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ASEAN STOCK WATCH 8 June 2010

ASEAN Markets a Strong Buy

Shayne Heffernan
www.livetradingnews.com

ASEAN markets are feeling the pressure from the woes that plague the world markets, however they have held up very well and look set to move forward strongly once the sentiment in the USA and Europe shifts.

Overnight in USA trading the market softened yet again but there were some positive signs as the Options market appeared to bottom out and may now add pressure for the US markets to advance restoring some confidence.

Asean is a strong buy right now, especially energy and banks, you may never get another opportunity to enter this market as cheaply again.

The Energy sector pulled The Thailand Stock Exchange lower yesterday after oil fell nearly 2 percent on Monday, extending the previous session’s steep decline, after poor U.S. job data and amid media hype about Europe’s debt woes.

PTT (PTT), fell 2 percent, its exploration flagship PTT Exploration and Production PTTE lost 2.7 percent and the largest refiner, Thai Oil (TOP), was down 1.7 percent making them all strong buys for Tuesdays session. Foreign investors sold Thai shares worth a net 874 million baht ($26.83 million) during the session, exchange data showed.

Thailand’s Securities and Exchange Commission said Monday it has approved a proposal by the Thai bourse to allow foreign companies to have their primary listing on the local market

Under the new rules, unlisted foreign-based companies will be able to have their primary listing on the Stock Exchange of Thailand, the regulator said in a statement. Infrastructure companies from the Indochina region may be among the first companies to take advantage of the new rules, the statement said.

Foreign companies with operations in Thailand have been able to list on the Thai exchange but the new rules will open the bourse to overseas entities that are not listed on other exchanges.

This could offer new growth for the Thai Financial Sector.

Philippine Long Distance Telephone (NYSE:PHI) is looking very cheap in the low $50s well off the 2008 Highs in the mid $70s.

Philippine Long Distance Telephone Company (PLDT) is a telecommunications service provider in the Philippines. The Company offers diversified range of telecommunications services across the Philippines’ fiber optic backbone and wireless, fixed line and satellite networks.

For the three months ended 31 March 2010. The group reported service revenues of PHP36 billion (USD802.1 million), down by 1% year-on-year, as the 3% growth in voice revenues was wiped out by a 4% drop in sales of data and ICT services. Consolidated EBITDA fell to PHP21.2 billion PLDT said, while EBITDA margin was 59%, unchanged on the FY2009 margin.

The group said free cash flow ‘remained strong’ at PHP12.8 billion in the period under review, up 22% y-o-y, while consolidated CAPEX topped PHP5.2 billion for the first three months of the year, as the operator continued to improve both its broadband and cellular coverage and capacity. Consolidated net income climbed 19% y-o-y to PHP11.4 billion, from PHP9.6 billion in the first three months of 2009.

Core net income (i.e. profits available to common stockholders on a pre-tax basis) for the first quarter of 2010, excluding exceptional items, rose 3% y-o-y to PHP10.5 billion. PLDT said its first-quarter performance reflected ‘higher recurring net income and a net gain from foreign exchange revaluation of [its] financial assets and liabilities, and derivatives.’

Indonesian shares fell to their lowest level in over a week on Monday and other Southeast Asian stock markets also moved lower as resource shares came under selling pressure because of lower commodity prices.

Indonesia’s benchmark stock index fell 2.6 percent, at one point touching the lowest since May 27. Jakarta has gained 8.5 percent this year, Asia’s second-best performer.

Foreign investors sold Indonesian shares worth a net $7.78 million on the day, after their $146.4 million net buying last week, while the Philippines had a positive net inflow of $15.17 million.

Global Markets By Region

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11,504.74
-64.87 (-0.56%)
+8.85%
Jun 08, 1:00am
flag
Mexican Bolsa IPC Index
30,739.01
-253.64 (-0.82%)
+23.39%
Jun 08, 1:00am
flag
Brazil Bovespa Index
61,183.00
-493.00 (-0.80%)
+14.70%
Jun 08, 1:00am
flag
Argentina Merval Index
2,168.99
-12.22 (-0.56%)
+32.41%
Jun 08, 1:00am
flag
Chile IPSA Index
3,860.66
-3.48 (-0.09%)
+20.02%
Jun 08, 1:00am

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
9,520.80
-380.39 (-3.84%)
-2.53%
Jun 08, 1:00am
flag
ASX All Ordinaries
4,350.70
-121.70 (-2.72%)
+9.62%
Jun 08, 1:00am
flag
Seoul Composite
1,637.97
-26.16 (-1.57%)
+17.44%
Jun 08, 1:00am
flag
Hong Kong Hang Seng
19,378.15
-401.92 (-2.03%)
+3.74%
Jun 08, 1:00am
flag
Shanghai
2,511.73
-41.86 (-1.64%)
-8.79%
Jun 08, 1:00am
flag
Taiwan Weighted
7,157.83
-186.76 (-2.54%)
+5.77%
Jun 08, 1:00am
flag
Singapore Straits Times
2,751.88
-54.63 (-1.95%)
+14.84%
Jun 08, 1:00am
flag
Bombay Sensex Index
16,781.07
-336.62 (-1.97%)
+11.11%
Jun 08, 1:00am
flag
Jakarta Composite
2,750.23
-73.02 (-2.59%)
+32.29%
Jun 08, 1:00am
flag
Kuala Lumpur Composite
1,286.27
-8.12 (-0.63%)
+19.60%
Jun 08, 1:00am
flag
PSE Composite
3,266.11
-90.94 (-2.71%)
+29.16%
Jun 08, 1:00am
flag
Sri Lanka All Share
4,431.32
+77.12 (1.77%)
+103.45%
Jun 08, 1:00am

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,069.06
-56.94 (-1.11%)
+14.20%
Jun 08, 1:00am
flag
Paris CAC 40
3,413.72
-41.89 (-1.21%)
+2.24%
Jun 08, 1:00am
flag
Frankfurt Index
5,904.95
-33.93 (-0.57%)
+16.31%
Jun 08, 1:00am
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
+0.00%
Jun 08, 1:00am
flag
Belgium 20 Index
2,412.05
-17.62 (-0.73%)
+16.45%
Jun 08, 1:00am
flag
Swiss Market Index
6,291.00
-8.00 (-0.13%)
+16.52%
Jun 08, 1:00am
flag
OSE Norway All Share
397.40
-3.97 (-0.99%)
+12.64%
Jun 08, 1:00am
flag
ATX Vienna
2,235.21
-32.15 (-1.42%)
+4.18%
Jun 08, 1:00am
flag
Amsterdam Total Return General
317.54
-3.68 (-1.15%)
+18.96%
Jun 08, 1:00am
flag
Madrid General
907.79
-12.87 (-1.40%)
-7.91%
Jun 08, 1:00am
flag
Stockholm General Index
306.60
-3.83 (-1.23%)
+26.95%
Jun 08, 1:00am

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,007.98
+0.00 (0.00%)
+23.79%
Jun 08, 1:00am
flag
TEL-TECH INDEX
264.79
+0.00 (0.00%)
+29.96%
Jun 08, 1:00am
flag
TEL-TECH-15 INDEX
230.20
+0.00 (0.00%)
+25.07%
Jun 08, 1:00am

 


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