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ASEAN STOCK WATCH 10 March 2010

Shayne Heffernan
www.livetradingnews.com

The MSCI Asia Pacific Index was little changed at 122.54 in Tokyo, with about two stocks declining for every one that advanced. Materials companies dropped the most among the gauge’s 10 industry groups.

The index has risen 74 per cent since March 9 last year, when it sank to its lowest level since the September 2008 bankruptcy filing of Lehman Brothers Holdings.

After slight gains in the USA overnight, India, China and ASEAN markets should improve today, however, strong gains over the last few days will pressure markets as profit taking sets in, with the exception of Thailand. Thailand will drift further on the eve of a new series of protests. Without some news to drive them forward I would see most Asian markets finishing the day lower.

Indian markets dropped on Tuesday erasing earlier gains. The benchmark index Sensex ended on a lower note amid volatility weighed by Jaiprakash Associates, Tata Motors and Hindalco Industries. Metal, PSU and oil & gas stocks led the declines, while IT and teck edged higher. It opened on a flat note with negative bias following weak Asian shares and continued to trade in a lackluster manner due to directionless market. On the other hand, Nifty sustained the mark of 5,100 level. Finally the indices closed in the red after touching a high of 17,130.83 and low of 17,031.21.

Hong Kong stocks recovered from an early soft start to end slightly firmer on Tuesday, with China Life (2628.HK) leading gains. Shares in China also firmed, supported by property shares.

China Life, the most actively traded stock, closed at a six-seek high of HK$36.25, up 2.98 percent. The insurer, which said earlier that it was looking to acquire a bank, rose 4.3 percent intraday, its biggest single-day percentage gain in more than three months, after it lifted its 2009 profit growth forecast to more than 200 percent, citing accounting rule changes

The benchmark Hang Seng Index HSI ended up 0.05 percent or 10.68 points at 21,207.55, its third consecutive session of gains. The China Enterprises Index HSCE of top locally listed mainland Chinese stocks was up 0.06 percent at 12,210.34, its highest close in six weeks.

Turnover fell to HK$58.49 billion ($7.54 billion) from Monday’s HK$64.33 billion.

Overnight trading

Wall Street managed to post modest gains on Tuesday.Investors were cautious as Wall Street marked the anniversary of the stock market’s 12-year low set on March 9, 2009, amid the financial crisis stemming from a home mortgage meltdown.

Since then, the blue-chip Dow index has rallied more than 62 per cent.

With little in the way of economic reports or earnings to help drive shares higher, investors are taking a breather after major indices rose the past few weeks.

Dow 10,564.38 +11.86 (0.11%)
S&P 500 1,140.44 +1.94 (0.17%)
Nasdaq 2,340.68 +8.47 (0.36%)

European stocks ended little changed on Tuesday amid uncertainty over Europe’s economic recovery.

The FTSE 100 index fell 4.42 points, or 0.08 per cent, at 5602.30 points.

The German DAX rose 9.98 points, or 0.17 per cent, to 5885.89 points and in France, the CAC 40 rose 6.47 points, or 0.17 per cent, to 3910.01.

Commodities

Oil prices dipped slightly on Tuesday as the US dollar rose and investors turned their attention to upcoming inventory data.

At the end of the day, New York’s main contract, light sweet crude for April delivery, settled down 38 US cents at $US81.49 a barrel.

The euro fell as low as $US1.3537 on Tuesday as investors sought the safe-haven US dollar after ratings agencies warned about deteriorating credit quality in Europe.

A stronger US unit makes US dollar-denominated oil more expensive for buyers holding other currencies, and therefore tends to dent crude demand and prices.

The US Department of Energy (DoE) will publish its latest weekly snapshot of US crude inventories on Wednesday.

In London, Brent North Sea crude for April delivery shed 20 US cents to to $US80.27 a barrel.

Gold for April delivery fell $US1.70 to settle at $US1122.30 an ounce.

Silver for May delivery rose 6.6 US cents to settle at $US17.338 an ounce.

Copper for May delivery rose 0.01 US cent to settle at $US3.4115 per pound.

Strong Buy Issued on Thai Stocks
 
The Thai stock market has finished lower again today making it three straight sessionsof declines. The Stock Exchange of Thailand SET is testing support at the 720 point level and today closed under the mark 718.77 points. Ebeling Heffernan Top Thai Stocks to own are:
 
PTT closed at 237.00 baht, up by 2.00 or 0.85 per cent.
 
PTT Public Company Limited is a fully integrated gas company engaged in the marketing and trading of various crude oil and refined petroleum products, as well as investing in the petrochemical and refining industries. Its business activities include the exploration for, the development and production of, natural gas, condensate and crude oil through subsidiaries; the procurement, transmission, processing, marketing and distribution of natural gas and gas products; the marketing of refined products through various distribution channels including commercial, retail, reseller and international markets, and the import and export of crude oil, condensate, petroleum feedstock and petrochemical products. As of June 28, 2007, it acquired retail petroleum business from ConocoPhillips Company, including 146 JET-branded service stations and Jiffy-branded convenience stores. On February 7, 2008, it announced the establishment of PTT Green Energy Pte., Ltd. and acquisition of PT Mitra Aneka Rezeki.
 
CPF closed at 11.50 baht, up by 0.20 or 1.77 per cent.
 
Charoen Pokphand Foods Public Company Limited is a Thailand-based manufacturing company. The Company is engaged in the production and sales of food products. Its operations cover the entire cycle of the agro-industrial sector, ranging from sourcing raw materials for animal feed production, manufacturing animal feeds, breeding animals, farming animals for commercial purposes, processing meat and manufacturing processed food products, to distributing products to domestic and international consumers. Its operation is divided into two main business lines, the livestock business and the aquaculture business. The Company’s products are comprised of three main categories, animal feeds, animal breeders and meat and food products. Charoen Pokphand Foods has a global network with 58 subsidiaries. As of March 20, 2007, the Company set up CPF Philippines Corporation, its wholly owned subsidiary engaged in the operations of shrimp hatchery in Philippines.
 
BANPU closed at 574.00 baht, up by 4.00 or 0.70 per cent.
 
Banpu Public Company Limited is a Thailand-based company that conducts coal mining operations and power generation. The Company’s coal mining projects are located in northern Thailand, Indonesia and China. Banpu is a private thermal coal supplier in the country through its mines in the Lampang and Payao Provinces and via imported coal from Indonesia. Its products are sold in both domestic and international markets. The Company’s current operations in Indonesia are located in Jorong, Indominco, Kitadin, Trubaindo and Bharinto. In China, Banpu has mining projects in Daning, Hebi and Gaohe. Its power business is comprised of 50%-owned BLCP Power Limited, a coal-fired power plant operator in Thailand, and a joint venture gas-fired plant in Ratchaburi. It also has three power plants in China, two being fully owned. Headquartered in Bangkok, Banpu has a number of subsidiaries and associated companies in Thailand, China and Singapore.
 
UNIQ remained at 5.90 baht.
 
Unique Engineering and Construction Public Company Limited is a Thailand-based company engaged in the provision of engineering and construction services. The Company’s services include civil engineering, the operation of infrastructure projects, including bridges, highways, tunnels, drainage system construction, flood protection and other civil works. It provides both general construction and turnkey design services. The Company is also involved in the development of real estates, such as single-detached houses and townhouses. The Company has one subsidiary under the name of Unique Real Estate and Development Co., Ltd. As of December 12, 2008, the Company signs a construction contract of commuter train project in Bangsur Taling Chan section.
 
Other Positive Factors
 
Aberdeen Asset Management Plc, Scotland’s largest money manager, said it will maintain investments in Thailand on the expectation political disputes will be resolved peacefully, aided by the monarchy.
 
“Several” Thai companies remain attractive because they have the ability to survive “when times are bad,” Mike Turner, head of global strategy and asset allocation at Aberdeen, which oversees about $249 billion of assets globally, told a briefing in Bangkok today. He declined to name the companies or say whether Aberdeen has bought Thai stocks recently.
 
Overseas investors have bought Thai stocks over the past two weeks after the Supreme Court last month authorized the government to seize 46.4 billion baht ($1.4 billion) of assets owned by Thaksin and his family. Yesterday, foreigners were net purchasers of Thai stocks for a 10th day, buying 2.98 billion baht of the equities, according to stock exchange data. That was the longest buying streak since September.
 
The latest figures show that only 43 billion baht or 26% of the first stimulus package worth 160 billion baht has been disbursed so far. For the second package worth 150 billion, about 82 billion has been allocated and 42 billion baht disbursed.
 
The Thai Exchange already trades at very low valuations and the increased discount on offer from the political issues is too good to miss.

Global Market Indexes

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11917.13
-46.71 (-0.39%)
+57.49%
Mar 09, 4:00pm
flag
Mexican Bolsa IPC Index
32514.65
-5.62 (-0.02%)
+91.66%
Mar 09, 4:00pm
flag
Brazil Bovespa Index
69600.79
+1025.32 (1.50%)
+89.44%
Mar 09, 4:00pm
flag
Argentina Merval Index
2319.14
+10.73 (0.46%)
+143.44%
Mar 09, 4:00pm
flag
Chile IPSA Index
3792.35
-6.47 (-0.17%)
+59.85%
Mar 09, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
10567.65
+0.00 (0.00%)
+49.13%
Mar 09, 4:00pm
flag
ASX All Ordinaries
4829.30
+0.00 (0.00%)
+54.70%
Mar 09, 4:00pm
flag
Seoul Composite
1660.83
+0.00 (0.00%)
+54.97%
Mar 09, 4:00pm
flag
Hong Kong Hang Seng
21207.55
+10.68 (0.05%)
+86.94%
Mar 09, 4:00pm
flag
Shanghai
3069.14
+15.91 (0.52%)
+44.86%
Mar 09, 4:00pm
flag
Taiwan Weighted
7770.59
+0.00 (0.00%)
+67.90%
Mar 09, 4:00pm
flag
Singapore Straits Times
2839.54
+4.97 (0.18%)
+94.90%
Mar 09, 4:00pm
flag
Bombay Sensex Index
17052.54
+0.00 (0.00%)
+108.97%
Mar 09, 4:00pm
flag
Jakarta Composite
2657.17
+0.00 (0.00%)
+106.51%
Mar 09, 4:00pm
flag
Kuala Lumpur Composite
1317.94
-6.28 (-0.47%)
+53.57%
Mar 09, 4:00pm
flag
PSE Composite
3107.35
+12.37 (0.40%)
+64.36%
Mar 09, 4:00pm
flag
Sri Lanka All Share
3809.01
-26.05 (-0.68%)
+133.58%
Mar 09, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5602.30
-4.42 (-0.08%)
+58.15%
Mar 09, 4:00pm
flag
Paris CAC 40
3910.01
+6.47 (0.17%)
+55.20%
Mar 09, 4:00pm
flag
Frankfurt Index
5885.89
+9.98 (0.17%)
+59.42%
Mar 09, 4:00pm
flag
Milan BCI General
15743.00
+0.00 (0.00%)
+49.31%
Mar 08, 5:30pm
flag
Belgium 20 Index
2606.31
+5.48 (0.21%)
+67.82%
Mar 09, 4:00pm
flag
Swiss Market Index
6868.32
+17.12 (0.25%)
+59.44%
Mar 09, 4:00pm
flag
OSE Norway All Share
415.23
-0.74 (-0.18%)
+66.41%
Mar 09, 4:00pm
flag
ATX Vienna
2486.24
-6.01 (-0.24%)
+76.09%
Mar 09, 4:00pm
flag
Amsterdam Total Return General
339.09
+0.92 (0.27%)
+70.18%
Mar 09, 4:00pm
flag
Madrid General
1141.00
-8.38 (-0.73%)
+59.28%
Mar 09, 4:00pm
flag
Stockholm General Index
315.89
-0.65 (-0.21%)
+67.91%
Mar 09, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1132.32
-7.10 (-0.62%)
+96.69%
Mar 09, 10:45am
flag
TEL-TECH INDEX
317.78
-3.88 (-1.21%)
+107.82%
Mar 09, 10:45am
flag
TEL-TECH-15 INDEX
273.85
-2.59 (-0.94%)
+95.05%
Mar 09, 10:45am
Regional Currencies (USD per)
Americas
Price
Change (%)
flag
Canadian dollar
1.025
-0.00 (-0.21%)
flag
Mexican peso
12.63
-0.04 (-0.28%)
flag
Brazilian Real
1.792
+0.00 (0.18%)
flag
Argentine Peso
3.855
-0.00 (-0.09%)

Asia Pacific
Price
Change (%)
flag
Japanese yen
89.95
-0.35 (-0.39%)
flag
Australian dollar
1.094
-0.01 (-0.51%)
flag
Hong Kong dollar
7.760
+0.00 (0.02%)
flag
Chinese yuan
6.831
+0.00 (0.06%)

Europe
Price
Change (%)
flag
Euro
0.7352
+0.00 (0.23%)
flag
Pound sterling
0.6667
+0.00 (0.41%)
flag
Swiss franc
1.075
+0.00 (0.18%)
flag
Swedish krona
7.133
+0.03 (0.40%)

Africa
Price
Change (%)
flag
South African rand
7.402
+0.04 (0.61%)
flag
Egyptian pound
5.477
-0.00 (-0.04%)
flag
Namibian dollar
7.341
-0.10 (-1.30%)
flag
Tunisian dinar
1.382
+0.01 (0.38%)

Middle East
Price
Change (%)
flag
Israeli new sheqel
3.764
-0.01 (-0.23%)
flag
Kuwaiti dinar
0.2895
+0.00 (0.49%)
flag
Saudi riyal
3.750
+0.00 (0.00%)
flag
Iraqi Dinar
1167.40
+0.00 (0.00%)

 

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