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ASEAN Week Ahead

China is helping to underpin ASEAN markets as the USA and Europe sink slowly in to a quagmire of debt and taxes.

Trade between China and South-East Asia has been growing rapidly, often at 20% annually, to reach US$360bil last year.

At this rate, trade between Asean and China could reach US$500bil by 2015, just as the Asean Economic Community kicks off.

China is Thailand's second largest trading partner. Trade in 2011 hit US$64.7bil, up 22% for the year.

In the USA data will include orders for durable goods orders and pending home sales for February as well as the final reading of fourth-quarter gross domestic product.

But with the trend of economic data showing a Fed powered slow improvement in the U.S. economy, few negative surprises are expected next week.

But still US markets remain extremely overvalued at this time and a correction is well over due.

Friday ASEAN Markets were hit with EU concerns.

Tokyo tumbled 2.35 percent, or 297.16 points, to 12,338.53, while Seoul fell 0.11 percent, or 2.11 points, to 1,948.71 and Hong Kong fell 0.50 percent, or 110.58 points, to 22,225.30.

But Sydney rose 0.16 percent, or 7.9 points, to 4,967.3, although it is down three percent for the week, while Shanghai rose 0.17 percent, or 4.04 points, to 2,328.28.

– Singapore fell 0.30 percent, or 9.08 points, to close at 3,258.57.

DBS Bank dropped 0.32 percent to Sg$15.54 and Singapore Airlines climbed 0.93 percent to Sg$10.84.

– Taipei rose 0.20 percent, or 15.62 points, to 7,796.22.

Taiwan Semiconductor Manufacturing Co. was 0.71 percent lower at Tw$98.0 while leading smartphone maker HTC rose 0.42 percent to Tw$240.0.

– Manila closed 0.71 percent higher, adding 45.73 points to 6,518.71.

Ayala Corp. rose 0.18 percent to 551 pesos and BDO Unibank advanced 4.02 percent to 87.90 pesos, but Philippine Long Distance Telephone fell 0.64 percent to 2,792 pesos.

– Wellington was virtually unchanged, edging up 0.38 points to 4,342.89.

Mainfreight shed 2.7 percent to NZ$10.90, while Auckland Airport was up 1.4 percent at NZ$2.82.

– Jakarta, fell 1.66 percent, or 79.51 points, to 4,723.16.

Indocement Tunggal Prakarsa fell 3.70 percent to 22,150 rupiah, while Indofood Sukses Makmur dropped 2.04 percent to 7,200 rupiah.

– Bangkok lost 3.30 percent, or 50.55 points, to 1,478.97.

Oil company PTT fell 4.76 percent to 320 baht, while Bangchak Petroleum dropped 5.71 percent to 33 baht.

– Kuala Lumpur eased 0.24 percent, or 3.86 points, to 1,626.89.

Hong Leong Financial Group fell 1.1 percent to 14.72 ringgit while YTL Power International shed 0.7 percent to end at 1.41 ringgit. Astro Malaysia Holdings rose 1.4 percent to 2.90 ringgit.

– Mumbai fell 0.30 percent, or 57.27 points, to 18,735.6 points.

State Bank of India fell 1.71 percent to 2,083.9 rupees and Tata Steel fell 1.68 percent to 322.10 rupees

Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager

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