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Strong Buy on ASEAN Stocks

Shayne Heffernan

It is a great day to be buying ASEAN Stocks, yesterday Chinese shares plummeted 4.27 percent to a 14-month low Tuesday on concerns capital will flow to the initial public offering of the Agricultural Bank of China (ABC). BANPU in Thailand and BUMI in Indonesia will come under pressure and are very strong buys today.

The Agricultural Bank of China said late Monday it will offer 59.51 billion shares in Shanghai at between 2.52 and 2.68 yuan (0.37 to 0.39 U.S. dollars).

The IPO will raise up to 23.2 billion U.S. dollars, making it the world’s largest listing ever.

The Shanghai Composite Index lost 4.27 percent, or 108.23 points, to end at 2,427.05 points, the lowest since April 2009.

The Shenzhen Stock Index dropped 5.03 percent, or 503.15 points, to 9,508.91 points.

Total turnover hit 136.68 billion yuan, up from 90.85 billion yuan the previous trading day.

Losers outnumbered gainers by 854 to 14 in Shanghai and 950 to 20 in Shenzhen.

Coal stocks dipped on concern that coal producers’ profits will be clipped after the National Development and Reform Commission, the nation’s top economic planner, ordered the industry Friday to keep prices stable despite strong demand. The NDRC decree is a move to manage inflation expectations.

China Shenhua Energy Co., the nation’s largest coal producer, retreated 4.14 percent to 22.13 yuan while China Coal Energy Co., the nation’s second-largest coal producer, slid 4.42 percent to 8.66 yuan.

Non-ferrous metals posted widespread losses with Jiangxi Copper Co., the nation’s biggest copper producer, fell 7 percent to 25.52 yuan. Zijin Mining Group Co., China’s biggest gold producer, dropped 6.39 percent to 6.3 yuan.

Overnight in the USA

Stocks extended losses on Tuesday and the S&P 500 index .SPX broke a key technical resistance as it fell below 1,040.78, its previous low point for 2010.

The S&P 500 index held that level twice this year, and many market participants saw it as a near-term bottom.

The benchmark hit a near 8-month intraday low and is also on track to set a new 2010 closing low, below 1,050.47.

The Dow Jones industrial average dropped 276.98 points, or 2.74 percent, to 9,861.54. The S&P 500 fell 36.05 points, or 3.35 percent, to 1,038.52. The Nasdaq Composite Index slid 90.47 points, or 4.07 percent, to 2,130.18.

Best Buys in ASEAN Today are

Banks that fell yesterday

Singapore’s United Overseas Bank (UOBH.SI) and Thailand’s Krung Thai Bank KTB.BK each fell 2.3 percent. Malaysian financial firm RHB Capital (RHBC.KL) fell 1.4 percent and AMMB Holdings (AMMB.KL) eased 0.2 percent. Indonesia State lender Bank Mandiri (BMRI.JK) and second-biggest lender Bank Rakyat Indonesia (BBRI.JK) each lost over 3 percent. All represent value today.

Philippine stocks finished 0.29 percent higher on Tuesday. The benchmark Philippine Stock Exchange index gained 8.81 points to 3,372.71. The all-share index rose by 0.23 percent or 4. 95 points to 2,145.51.

The trade volume reached 2.12 billion shares worth 3.59 billion pesos (77.53 million U.S. dollars).

Vietnam’s stock market index, VN-Index, closed at 510. 71 points on Tuesday, up 3.43 points, or 0.68 percent, against the previous trading day.

A total of 46.61 million shares worth 1.45 trillion Vietnamese dong (VND) (76.45 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange.

The shares prices in Singapore fell 39.65 points or 1.38 percent on Tuesday with the benchmark Straits Times Index (STI) closing at 2,830.34 points.

The overall volume stood at 1.39 billion shares worth 1.44 billion Singapore dollars (about 1.04 billion U.S. dollars).

The Stock Exchange of Thailand (SET) composite index moved down 5.31 points, or 0.66 percent, to close at 799.09 points on Tuesday.

Some 3.67 billion shares worth 22.85 billion baht (about 714 million U.S. dollars) changed hands.

The Kuala Lumpur Composite Index (KLCI) was at 1,319.84, down 5.70 points or 0.43 percent, and the Emas was at 8, 894.38, down 48.02 points or 0.54 percent.

Turnover increased to 741.32 million shares valued at 1.06 billion ringgit Malaysia (326.15 million U.S. dollars), compared with 535.34 million shares valued at 778.39 million ringgit Malaysia (241.51 million U.S. dollars) on Monday.

Indonesian shares closed lower by 62.361 points, 2. 10 percent, to a level of 2,893.371 points on Tuesday.

As many as 79,775 transactions were booked on Tuesday at a volume of 3.653 billion copies of share worth 3.305 trillion rupiah (about 336 million U.S. Dollars).


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