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ASEAN STOCK WATCH Asean Affairs   7  March 2011

ASEAN to Hold Gains

Shayne Heffernan

ASEAN will not fall hard today, in fact some exchanges may well post a rally.

US markets fell sharply early but recovered late in the day.

Shayne Heffernan likes Keppel Corp, Garuda, Berlian Laju and IVL today.

In Manila the Philippine Stock Exchange index added 3.77 points or around 0.1 percent to close at 3,886.48.

The index breached 3,900 in intra-day day trade on the back of follow-through buying from last week's strong performance but it gave up most of its gains towards the end of the session as investors pocketed gains.

Trading was thus mixed across counters with the financial, holding firm, property and services counters staying afloat and the industrial and mining/oil counters heading lower.

Value turnover thinned out to P3.52 billion from the previous session's P4.5 billion as the weak sentiment in Wall Street on Friday tempered risk-taking as the index neared 3,900. Despite the slight index rise, decliners edged out advancers 65-51 while 49 stocks were unchanged.

The closely watched Dow Jones was down by 88.32 points or 0.72 percent to 12,169.88 on Friday as investors were again reminded of the Middle East-North African geopolitical risks when global oil prices spiked anew.

PLDT, Aboitiz Equity Ventures, Cebu Air, AGI, Megaworld, EDC, Semirara Mining,Jollibee and DMCI were among the day's decliners.

On the other hand, Aboitiz Power, Metrobank, ICTSI, Ayala Land, SM Investments, PNB,Southeast Asia Cement and Ayala Corp. gained.

ICTSI announced it was awarded a 30-year contract for the management, operations and development of a container terminal in the Port of Rijeka, Croatia's principal seaport.

In Jakarta the JCI rose 18.81 points, or 0.5 percent, to close at 3,561.72. About 2.6 billion shares worth Rp 4.2 trillion ($479 million) changed hands. Decliners edged gainers 101 to 83.

Barito Pacific, an ethylene maker, rose 5.9 percent to Rp 1,070. Revenue at the company’s unit, Chandra Asri Petrochemical, may increase to $2 billion this year, Suryandi, a director at the unit, said without giving a comparative figure.

Bank Mandiri, Indonesia’s largest lender by assets, rose 2.4 percent to Rp 6,350 and Bank Rakyat Indonesia, the nation’s second-biggest, gained 1 percent to Rp 5,300. Analysts said the central bank’s decision to keep its benchmark interest rate at 6.75 percent lifted financial stocks.

The nation’s largest shipping firm, Berlian Laju Tanker, rose 1.5 percent to Rp 345.Finance director Kevin Wong told Bisnis Indonesia the company plans to reduce its debts, including $250 million to $300 million in domestic loans.

Air carrier Garuda Indonesia lost 1.92 percent to Rp 510. The airline, which took a hit as crude oil futures reached 29-month highs in New York, has lost 33 percent of its market value since debuting on the JCI last month.

The rupiah strengthened to trade at 8,787 to the US dollar at the close on Monday,from 8,790 last week. Analysts pointed to speculation the central bank would tolerate gains to manage inflation.

In Singapore share prices ended mixed on Monday. The blue-chip Straits Times Index(STI) eked out small gains but overall market sentiment was dampened by weak regional equities markets.

The STI closed 0.2 percent or 5.21 points higher at 3,066.52. But in the broader market,losers outnumbered gainers 255 to 180.

Overall volume traded was 1.09 billion shares worth S$1.11 billion, as investors remained jittery about the continued political unrest in the Middle East and North Africa.

Singapore's rig builders continued to gain from the recent spurt in global crude oil prices, with Sembcorp Marine rising 2.4 percent to close at S$5.63.

Its parent Sembcorp Industries added 1.6% to close at S$5.12.

Meanwhile rival rig builder Keppel Corp. rose 0.2 percent to S$11.70.

Stocks whose prices are sensitive to the global geopolitical situation were among the other notable losers on Monday.

Singapore Airlines fell 0.9 percent to close at S$13.50 while casino resorts operator Genting Singapore was down 0.5 percent to S$1.98.

In Kuala Lumpur the index lost 6.87 points or 0.45 percent on Monday. The Finance Index fell 0.40 percent to 13592.27 points, the Properties Index dropped 0.68 percent to 1047.32 points and the Plantation Index down 0.25 percent to 7723.36 points.

The market traded within a range of 10.07 points between an intra-day high of 1521.34 and a low of 1511.27 during the session.

Actively traded stocks include SAAG, TANCO, HWGB, OLYMPIA-WA, DRBHCOM-CD, HWGB-WB,OLYMPIA-WA, DRBHCOM, DUTALND-WA and RAMUNIA-WA. Trading volume decreased to 714.80 millon shares worth RM1097.33 mil as compared to Friday’s 1125.38 mil shares worth RM1903.20 million.

Leading Movers were PBBANK (+8 sen to RM13.08), GENTING (+8 sen to RM10.26), AXIATA (+3 sen to RM4.96), AMMB (+8 sen to RM6.30) and SIME (+4 sen to RM9.13). Lagging Movers were PETDAG (-10 sen to RM14.30), PETCHEM (-1 sen to RM6.34) and UMW (-1 sen to RM7.23). Market breadth was negative with 184 gainers as compared to 584 losers.

The Stock Exchange of Thailand (SET) composite index on Monday gained 7.03 points or 0.71 percent to close at 1,002.94 points. The market value was 22.22 billion baht,with 3.41 billion shares traded.

Top five most active values were as follows;

IVL closed at 46.00 baht, up by 2.00 or 4.55 percent.

BANPU closed at 728.00 baht, up by 14.00 or 1.96 percent.

IRPC closed at 5.95 baht, up by 0.20 or 3.48 percent.

PTT closed at 342.00 baht, up by 9.00 or 2.70 percent.

PTTCH closed at 143.50 baht, up by 0.50 or 0.35 percent.


Shayne Heffernan brings more than 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over US$500m and 1 that reach a peak market cap of US$15billion. He has managed and overseen start-ups in Mining, Shipping, Technology and Financial Services.


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