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ASEAN STOCK WATCH Asean Affairs   24  June  2011

Asean Stock Watch- June 24



US stocks were mixed on Thursday, gaining back ground after steep initial losses spurred by a series of gloomy economic reports from the United States, Europe and China.

The Dow Jones Industrial Average fell 59.67 points (0.49 percent) to close at 12,050.00 points. The broader S&P 500 dropped 3.64 points (0.28 percent) to 1,283.50, while the tech-heavy Nasdaq Composite climbed 17.56 points (0.66 percent) to 2,686.75.

Earlier in the day, all three major stock market indices were down more than one percent after a series of negative reports on the United States and China, the world's first- and second-largest economies, respectively.

The US Labour Department said initial jobless claims grew more than expected, rising 9,000 to 429,000 in the week ending June 18.

Later the Commerce Department said new-home sales fell 2.1 percent in May, underscoring continued weakness in the housing market, a key pillar of the US economy.

“While bargain hunters were present in the market, there were traders who turned bearish on the latest warning from US Fed Chairman Ben Bernanke,” said AB Capital Securities Inc.

Overnight, the Dow Jones Industrial Average fell 80.34 points, or 0.66 percent to 12,109.67 after the comments of Bernanke created jitters, giving sell signals to investors.

“However, the Fed chairman did note that the constraints on the economy are temporary factors like supply chain disruptions in Japan and high energy prices,” AB Capital said.


Indonesia’s benchmark index was little changed on Thursday as investors remained cautious but still chose emerging markets as their preferred investment destination.

“The yield of government bonds in Portugal, Italy and Spain went up,” said Janson Nasrial, an analyst at AmCapital Indonesia. “Investors are now questioning the impact of Greek financial crisis to other European countries such as Portugal.”

The developments in Europe affected afternoon trading in the Indonesian market, he said, interrupting the steady climb that began in the morning session.

The Jakarta Composite Index advanced just 1.82 points, or 0.05 percent, to 3,823.65. More than 7.6 billion shares worth Rp 3.9 trillion ($452 million) changed hands. Gainers and decliners were equal at 103.

Foreign investors were net buyers, purchasing Rp 696 billion more in shares than they sold.

State-owned pharmaceutical company Kimia Farma gained 24.4 percent to Rp 255, its highest close since March 5, 2008, while rival Indofarma gained 17.1 percent to Rp 96.

Domestic pharmaceutical sales will likely rise 11 percent in 2011 from a year earlier to $4.4 billion, according to media reports citing Luthfi Mardiansyah, the chairman of the International Pharmaceutical Manufacturers Group.

Tire producer Multistrada Arah Sarana rose 1.9 percent to Rp 530. Kim Eng Securities said in a note to its customers said that Multistrada would gradually increase its production capacity by 58 percent for car tires and 150 percent for motorcycle tires. It also plans to invest $500 million in its operations over the next three years.

Wireless telecommunications infrastructure provider Tower Bersama Infrastructure gained 4.4 percent to Rp 2,400. The company signed a conditional agreement to completely buy out Mitrayasa Sarana Informasi, a privately owned telecommunications tower provider.

The rupiah weakened 0.2 percent to trade at 8,611 to the US dollar as the market closed on Thursday. The currency has strengthened 4.2 percent this year.


The local bourse ended Thursday trade lower with financial stocks weighing on the benchmark FBM KLCI.

At close, the index was down a quarter of a percent to 1,563.19 while most Asian markets were closed lower except for Shanghai's A share index, which advanced 1.47 percent to 2,688.25.

RHB Capital led losses among financial stocks today, tumbling 57 sen to RM9.03. Hong Leong Bank fell 44 sen to RM12.90, CIMB lost 4 sen to RM8.51, Maybank was down 2 sen to RM8.82 and Public Bank was 2 sen lower at RM13.20.

Among plantation stocks, IOI lost 3 sen to RM5.33, Sime dropped 2 sen to RM9.17, KLK shed 12 sen to RM21.98 while PPB added 2 sen to RM17.24.

MISC lost 8 sen to RM7.30, Petronas Dagangan gained 2 sen to RM15.88 and Petronas Chemicals was 1 sen higher at RM7.08.

TNB added 1 sen to RM6.75, MMC and YTL Power was unchanged at RM2.78 and RM2.23 respectively.

DiGi lost 10 sen to RM28.90 and TM was 1 sen higher at RM3.87. Spot gold tumbled US$5.04 to US$1,543.91 per ounce while silver fell 19 cents to US$36.18.

Nymex crude oil shed US$1.64 to US$93.77 per barrel.

The ringgit was quoted at 3.032 to the greenback and 4.329 to the euro.


Philippines share prices on Thursday snapped a two-day climb on heightened aversion to risk-taking after the Federal Reserve issued a downbeat forecast for US economic growth this year and next.

At the Philippine Stock Exchange, the composite index lost 4.14 points, or 0.10 percent to 4,241.14, while the broader all-shares index fell 9.25 percent, or 0.31 percent to 2,961.97. A total of 3.9 billion stocks worth P4.57 billion. Decliners beat advancers, 78 to 56, while 49 issues were unchanged.

Taking its cue from the negative developments in the global bourses, the local equities market may likely move sideways with a downward bias Friday.

“The PSEi may correct and retest its 50-day exponential moving average support, which now stands at 4,200,” AB Capital said.

Resistance for the PSEi is at 4,320 while support levels are at 4,200 and 4,150, the brokerage added.

The peso also faded to a weak close Thursday after the Fed decided to keep its near-zero interest rate.

At the Philippine Dealing System, the local unit closed at 43.495 against the US dollar, from 43.36 the previous trading day.

The dollar-peso pair opened at 43.45 and moved to a high of 43.525 and a low of 43.44. Total trading volume eased to $771.120 million from Wednesday’s $816.97 million.


Inflation held steady at 4.5 percent in May, dipping below 5 percent for the second consecutive month this year with prices expected to moderate further.

The monthly Consumer Price Index (CPI) rose 4.5 per cent last month over May last year on the back of higher housing, transport and food costs. On a month-on-month basis, May prices rose 0.6 per cent over April, according to the Department of Statistics on Thursday.


The Stock Exchange of Thailand main index went down 9.73 points or 0.95 percent to close at 1,014.13 points at the end of trading session on Thursday Afternoon. The trade value was 19.38 billion baht.

The SET50 index ended at 706.76 points, down 7.30 points or 1.02 percent, with a total trade value of 11.99 billion baht.

The SET100 index fell 15.57 points or 1.00 percent to stand at 1,540.23 points, with a total turnover of 14.19 billion baht.

The MAI index went up 1.50 points or 0.51 percent to close at 298.18 points, with total transaction value of 1.41 billion baht.

Top five most active values were as follows;

BANPU closed at 708.00 baht, down 8.00 baht (1.12 percent)

MALEE closed at 14.10 baht, down 0.90 baht (6.00 percent)

PTTCH closed at 147.50 baht, down 1.00 baht (0.67 percent)

PTT closed at 329.00 baht, down 1.00 baht (0.30 percent)

KBANK closed at 112.50 baht, down 2.00 baht (1.75 percent)


VN-Index gains in the first minutes of this morning's session collapsed soon after as the benchmark dived 1.1 percent to 434.75 points.

On the HCM Stock Exchange, only 53 codes advanced while 168 lost ground.

The volume of trades went down to VND318.1 billion (US$15.4 million), accounting for a 51 percent decrease, on a volume of 19.97 million shares.

Of the 10 largest shares by capitalisation, PetroVietnam Finance (PVF) hit the bottom and six others plunged between 1-3.7 per cent. Meanwhile, Eximbank (EIB) and Sacombank (STB) closed unchanged.

Estate developer Vincom (VIC) went against the downtrend to rally at 3.2 percent, ending at VND130,000 ($6.3).

Most actively traded Saigon Securities Inc (SSI) saw 1 million shares change hands.

On the Hanoi Stock Exchange, the HNX-Index was dragged down by 1.5 percent to finish at 75.26 points.

Losers outnumbered gainers by 215-59.

Both trading value and volume reached around 69 per cent of yesterday's session, being at VND322.2 billion ($15.6 million) and 26.4 million shares.

Kim Long Securities Co (KLS) claimed the highest volume nationwide of 3.2 million shares exchanged.


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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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