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||Asean Affairs 14 March 2013
ASEAN Market Preview
China IPO withdrawals signify loss of confidence in Asian Markets
Seven companies terminated their IPO applications last week, according to data from the China Securities Regulatory Commission (CSRC).
A total of 30 companies had quit their IPO applications by the end of last week, according to the CSRC.
The data showed that there are 323 companies queue for listing in the second-board market, and that 20 companies have stopped the process.
For the main-board markets, including the Shanghai and Shenzhen stock markets, 10 companies out of 536 companies terminated the process.
Industry insiders predicted that more companies will stop their IPO reviews in the second half of March.
Signs of strength in the economy and the Federal Reserve's easy monetary policy have helped U.S. equities accelerate their advance. The blue-chip Dow is up more than 10 percent for the year and the benchmark S&P 500 index has gained 9 percent.
Tokyo fell 0.61 percent, or 75.15 points to 12,239.66, Sydney slipped 0.50 percent, or 25.5 points, to 5,092.4, while Seoul rose 0.32 percent, or 6.39 points, to 1,999.73.
Hong Kong shed 1.46 percent, or 333.95 points, to end at 22,556.65, while Shanghai fell 0.99 percent, or 22.64 points, to 2,263.97.
– Wellington fell 0.86 percent, or 37.62 points, to 4,341.15.
Telecom eased 6.0 percent to NZ$2.30 while Auckland Airport was down 4.2 percent at NZ$2.76 and Fletcher Building lost 1.76 percent to NZ$8.94.
– Manila closed 0.15 percent lower, giving up 9.86 points to 6,776.56.
SM Investments fell 0.54 percent to 1,098 pesos and Ayala Land dropped 0.64 percent to 31.20 pesos, while Alliance Global Group slipped 1.79 percent to 22 pesos.
– Taipei ended flat, edging up 0.80 points to 7,995.51.
Taiwan Semiconductor Manufacturing Co. rose 1.95 percent to Tw$104.5 while smartphone maker HTC fell 3.98 percent to Tw$241.0.
– Kuala Lumpur lost 0.62 percent, or 10.32 points, to 1,646.22.
CIMB Group shed 1.9 percent to 7.11 ringgit, RHB Capital lost 3.5 percent to 8.15 while Petronas Gas gained 1.9 percent to 18.96.
– Bangkok added 0.13 percent, or 2.02 points, to 1,578.70.
Oil company Bangchak Petroleum rose 4.26 percent to 36.75 baht, while Kiatnakin Bank jumped 4 percent to 65 baht.
– Jakarta was down 0.39 percent, or 18.87 points, at 4,835.44.
Cement producer Semen Indonesia lost 1.91 percent to 18,000 rupiah, auto manufacturer Astra International dropped 1.24 percent to 7,950 rupiah, while paper maker Pabrik Kertas Tjiwi Kimia gained 2.35 percent to 2,175 rupiah.
– Singapore dropped 0.44 percent, or 14.50 points, to 3,288.52.
Singapore Airlines gained 0.18 percent to Sg$10.89 while Oversea-Chinese Banking Corp. shed 1.16 percent to Sg$10.25.
– Mumbai fell 1.03 percent, or 202.37 points, to 19,362.55 points.
Infosys was down 1.89 percent at 2,862.45 rupees and Tata Motors shed 1.15 percent to 300.80 rupees.
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Live Trading News
Heffernan Capital Management
Chinese Society of Economists
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Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management
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