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ASEAN STOCK WATCH 24 March 2010

Shayne Heffernan
www.livetradingnews.com

As suggested by ebeling Heffernan yesterday most ASEAN markets rose on Tuesday, pushed forward by strength on Wall Street and a surge of investment fund inflows. After a strong showing in the USA and Europe overnight we would expect today to see a consolidation of that rally in ASEAN.

STI rose 0.6 percent, Malaysia KLSE gained 0.9 percent to touch its highest since March 18,
Thailand SET ended 1.3 percent firmer, and Indonesia rose 0.7 percent. The Philippines PSI gained 1.5 percent to a near two-week high, while Vietnam .VNI shed 1 percent to its lowest since March 3.

In Singapore, United Overseas Bank (UOBH) rose 1.14 percent as investors took encouragement from signs of a strengthening global economy and an uptick in financial services in the region. Shayne Heffernan said today “Asia’s financial institutions have a key role to play in the global recovery, many of them are trading way below their true value”

Malaysia snapped three straight falls ahead of an “Invest Malaysia” conference next week, during which Prime Minister Najib Razak will release a new economic model to boost growth and win back foreign investors to Malaysia.

In Bangkok, energy shares pushed the market up with PTT, the one of the worlds biggest energy firms, rising 2.8 percent, PTT Exploration and Production gainrd 1.7 percent, and PTT Aromatics and Refining surged 7.1 percent. “Thai stocks have been undervalued for a long time, I expect to see the SET break 1000 this year” said Shayne Heffernan.

Foreign investors bought a net 1.88 billion baht ($58.17million) of Thai shares on Tuesday, raising their net purchaseto about 42.16 billion baht ($1.3 billion) since Feb. 22,exchange data showed.

The Thai stock market is still benefiting from low valuations, trading at 11.4 times estimated 2011 earnings, one of the cheapest in Asia, luring foreign funds.

In Jakarta, top lender Bank Mandari, which on Monday posted a better-than-expected net profit of 35.6
percent, gained 3 percent, while Bank Central Asia rose 2.75 percent.

In Manila, shares of Philippine conglomerate JG Summit Holdings Inc surged more than 15 percent to two-year
highs on investors buying ahead of the planned initial public offering of its airline arm. Property firm Ayala Land gained 4.4 percent to three-month highs on hopes of robust property sales after the central bank on Monday said its benchmark rate would likely be steady during the first half of 2010 with inflation manageable.

The Vietnam index lost 1 percent to touch its lowest since March 3, below the psychological mark of 510 points, led by a 2.3 percent drop in property developer HAGL and a 1.2 percent drop in in Vinamilk.

US stocks advanced overnight on gains in the industrial and technology sectors and after US existing homes sales fell less than expected in February.

Dow
10,888.75 +102.86 (0.95%)
S&P 500
1,174.16 +8.35 (0.72%)
Nasdaq
2,415.24 +19.84 (0.83%)

Caterpillar Inc added 3.5 per cent to $US62.05 and was the top boost to the Dow after Wells Fargo raised its 12- to 18-month price target to a range of $US73 to $US75 from $US63 to $US65. The firm said several catalysts would support expectations for longer-term growth.

Existing home sales fell to an annual rate of 5.02 million units in February, the National Association of Realtors said. The decline was less than forecast, but highlighted the fragility of a housing recovery.

“Its incremental good news that it was better than expected, but given the huge overhang of inventory, it’s clear that housing will remain a troubled sector for a while,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

The Dow Jones US home construction index fell 0.5 per cent, while builder KB Home dropped 3.3 per cent to $US16.87 after posted a wider-than-expected quarterly loss.

The Dow Jones industrial average jumped 50.87 points, or 0.47 per cent, at 10,837.06. The Standard & Poor’s 500 Index was up 2.88 points, or 0.25 per cent, at 1168.69. The Nasdaq Composite Index rose 7.38 points, or 0.31 per cent, at 2402.69.

If the Nasdaq ends above the 2400 mark, it will be its first close above that level since late August 2008.

Strength in the Nasdaq came from semiconductor stocks, with the Philadelphia semiconductor index up 1.6 per cent. Intel Corp gained 1.4 per cent to $US22.54, a day after Integrated Silicon Solution Inc raised its second-quarter revenue and earnings outlook. Integrated Silicon shot up 15 per cent to $US8.61.

“Upward momentum has returned to the markets, so investors are gravitating to the sectors that have been working and should continue to work,” Ablin said.

Healthcare stocks lagged, giving back some gains from Monday. US President Barack Obama signed into law the landmark healthcare reform bill on Tuesday.

The Morgan Stanley Healthcare Payor index dropped 0.6 per cent, and Cigna Corp fell 1.1 per cent to $US36.86.

US-listed shares of Baidu Inc jumped 3.5 per cent to $US599.57 after rival Google Inc shut down its mainland China portal and began rerouting searches to its Hong Kong operation. Google shares sank 2.4 per cent to $US544.50.

 Global Market Indexes

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
12037.63
+70.46 (0.59%)
+34.37%
Mar 23, 3:00pm
flag
Mexican Bolsa IPC Index
33335.78
+193.76 (0.58%)
+63.84%
Mar 23, 3:00pm
flag
Brazil Bovespa Index
69155.86
+114.13 (0.17%)
+62.95%
Mar 23, 3:00pm
flag
Argentina Merval Index
2431.41
+17.74 (0.73%)
+116.21%
Mar 23, 3:00pm
flag
Chile IPSA Index
3774.31
-4.52 (-0.12%)
+48.33%
Mar 23, 3:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
10774.15
-50.57 (-0.47%)
+31.14%
Mar 23, 3:00pm
flag
ASX All Ordinaries
4887.90
+0.00 (0.00%)
+40.33%
Mar 23, 3:00pm
flag
Seoul Composite
1681.82
+9.15 (0.55%)
+40.21%
Mar 23, 3:00pm
flag
Hong Kong Hang Seng
20987.78
+54.53 (0.26%)
+56.07%
Mar 23, 3:00pm
flag
Shanghai
3053.12
-21.45 (-0.70%)
+31.29%
Mar 23, 3:00pm
flag
Taiwan Weighted
7811.87
-24.11 (-0.31%)
+52.45%
Mar 23, 3:00pm
flag
Singapore Straits Times
2905.66
+16.48 (0.57%)
+74.61%
Mar 23, 3:00pm
flag
Bombay Sensex Index
17451.02
+40.45 (0.23%)
+85.18%
Mar 23, 3:00pm
flag
Jakarta Composite
2720.86
+18.46 (0.68%)
+93.43%
Mar 23, 3:00pm
flag
Kuala Lumpur Composite
1304.85
+11.20 (0.87%)
+48.57%
Mar 23, 3:00pm
flag
PSE Composite
3129.24
+45.35 (1.47%)
+66.53%
Mar 23, 3:00pm
flag
Sri Lanka All Share
3730.67
-12.33 (-0.33%)
+129.17%
Mar 23, 3:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5673.63
+29.09 (0.52%)
+43.53%
Mar 23, 3:00pm
flag
Paris CAC 40
3952.55
+24.55 (0.63%)
+37.74%
Mar 23, 3:00pm
flag
Frankfurt Index
6017.27
+29.77 (0.50%)
+44.08%
Mar 23, 3:00pm
flag
Milan BCI General
15743.00
+0.00 (0.00%)
+24.18%
Mar 22, 5:30pm
flag
Belgium 20 Index
2649.34
+14.89 (0.57%)
+51.04%
Mar 23, 3:00pm
flag
Swiss Market Index
6877.16
+10.73 (0.16%)
+39.47%
Mar 23, 3:00pm
flag
OSE Norway All Share
423.27
+6.48 (1.55%)
+53.42%
Mar 23, 3:00pm
flag
ATX Vienna
2585.51
+24.45 (0.95%)
+53.12%
Mar 23, 3:00pm
flag
Amsterdam Total Return General
341.51
+3.38 (1.00%)
+54.60%
Mar 23, 3:00pm
flag
Madrid General
1137.16
+14.02 (1.25%)
+36.07%
Mar 23, 3:00pm
flag
Stockholm General Index
326.28
+2.57 (0.79%)
+59.82%
Mar 23, 3:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1150.55
+13.52 (1.19%)
+86.45%
Mar 23, 11:45am
flag
TEL-TECH INDEX
321.61
+5.33 (1.69%)
+95.27%
Mar 23, 11:45am
flag
TEL-TECH-15 INDEX
278.79
+4.45 (1.62%)
+84.46%
Mar 23, 11:45am


 

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