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ASEAN STOCK WATCH Asean Affairs   29  June  2011

Asean Stock Watch- June 29


AseanAffairs


US

Dow Jones Industrial Average closed up 145.13 points, or 1.21 percent at 12,188.69 after French banks agreed to accept slower repayment of Greece’s debt, allowing the country to pay its other obligations as well.

The S&P 500 index gained 16.57 points, or 1.29 percent, to close at 1,296.67. Nasdaq composite index rose 41.03 points, or 1.53 percent at 2,729.31.

U.S. crude oil closed at USD 92.94 a barrel, while gold settled at US$1,505.10 an ounce.

Indonesia

At the close of trade on Tuesday (28/06/2011), the Jakarta Composite Index rose 16.848 points (0.44 percent) to 3830.273.

Malaysia

Share prices on Bursa Malaysia closed higher Tuesday boosted by gains in selected finance blue chips and the encouraging performance of newly-listed MSM Holdings.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded to end the day 7.5 points higher at 1,570.02 after opening 1.48 points lower at 1,561.04.

The market barometer moved between 1,561.04 and 1,570.02 points throughout the day in brisk trade.

Jupiter Securities Head of Research Pong Teng Siew said finance stocks, led by RHB and CIMB, influenced the FBM KLCI's movement today.

"The market seemed to agree with the decision made by CIMB to pull back from acquiring RHB as there were many overlapping factors such as customers and employees and there were not much to gain from the acquisition," he told Bernama.

RHB jumped 34 sen to RM9.16 while CMB rose 23 sen to RM8.98.

On MSM's listing, he said the stock performance was excellent on its debut day but it was, nevertheless, in line with market expectation.

The stock benefited from the government's relaxed approach in determining the price of controlled products to balance the liability of subsidies they held right now, he said.

MSM ended RM1.39 higher at RM4.89 with 101.192 million shares exchanging hands.

The counter opened at RM4.45 for a 95 sen premium over its offer price of RM3.50.

The Finance Index surged 154.77 points to 14,821.76 but the Plantation Index fell 2.27 points to 7,827.01 while the Industrial Index added 20.13 points at 2,814.07.

The FBM Emas Index rose 55.521 points to 10,776.82 but the FBM Ace Index slipped 4.36 points to 4,200.94 while the FBMT100 rose 54.83 points to 10,548.69.

Advancers led decliners 492 to 278 while 303 counters were unchanged, 388 untraded with 22 others suspended.

Total volume increased to 935.529 million shares, valued at RM1.918 billion, from 788.372 million shares, valued at RM1.337 billion, registered yesterday.

Among active stocks, UEM Land rose five sen to RM2.87, Focus Dynamics added half-a-sen to six sen and Ho Wah Genting-Warr added 1.5 sen to 33.5 sen.

Axiata eased one sen to RM4.97 while Ingenuity was flat at eight sen.

Heavyweights, Maybank slipped one sen to RM8.89, Genting rose 26 sen to RM11.18, Tenaga gained four sen to RM6.70 but Petronas Chemicals and Sime Darby were flat at RM7.04 and RM9.20, respectively.

The Main Market volume increased to 716.943 million shares, valued at RM1.887 billion, from 613.018 million shares, valued at RM1.307 billion, registered yesterday.

Turnover on the ACE Market edged up to 173.760 million units, worth RM24.232 million, from 134.570 million units, worth RM24.909 million, transacted previously.

Warrants was up at 43.059 million shares, valued at RM5.662 million, from 36.853 million shares, valued at RM4.578 million, recorded on Monday.

Consumer products accounted for 143.707 million shares traded on the Main Market, industrial products 126.022 million, construction 35.309 million, trade and services 192.056 million, technology 13.599 million, infrastructure 9 million, finance 68.033 million, hotels 1.428 million, properties 113.375 million, plantations 11.214 million, mining 6,000, REITs 30.506 million and closed/fund 139,500.

Philippines

Philippine share prices on Tuesday moved sideways ahead of the crucial vote of Greek lawmakers on budget cuts, which is necessary to prevent the nation from defaulting on its debt.

At the Philippine Stock Exchange, the composite index added less than a point, or 0.02 percent to 4,289.99, while the broader all-shares index lost 2.88 points, or 0.10 percent to 2,983.14. Market breadth was negative as decliners beat advancers, 63 to 60, while 41 issues were unchanged. A total of 2.55 billion stocks worth P5.57 billion changed hands.

Local stocks also encountered strong resistance at the 4,300 psychological level, preventing the index from moving higher.

“Investors are still on the sidelines awaiting for more guidance on how the Greek debt crisis will turn out. They also are looking for stronger signals that the US economy is on the road to recovery,” said AB Capital Securities Inc.

Stocks were unable to sustain gains after rising by as much as 15.47 point even as investors were confident of a favorable resolution to the Greek financial woes.

The encouraging report from Europe overshadowed the dismal news about American consumer spending, adding to signs that economic recovery slowed.

The market is expected to keep moving sideways as investors await more guidance on how the Greek financial crisis will turn out.

“The technical charts show no strong trend and the main index has moved within its narrow range of between 4,200 and 4,330,” AB Capital said.

Asian currencies were mostly higher Tuesday as investors welcomed signs that French banks could give Greece more breathing room on its debt although they also worried about longer-term problems with its economy.

At the Philippine Dealing System, the peso edged higher to close at 43.57 to the US dollar, from 43.60 the previous trading day.

The dollar-peso pair opened at 43.49 and moved to a high of 43.62 and a low of 43.49.

Total trading volume reached $829.63 million from $679.787 million the previous trading day.

Asian currencies are expected to be on the bid within the week against the dollar, with the dollar-peso currency pair to trade within a 43.20 to 43.80 on a weekly range.

Singapore

Singapore shares opened higher on Wednesday, with the benchmark Straits Times Index at 3,067.57 in early trade, up 0.55 percent, or 16.78 points.

Around 58.2 million shares exchanged hands.

Thailand

The Stock Exchange of Thailand main index went up 3.18 points or 0.31 percent to close at 1,013.50 points at the end of trading session on Tuesday afternoon. The trade value was 17.05 billion baht.

The SET50 index ended at 707.33 points, up 2.58 points or 0.37 percent, with a total trade value of 11.02 billion baht.

The SET100 index went up 5.43 points or 0.35 percent to stand at 1,540.11 points, with a total turnover of 12.36 billion baht.

The MAI index went down 1.85 points or 0.62 percent to close at 296.94 points, with a total transaction value of 625.38 million baht.

Top five most active values were as follows;

PTT closed at 324.00 baht, unchanged

MALEE closed at 17.50 baht, down 0.20 baht (1.13 percent)

BBL closed at 152.00 baht, up 1.00 baht (0.66 percent)

KBANK closed at 116.50 baht, up 1.50 baht (1.30 percent)

PTTEP closed at 166.00 baht, up 2.50 baht (1.53 percent)

Vietnam

Benchmarks indices on the two national stock exchanges closed down yesterday on meager trading as investors remained cautious about the long-term health of the market.

On the HCM City Stock Exchange, the VN-Index closed at 432.31 points, a loss of 0.45 percent despite a strong opening to the day's session. The value of trades retreated vigorously from Monday's level of more than VND1 trillion (US$51.5 million) to just VND336 billion ($16.3 million), on a volume of 21 million shares.

Decliners outnumbered advancers by 135-74, with many blue chips losing value, including dairy producer Vinamilk (VNM), down 2.7 percent; Vietinbank (CTG), down 2.5 percent; PetroVietnam Finance (PVF), down 1.5 percent; and real estate developer Hoang Anh Gia Lai (HAG), down 1 percent.

Saigon Securities Inc (SSI) was the most-active share with 1.24 million changing hands. SSI also closed down by 2.1 percent to VND18,300 ($0.9) a share.

On the Hanoi Stock Exchange, the HNX-Index dived by another 1.2 percent to close at 74.71 points, with losers outnumbering gainers by 61-202. The value of trades jumped 42.5 per cent over Monday's session and surpassed that of the HCM City market, reaching VND418.5 billion ($2 million) on a volume of 35 million shares.

Kim Long Securities (KLS) was again the most heavily-traded stock nationwide with 3.7 million shares exchanged, closing down 2.6 percent to VND11,300 ($0.50) per share.

Foreign investors concluded yesterday as net sellers on both exchanges, unloading 1.6 million shares worth a combined VND19 billion ($922,300) after buying at their highest level since the beginning of the year on Monday.

The market reports of many securities companies forecast that the nation's stock market would continue to tread water on low volume and value in the final sessions in June, with investors likely to sit out the market.

Bao Viet Securities Co analysts said an uptrend or downtrend was unlikely to develop strongly, and they predicted that second-quarter earnings results of listed companies, expected to begin trickling out this week, would help improve investor sentiment.

The market was also expected to react to news that lending interest rates at many securities firm were beginning to decline, signaling a slight easing of credit in the near future.


 


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AseanAffairs   04 January 2011
By David Swartzentruber      

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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