+35.58%
Jun 09, 4:00pm
flag
>Chile IPSA Index
3,876.68
+16.02 (0.41%)
+21.14%
Jun 09, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
9,439.13
-98.81 (-1.04%)
-4.32%
Jun 09, 4:00pm
flag
ASX All Ordinaries
4,402.60
+1.40 (0.03%)
+10.92%
Jun 09, 4:00pm
flag
Seoul Composite
1,651.48
+13.51 (0.82%)
+18.53%
Jun 09, 4:00pm
flag
Hong Kong Hang Seng
19,621.24
+133.76 (0.69%)
+7.49%
Jun 09, 4:00pm
flag
Shanghai
2,583.87
+69.92 (2.78%)
-6.66%
Jun 09, 4:00pm
flag
Taiwan Weighted
7,151.99
-5.84 (-0.08%)
+7.91%
Jun 09, 4:00pm
flag
Singapore Straits Times
2,745.80
-0.81 (-0.03%)
+17.66%
Jun 09, 4:00pm
flag
Bombay Sensex Index
16,617.10
-163.97 (-0.98%)
+13.30%
Jun 09, 4:00pm
flag
Jakarta Composite
2,779.98
+29.75 (1.08%)
+35.17%
Jun 09, 4:00pm
flag
Kuala Lumpur Composite
1,290.08
+1.90 (0.15%)
+20.25%
Jun 09, 4:00pm
flag
PSE Composite
3,254.83
-19.43 (-0.59%)
+29.28%
Jun 09, 4:00pm
flag
Sri Lanka All Share
4,427.27
-4.05 (-0.09%)
+101.20%
Jun 09, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,085.86
+57.76 (1.15%)
+15.45%
Jun 09, 4:00pm
flag
Paris CAC 40
3,446.77
+66.41 (1.96%)
+4.78%
Jun 09, 4:00pm
flag
Frankfurt Index
5,984.75
+116.20 (1.98%)
+19.58%
Jun 09, 4:00pm
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
+0.00%
Jun 09, 4:00pm
flag
Belgium 20 Index
2,425.68
+34.79 (1.46%)
+18.55%
Jun 09, 4:00pm
flag
Swiss Market Index
6,319.18
+72.98 (1.17%)
+17.20%
Jun 09, 4:00pm
flag
OSE Norway All Share
401.76
+8.78 (2.23%)
+16.80%
Jun 09, 4:00pm
flag
ATX Vienna
2,269.73
+52.89 (2.39%)
+7.19%
Jun 09, 4:00pm
flag
Amsterdam Total Return General
320.63
+5.80 (1.84%)
+22.20%
Jun 09, 4:00pm
flag
Madrid General
894.58
-13.21 (-1.46%)
-8.07%
Jun 09, 4:00pm
flag
Stockholm General Index
311.84
+7.20 (2.36%)
+29.63%
Jun 09, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,012.31
+9.34 (0.93%)
+24.32%
Jun 09, 10:45am
flag
TEL-TECH INDEX
260.01
+0.32 (0.12%)
+27.61%
Jun 09, 10:45am
flag
TEL-TECH-15 INDEX
224.37
+0.06 (0.03%)
+21.90%
Jun 09, 10:45am

 


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