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ASEAN STOCK WATCH Asean Affairs  12 March 2014 


12 March 2014

The Straits Times Index (STI) ended -31.97 points lower or -1.02% to 3097.43, taking the year-to-date performance to -2.13%.

The FTSE ST Mid Cap Index declined -0.17% while the FTSE ST Small Cap Index declined -0.29%. The top active stocks were DBS (-1.25%), UOB (-2.05%), SingTel (-0.83%), HanKore (+2.99%) and Olam (+1.27%).

The outperforming sectors today were represented by the FTSE ST Utilities Index (+0.26%). The two biggest stocks of the FTSE ST Utilities Index are Hyflux (-0.40%) and HanKore (+2.99%). The underperforming sector was the FTSE ST Technology Index, which declined -1.63% with Silverlake Axis’ share price declining -2.24% and STATS ChipPAC ’s share price declining -1.59%.The FTSE ST Basic Materials Index declined -0.92%.  The FTSE ST Financials Index declined -0.81%.

The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.80%), SPDR Gold Shares (+0.61%), Lyxor ETF Asia EX (+0.67%).

The three most active Real Estate Investment Trusts (REITs) by value were CapitaCommercial Trust (-0.34%), Suntec REIT (+0.60%), Ascendas REIT (-0.47%).

The most active index warrants by value today were HSI22200MBeCW140429 (-21.09%), HSI22400MBePW140328 (+29.67%), HSI22600MBePW140429 (+21.02%).

The most active stock warrants by value today were DBS MB eCW140604 (-16.47%), KepCorp MBeCW140701 (-13.10%), UOB MB ePW140602 (+31.46%).

Singapore Stock Market
                                Wednesday                  Tuesday
*ST Index             3,097.43  -31.97     3,129.4  +2.77
Volume:                       2,042.9M                2,654.9M
Value:                        $1,128.7M              $1,074.7M
Gainers/Losers:              179/261                  237/183


Daily Market Commentary (Securities)
12 Mar 2014

The FBM KLCI index lost 9.95 points or 0.54% on Wednesday. The Finance Index fell 0.65% to 16359.99 points, the Properties Index dropped 0.57% to 1321.61 points and the Plantation Index rose 0.10% to 8978.07 points. The market traded within a range of 13.84 points between an intra-day high of 1827.33 and a low of 1813.49 during the session.

Actively traded stocks include ASUPREM, WINTONI, KNM-WA, KNM, MAS, DAYA, XDL, WINTONI-WA, INFOTEC and INGENCO. Trading volume increased to 1705.44 mil shares worth RM2210.06 mil as compared to Tuesday’s 1688.83 mil shares worth RM2050.36 mil.

Leading Movers were IOICORP (+4 sen to RM4.74), MISC (+2 sen to RM6.97), ASTRO (+1 sen to RM3.19), AXIATA (+0 sen to RM6.48) and KLK (+0 sen to RM23.80). Lagging Movers were MAYBANK (-9 sen to RM9.51), PBBANK (-12 sen to RM18.98), PETGAS (-42 sen to RM23.08), TM (-12 sen to RM5.80) and CIMB (-5 sen to RM7.02). Market breadth was negative with 334 gainers as compared to 438 losers.

The benchmark FBM KLCI was lacklustre today, having dipped 9.95 points or 0.54% to close at 1818.60 in tandem with regional peers’ performance. We reckon regional investors were bugged with concern over China’s slowing economic outlook. Whilst our local bourse lacked catalysts and suffered from profit taking activities.


Trade Summary
Date As of:     12 March 2014    
Description               Volume                         Value              Frequency
ETF                           51,500                      8,386,200                  42
Stock             5,704,641,806        6,044,610,045,085         237,619
Right                          20,900                           20,900                  40
Warrant               73,018,400              3,322,633,500              2,130
Total               5,777,732,606       6,047,941,085,685          239,831


Thai bourse market report for February

-    Daily average trading volume down 12 pct month-on-month  to USD 858 mln
-    Market cap at USD 362 billion, up 4 pct from a month ago
-    Derivatives trading down 19 pct month-on-month at 43,746 contracts per day
BANGKOK, March 12, 2014 - The Stock Exchange of Thailand (SET) securities  trading value in February dropped from a month ago, and decreased sharply compared with a year earlier when liquidity in emerging markets was pushed up by  economic stimulus measures of Japan, England and United States.

The SET main index ended February at 1,325.33 points, up 2.05 percent from  end-2013. Foreign investors had been selling Thai shares for the past four consecutive months, selling a net USD 653 million in February.
Combined average daily trading value of SET and Market for Alternative Investment (mai) was at THB 27.90 billion (approx. USD 858 million), or down 12.18 percent from a month ago and down 55.04 percent from a year earlier, while daily trading volume of derivatives dropped 18.52 percent from a month ago at 43,746 contracts per day.
Key highlights for February
- Market capitalization of SET was at THB 11.75 trillion (USD 362 billion), up 3.92 percent from the end of 2013, while market valuation of mai was at THB 168.91 billion (USD 5.20 billion), up 7.24 percent.

- The forward P/E ratio for the SET was at 12.47 times, up slightly from a month ago, but down from a year earlier, while mai's forward P/E ratio increased month-on-month to 13.93.
- The dividend yield of the SET dipped to 3.24 percent from January, while  mai's was down at 1.90 percent.

- Listed companies raised funds through equity worth a combined THB 1.97 billion (USD 60.6 million), in February, down 66.88 percent a month earlier, of which, THB 250 million  was raised from an initial public offering (IPO), and THB 1.72 billion was raised from the secondary market.
Derivatives trading volume fell 18.52 percent in February from a month earlier  to an average of 43,746 contracts per day, due mainly to a decrease of SET50 index futures.


Thai bourse and Morningstar announce winners of 2014 fund awards

BANGKOK, March 12, 2014 – The Stock Exchange of Thailand (SET), together with Morningstar Research (Thailand) Ltd. and Association of Investment Management Companies (AIMC), announced the winners of the annual “SET & Morningstar Thailand Fund Awards”, now being held for the fifth consecutive year, to enhance and develop Thailand’s fund industry.

SET Executive Vice President Kesara Manchusree said that investment in mutual funds has drastically helped boost Thai capital market growth. SET has supported the fund industry in many aspects in the past, including expanding investment opportunity, educational know-how, and jointly developing investment products such as equity mutual funds, property funds, infrastructure funds and exchange-traded funds. In addition, SET has supported offering more sophisticated investment choices and developing Thailand’s capital market to be aligned with products available overseas. For 2014, SET initiated two more awards, namely SET Excellence Awards for Exchange-traded Fund House and Property Fund & Real Estate Investment Trust (REIT) House. Currently, ETFs have net asset under management of THB 5.68 billion (USD 175 million), while market capitalization of property funds and REITs is worth a combined THB 244.53 billion (USD 7.52 billion).

Somjin Sornpaisarn, AIMC Chairman, stated that the latest studies and global mutual fund ranking showed that Thailand’s mutual fund industry was third in terms of quality, behind only Singapore and United States, gaining the highest score in rules, surveillance and information disclosure transparency. These resulted from excellent cooperation from all parties seeking to benefit investors. Funds have grown continuously, with more than THB 3 trillion net asset values and 3.7 million accounts of unit holders in the whole industry. Morningstar’s role in collecting data and analyzing fund features in terms of long-term return and risk has been a great advantage to investors and fund managers. Research studies are indispensable for fund firms to probe investment insights and continuously maintain quality services for investors.”             

Peet Yongvanich, Managing Director of Morningstar Research (Thailand) Ltd., a subsidiary of Monrningstar Inc., a global leading provider of independent investment research, indicated that the seven awards were granted for both equity and fixed income funds. Winners were selected via rigorous criteria using risk-adjusted performance in 2013 and five-year performance history, considering return and risk with qualitative methodology, transparency of fund managers and consistency of investment strategy, the same measures used by Morningstar globally.

The winners of SET & Morningstar Thailand Fund Awards 2014 are:

SET Excellence Awards 2014

ETF House – Krung Thai Asset Management pcl

Property Fund & REITs House – SCB Asset Management Co., Ltd.

 Morningstar Thailand Fund Awards 2014

    Equity Fund Awards

o   Thailand Equity General Fund – Aberdeen Small Cap Fund by Aberdeen Asset Management Co., Ltd.

o   Thailand Equity Large Cap Fund – Perm Poon Sub Dividend Fund by Thanachart Fund Management Co., Ltd.

    Bond Fund Awards

o   Thailand Mid/Long Term Bond Fund – Krungsri Medium Term Fixed Income Dividend Fund by Krungsri Fund Management Co., Ltd.

o   Thailand Short Term Bond Fund – Thanasarn Open End Fund by Thanachart Fund Management Co., Ltd.

    Long-Term Equity Fund and Retirement Mutual Fund Awards

o   Long Term Equity Fund – Big Cap Dividend Long Term Equity Fund by UOB Asset Management (Thailand) Co., Ltd.

o   Retirement Mutual Fund – Equity – Equity Retirement Mutual Fund by UOB Asset Management (Thailand) Co., Ltd.

o   Retirement Mutual Fund – Fixed Income – Bualuang Fixed-Income RMF by BBL Asset Management Co., Ltd.


Trading Summary

As of  12 March 2014         Unit: M.Baht
Type                         Buy                    Sell                 Net        
Institution           3,389.38            3,335.52                53.86     
Proprietary         3,151.03            3,767.45            -616.42     
Foreign              7,840.07             8,065.14            -225.06     
Individual         15,907.28           15,119.66              787.62     
Total Trading Value        30,287.76 M.Baht     


Vietnam index rises 0.3 pct, selling caps gain

Vietnam's benchmark VN Index  closed up 0.3 percent on Wednesday, the sixth consecutive gain, with property and energy stocks providing support, but greater selling erased earlier gains, traders said.
After five climbs in a row, the index ended up at 590.02 points, nearing the 596.40 points hit during the session on Feb. 27, which was the highest since Oct. 28, 2009.  
By midday the index rose almost 1 percent, but selling emerged later in the day, wiping out the early gains and putting brakes on the market's growth, a trader in Hanoi said.

"The short-term trend is still downward, major investors are selling," he said.
Property stocks gained, with Vingroup  rising 2.67 percent. Petrovietnam Gas , Vietnam's largest listed firm, rose 0.59 percent to close at 85,500 dong ($4.05) each, while all bank stocks lost ground.
Exchange-traded funds are expected to sell more than buy Vietnamese shares during their portfolio restructuring in coming weeks, analysts have said.
Foreign investors extended their net selling position, having sold 10.44 million shares and bought 9.58 million stocks on Wednesday, based on the exchange's data.
They have been net sellers since last month after being net buyers since October, the data show.
Here is a snapshot of the VN Index   at the close

                          VN Index       590.02            
                  PREV. CLOSE        588.5            
                    % CHANGE        0.26%            
                       HIGH       596.38            
                        LOW       590.02            
          Change (%) 1-mnth        6.247            
          Change (%) 3-mnth       16.463            
          Change (%) 1-year       23.505            


SE Asia Stocks-Weaker on global economic outlook; Malaysia suffers heavy outflow

Most Southeast Asian stocks ended weaker on Wednesday on concerns over sluggish economic growth in China and the United States, with foreign investors exiting Malaysian shares.  
Philippines stock index    fell 1 percent, after hitting a more than four-month high in the previous session, Singapore shares   lost 1 percent, Thailand   closed 0.6 percent down, Malaysia  lost 0.5 percent, and Indonesia   ended 0.4 percent weaker.  
Weak Chinese exports, which tumbled in February, added to fears of a slowdown in the world's second-largest economy, while U.S. economic data gave no clear indication of whether the world's largest economy's troubles were merely weather-related or something more worrisome.   
Analysts in Bangkok said the expected interest rate cut by the central bank to spark growth in a sluggish economy helped to cap heavy losses.  
In terms of valuation, Thailand stocks are cheaper with a 12-month forward price-to-earning ratio at 12.6, lower than Philippines's 16.9, Malaysia's 15.3, Indonesia's 14.2, and Singapore's 13.7, Thomson Reuters StarMine data showed.  
 Andre Varian, a research analyst with Jakarta-based broker Ciptadana Securities said Indonesian stocks are still attractive due to promising economic growth coming from huge domestic consumption, demographic bonus, relatively sturdy economic fundamentals in the ASEAN region.
 "However, we never deny that the global impact of such ongoing recession in the euro area and slowing down economic growth in China still represent a prominent constraint to stifle our capital market growth," Varian said.
Kuala Lumpur suffered $121.51 million net foreign outflow on Wednesday, while Jakarta and Bangkok witnesses a net outflow of $11.53 million and $6.97 million respectively on Wednesday.

Manila, however, saw an inflow of $7.63 million.  
Bucking the trend, Vietnam's benchmark VN Index   closed up 0.3 percent, gaining for a sixth consecutive session, with property and energy stocks providing support, but greater selling erased earlier gains.     
 Market                            Current     Prev Close    Pct Move
 TR SE Asia Index*          401.09         404.57             -0.86
 Singapore                       3097.43       3129.40             -1.02
 Kuala Lumpur                1818.60       1828.55             -0.54
 Bangkok                        1356.42       1364.28             -0.58
 Jakarta                           4684.39       4704.21             -0.42
 Manila                            6462.47       6529.58             -1.03
 Ho Chi Minh                    590.02         588.50             +0.26


Asian stock markets down on China worries

Asian stock markets sank Wednesday as recent falls in Chinese copper and iron prices added to jitters that the world's No. 2 economy is continuing to slow.

Hong Kong's Hang Seng was down 1.6 percent at 21,916.59 and China's Shanghai Composite dropped 0.6 percent to 1,989.12. South Korea's Kospi shed 1.2 percent to 1,940.12.

Market angst about China's economy has been fueled by weak exports for February, the government last week allowing the first-ever default in the domestic corporate bond market and the central bank permitting the tightly controlled yuan currency to weaken. China's economic growth of 7.7 percent last year was the lowest in two decades.

Recent days have seen a slide in copper and ore prices in Shanghai trading, which some analysts says has fueled worries of more corporate defaults because those commodities have frequently been imported for use as loan collateral rather than for industrial production.

"The concern now is with so much cargo under financing, and with prices falling, collateral value will raise the prospect of margin calls and therefore defaults," said Evan Lucas, market strategist at IG in Melbourne Australia.

After the solar company default in China's domestic bond market last week, trading in the shares and bonds of an electrical firm was suspended Tuesday after it reported losses for the second consecutive year.

In Japan, the Nikkei 225 was down 2.3 percent at 14,869.11. Sentiment in Tokyo was pessimistic after the Bank of Japan didn't expand already lavish monetary stimulus following a 2-day policy meeting that ended Tuesday.

Among other regional stock markets, Australia's S&P/ASX 200 dropped 0.7 percent to 5,378.10. Stock indexes were also down in Southeast Asia and New Zealand. Only India gained, with the Sensex up 0.4 percent.

"Markets remained nervous after more bad news came from China yesterday," Mizuho Bank Ltd. In Singapore said in a commentary. After recent disappointing trade and credit data "concerns on China's recovery have not waned, though we feel the fears are overdone," it said.

On Wall Street, the absence of any big economic news or blowout company earnings left investors little to get excited about Tuesday and sent the stock market lower for the second day in a row.

The Standard & Poor's 500 index slipped 9.54 points, or 0.5 percent, to close at 1,867.63. The Dow Jones industrial average lost 67.43 points, or 0.4 percent, to 16,351.25. The Nasdaq composite fell 27.26 points, or 0.6 percent, to 4,307.19.

Benchmark U.S. crude for April delivery was down 52 cents to $99.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $1.09 to $100.03 a barrel Tuesday.

In currencies, the euro was unchanged at $1.3855. The dollar rose to 102.98 yen from 102.94 late Tuesday.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

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.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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