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ASEAN STOCK WATCH 16 March 2010

Shayne Heffernan
www.livetradingnews.com

Thai stocks ended with minor gains yesterday but many investors stayed away as they waited to see how Red Shirt protests developed. Tomorrow will be a fluid day and the result will hinge on the developing situation of protests in Bangkok.

Singapore eased slightly closing marginally down on the day ending a strong six-day run, that retraction will most likely continue after yet another flat day on Wall St.

Kuala Lumpur fell for a third session and is now at its lowest since March 5 Palm plantation firms fell on weaker palm oil futures. We expect to see further falls in morning trading with the possibility of strength one Europe opens.

Jakarta and Manila both suffered some uninspired trading as they wait for Wall St and Hong Hong to make gains.

Hong Kong is certain to go Sub 21000 again today but I would consider that a strong buying opportunity, HSI futures under 21000 is the Shayne Heffernan buy of the day.

Overnight Trading

Shanghai’s key stock index fell to its lowest close in five weeks on Monday on expectations China’s central bank would step up monetary tightening measures to stem inflation that is rising faster than expected.

On Sunday Chinese Premier Wen Jiabao said it would be difficult for China to promote fast growth and “manage inflation expectations all at the same time”.

“I would have maybe expected us to be using the China news to draw this market down a little more, but I have to say it’s an example of the strength the market has shown over the past several weeks,” said Richard Sparks, senior equities analyst at Schaeffer’s Investment Research in Cincinnati, Ohio.

“Plus, we are near the top of that range where we petered out in mid-January so it’s kind of a logical place to think the market will take a little bit of a pause here.”

The S&P hit a 17-month high on Thursday above 1150 but has been unable to climb above that level.

Banks stocks remained lower after Senate Banking Committee Chairman Christopher Dodd released a proposed financial regulation overhaul bill.

The KBW Banks index fell 0.2 per cent while Dow component JPMorgan Chase & Co lost 0.9 per cent to $US42.77.

The Dow Jones industrial average dropped 36.80 points, or 0.35 per cent, to 10,587.89. The Standard & Poor’s 500 Index fell 6.26 points, or 0.54 per cent, to 1143.73. The Nasdaq Composite Index lost 19.35 points, or 0.82 per cent, to 2348.31.

The S&P Energy index fell 1.6 per cent and was the worst performer among S&P sectors as crude oil declined 1.8 per cent on a stronger dollar.

Also weighing on energy stocks was Consol Energy Inc, which tumbled 10.5 per cent to $US48.64 after the Pittsburgh-based company agreed to buy the Appalachian natural gas properties of Dominion Resources Inc for $US3.48 billion in cash.

Semiconductors were a drag on the Nasdaq as analysts lowered their ratings on several chip stocks, including downgrades of Lam Research Corp and KLA-Tencor Corp by Oppenheimer and a Barclays cut of Atheros Communications Inc. The PHLX Semiconductor index shed 1.7 per cent.

Lam Research dropped 4.3 per cent to $US32.79, KLA-Tencor fell 5.2 per cent to $US27.91 and Atheros declined 4.4 per cent to $US35.58.

Global Market Indexes

Americas Price Change (%) 1 Year % Last Updated
flag Toronto Composite 11941.10
-72.72 (-0.61%)
+44.18%
Mar 15, 3:00pm
flag Mexican Bolsa IPC Index 32578.05
-24.89 (-0.08%)
+72.69%
Mar 15, 3:00pm
flag Brazil Bovespa Index 68836.32
-505.06 (-0.73%)
+75.82%
Mar 15, 3:00pm
flag Argentina Merval Index 2333.39
-26.58 (-1.13%)
+127.56%
Mar 15, 3:00pm
flag Chile IPSA Index 3784.47
-40.02 (-1.05%)
+55.35%
Mar 15, 3:00pm

Asian Pacific Price Change (%) 1 Year % Last Updated
flag Nikkei 225 Index 10751.98
+0.72 (0.01%)
+49.37%
Mar 15, 3:00pm
flag ASX All Ordinaries 4799.40
+0.00 (0.00%)
+50.43%
Mar 15, 3:00pm
flag Seoul Composite 1649.50
-13.24 (-0.80%)
+46.18%
Mar 15, 3:00pm
flag Hong Kong Hang Seng 21079.10
-130.64 (-0.62%)
+75.64%
Mar 15, 3:00pm
flag Shanghai 2976.94
-36.47 (-1.21%)
+39.51%
Mar 15, 3:00pm
flag Taiwan Weighted 7634.92
-113.41 (-1.46%)
+60.58%
Mar 15, 3:00pm
flag Singapore Straits Times 2874.33
-7.03 (-0.24%)
+92.45%
Mar 15, 3:00pm
flag Bombay Sensex Index 17164.99
-1.63 (-0.01%)
+105.72%
Mar 15, 3:00pm
flag Jakarta Composite 2669.61
+3.10 (0.12%)
+103.72%
Mar 15, 3:00pm
flag Kuala Lumpur Composite 1299.67
-11.53 (-0.88%)
+55.02%
Mar 15, 3:00pm
flag PSE Composite 3076.79
+3.88 (0.13%)
+63.69%
Mar 15, 3:00pm
flag Sri Lanka All Share 3843.55
-1.29 (-0.03%)
+135.19%
Mar 15, 3:00pm

Europe Price Change (%) 1 Year % Last Updated
flag FTSE 100 Index 5593.85
-31.80 (-0.57%)
+50.69%
Mar 15, 3:00pm
flag Paris CAC 40 3890.91
-36.49 (-0.93%)
+44.42%
Mar 15, 3:00pm
flag Frankfurt Index 5903.56
-41.55 (-0.70%)
+49.22%
Mar 15, 3:00pm
flag Milan BCI General 15743.00
+0.00 (0.00%)
+37.93%
Mar 14, 5:30pm
flag Belgium 20 Index 2608.80
-16.48 (-0.63%)
+56.12%
Mar 15, 3:00pm
flag Swiss Market Index 6825.10
-11.50 (-0.17%)
+46.91%
Mar 15, 3:00pm
flag OSE Norway All Share 411.58
-5.94 (-1.42%)
+63.17%
Mar 15, 3:00pm
flag ATX Vienna 2546.75
+8.36 (0.33%)
+73.57%
Mar 15, 3:00pm
flag Amsterdam Total Return General 335.11
-4.46 (-1.31%)
+58.59%
Mar 15, 3:00pm
flag Madrid General 1136.08
-11.94 (-1.04%)
+47.04%
Mar 15, 3:00pm
flag Stockholm General Index 320.47
-1.12 (-0.35%)
+57.76%
Mar 15, 3:00pm

Africa/Middle East Price Change (%) 1 Year % Last Updated
flag Israel TA 100 Index 1144.54
-3.74 (-0.33%)
+94.82%
Mar 15, 11:45am
flag TEL-TECH INDEX 318.92
-1.42 (-0.44%)
+103.34%
Mar 15, 11:45am
flag TEL-TECH-15 INDEX 274.14
-1.38 (-0.50%)
+89.94%
Mar 15, 11:45am


 

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