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ASEAN STOCK WATCH Asean Affairs   30  June  2011

Asean Stock Watch- June 30



Overnight, the Dow Jones Industrial Average gained 145.13 points, or 1.2 percent, to 12,188.69 after German banks agreed in principle to roll over a large portion of Greece’s debt into 30-year bonds.

The sharp advance was also aided by the encouraging earnings of footwear and apparel company Nike Inc., adding to signs that global slowdown woes may be overblown.


Share prices on Bursa Malaysia opened bearish this morning despite a bullish external environment, dealers said.

At 9.10am, the underlying FTSE Bursa Malaysia KLCI stood 1.68 points lower at 1,573.33 after opening 3.34 points easier at 1,571.67.

HwangDBS Vickers Research Sdn Bhd said the key index moved slowly yesterday but is expected to resume its attempt of breaking the resistance level of 1,577 points today.

"After finishing at its immediate resistance level of 1,575 yesterday, we reckon the key market barometer could attempt to reach a new record high today by surpassing the previous peak of 1,577," it said in a research note today.

Meanwhile, the global market is expected to stabilise further today following the passing of a first austerity bill by the Greece Parliament to resolve the country's debt problems.

This triggered immediate reaction from key US equity indices which were up between 0.4 per cent and 0.8 per cent at the closing bell, HwangDBS Vickers said.

On the local bourse, among stocks which are expected to attract investor interest is stockbroking group, TA Enterprise, which released a strong set of quarterly results on Wednesday and Yinson, which after announced a rights issue, as well as Merge Housing which has received a conditional takeover offer.

TA Enterprise added 1.5 sen to RM2.16, Yinson earned five sen to RM2.66 and gained 3.5 sen to RM5.74.

Bursa Malaysia's Finance Index fell 20.51 points to 14,820.95, the Plantation Index climbed 0.49 of a point to 7,830.04 and the Industrial Index added 0.91 of a point to 2,826.44.

The FTSE Bursa Malaysia Emas Index slipped 7.101 points to 10,799.18, the Malaysia Mid 70 Index went up 5.14 points to 11,734.97 and the FTSE Bursa Malaysia Ace Index increased 2.84 points to 4,200.74.

Gainers outpaced losers 104 to 69 while 116 counters were unchanged, 1,178 untraded with 22 others were suspended.

A total of 38.095 million shares worth RM34.019 million were traded.

Among active stocks, Sinotop and KBB earned one sen each to 13 sen and 47.5 sen, respectively, KNM chalked up six sen to RM1.90, Olympia added 1.5 sen to 14 sen and Ranhill moved up 5.5 sen to 67.5 sen.

For heavyweights, Maybank and Maxis lost one sen each to RM8.92 and RM5.46, respectively, CIMB declined five sen to RM8.90 while Petronas Chemicals and Tenaga were flat at RM7.06 and RM6.76, respectively.


Philippine share prices on Wednesday bucked the sharp rally in Wall Street on reports that the Supreme Court ordered a review of Philippine Long Distance and Telephone Co. (PLDT) for possible foreign ownership violations.

At the Philippine Stock Exchange, the composite index fell 40.64 points, or 0.95 percent to 4,249.35, while the broader all-shares index dropped 14.06 points, or 0.47 percent to 2,969.08. Losers beat gainers, 74 to 40, while 47 issues were unchanged. A total of 1.76 billion stocks worth P5.15 billion changed hands.

“The report about PLDT prompted investors to play safe. It’s really bad news not just for PLDT but the whole market as well because it changed the structure that somehow PLDT and other companies are also using,” said Astro del Castillo, managing director at First Grade Holdings.

PLDT became the single biggest and heaviest drag to the main index, falling 3.17 percent to P2,324 apiece after the High Court mandated the Securities and Exchange Commission to review if the index heavyweight violated the 40-percent limitation on foreign ownership of public utilities.

While it has yet to receive a copy of the ruling, the PSE slammed the “reported new interpretation of the Supreme Court modifying the concept and computation of the 60-40 capital limitation on foreign ownership of public utilities as prescribed under Section 11, Article XII of the Constitution.”

The PSE said it would closely work with the SEC to clarify the matter. It added that some foreign investors have begun to inquire on the reported implication of the alleged directive.

The PSE expressed “grave concern that an opposing interpretation on foreign capital limitation may result in capital flight of existing foreign investors, further cause market volatility, and discourage the entry of foreign investments into the country.”

“External factors are so far in favor of most markets and this could be an advantage for the local index in the next days,” said Maria Arlysa Narciso of AB Capital Securities Inc. Support for the PSEi is at 4,200 with resistance at 4,340.

The peso, along with most Asian currencies, continued to edge higher against the US dollar amid hopes that Greece will implement austerity measures to prevent the country from defaulting, analysts said.

At the Philippine Dealing System, the local unit gained 9 centavos to close at 43.48 against the greenback on Wednesday from 43.57 the previous trading day.

The dollar-peso pair opened at 43.50 and moved to a high of 43.53 and a low of 43.46. Total trading volume reached $862.90 million from $829.63 million.

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 shares opened higher on Thursday, with the benchmark Straits Times Index at 3,088.28 in early trade, up 0.27 percent, or 8.54 points.

Around 248 million shares exchanged hands.


The Stock Exchange of Thailand main index went up 19.76 points or 1.95 to close at 1,033.26 points at the end of trading session on Wednesday Afternoon. The trade value was 27.14 billion baht.

The SET50 index ended at 723.38 points, up 16.05 points or 2.27, with a total trade value of 20.22 billion baht.

The SET100 index rose 33.60 points or 2.18 percent to stand at 1,573.71 points, with a total turnover of 22.53 billion baht.

The MAI index went up 3.90 points or 1.31 percent to close at 300.84 points, with total transaction value of 833.04 million baht.

Top five most active values were as follows;

BBL closed at 156.50 baht, up 4.50 baht (2.96 percent)

KBANK closed at 120.00 baht, up 3.50 baht (3.00 percent)

SCB closed at 110.00 baht, up 3.00 baht (2.80 percent)

KTB closed at 18.50 baht, up 0.50 baht (2.78 percent)

PTT closed at 333.00 baht, up 9.00 baht (2.78 percent)


The VN-Index closed at 434.60 points Wednesday, a gain of 0.53 percent of the previous day's close, mostly on the strength of gains among a handful of influential blue-chip shares.

Shares of insurer Bao Viet Holdings (BVH) and Phu My Fertilisers (DPM), which rose for the first time in the past six sessions, each saw values spike by nearly 4 percent, while shares of financial conglomerate Masan Group (MSN) also gained by 1 percent.

Bao Viet Securities Co analyst Pham Van Khoa said most blue chips on the HCM City Stock Exchange were wavering within a safe range, according to technical indicators, which suggested that institutional investors were still holding back before commencing a drive in the final sessions of this month to push up the net asset values (NAV) of their portfolios.

"The most expected news is what measures the central bank will take against banks failing to reduce the non-manufacturing lending to below 22 percent of outstanding loans by June 30," said Khoa.

Lending to the non-manufacturing sector is currently at 16.9 per cent of total outstanding loans throughout the entire commercial banking sector, but a survey on Tuesday found six banks in HCM City and two in Hanoi were likely unable to meet the 22 percent requirement by the deadline, Khoa said.

Analysts with Vietcombank Securities said the market was waiting on second-quarter earnings results, so most investors were likely to keep their powder dry for the next few sessions. On the HCM City Stock Exchange yesterday, gainers and decliners were nearly evenly split, while trades were sluggish. Value reached just VN465.5 billion (US$22.6 million) on a volume of only 25.7 million shares.

Saigon Securities Inc (SSI) became the most-active share on the southern bourse with 1.3 million traded, the only code with a volume in excess of a million shares, SSI closed down for the third day, losing another 1 percent to close at VND18,100 ($0.90).

On the Ha Noi Stock Exchange, the HNX-Index also enjoyed a tiny gain of nearly 0.2 per cent to close at 74.85 points. Market volume decreased 33 per cent to VND279 billion ($13.5 million) as 23 million shares changed hands.

Losers outnumbered gainers by 140-95, with Kim Long Securities (KLS) was still the most-active stock nationwide with 3 million shares exchanged, closing down 1.8 per cent at VND11,100 ($0.54) per share.

Foreign investors concluded yesterday as net buyers on both exchanges, picking up a combined VND45 billion ($2.2 million) worth of shares.


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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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