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ASEAN STOCK WATCH 26 March 2010

Shayne Heffernan
www.livetradingnews.com

Most Southeast ASEAN markets managed to rally on Thursday, investors were buying banks with the expectation their earnings will recover with the economy. They are set to open lower today as a USA rally lost steam in the afternoon to close the day flat.

Markets drifted in afternoon trading from the day’s highs.

Singapore closed up 0.07 percent, United Overseas Bank was up 0.2 percent

In Kuala Lumpur, the exchange added 0.23 percent led by financial firm CIMB Group up 1.6 percent and AMMB Holding gaining 0.6 percent.

In Bangkok, The SET ended down 0.3 percent but banks had a strong day Kasikornbank KBAN.BK rose 1.3 percent and Krung Thai Bank KTB.BK was up 0.9 percent.Sevaral Analysts including Citigroup, Ebeling Heffernan and CIMB Securities (Thailand) have upgraded Thai banks due to the positive earnings outlook in the sector.

“Thai Banks will see growing revenue as the economy continues to improve” said Shayne Heffernan of Ebeling Heffernan.

Indonesia closed strongly up 0.88 percent higher the highest in 26 months again led by banks, Bank Danamon up 3.8 percent, Bank Negara Indonesia up 4.7 percent and Bank Rakyat Indonesia up 1.2 percent. Coal miner Bumi Resources fell 2.2 percent making it a stang out buy according the Shayne Heffernan and Adaro Energy was down 1.06 percent.

Philippines PSI finished up 0.14 percent. The market hovered around two-year highs. Best performers were Manila Electric up 2.8 percent and Ayala Land climbed 4.1 percent, building on the previous session’s gains as the economic recovery bolstered its earnings outlook.

Vietnam dropped 1.7 percent to its lowest in three weeks. Banks led losers in Vietnam, with Vietcombank
sliding 2.2 percent, Vietinbank off 2.76 percent and insurer Baoviet BVH.HM 1.8 percent lower.

US stocks rose sharply then closed flat  overnight, driving the Dow and S&P 500 to new 18-month highs intraday but falling in the afternoon  as Qualcomm and Best Buy boosted their profit outlooks and financials surged for a second day.

Citigroup Inc gained 3.6 per cent to $US4.30 after Bloomberg News reported that the US Treasury could unveil a plan next month for the sale of its stake in the bank.

Wireless chip maker Qualcomm Inc led the Nasdaq, surging 5.2 per cent to $US42.27 after raising its second-quarter earnings outlook.

Electronics retailer Best Buy Co forecast stronger-than-expected earnings for the current year and reported quarterly results that were above estimates, pushing its shares up 4.7 per cent to $US43.10.

“Today is all about earnings, and the comments from Qualcomm and Best Buy have been very positive,” said James Meyer, chief investment officer at Tower Bridge Advisers in West Conshohocken, Pennsylvania.

“The economic backdrop for the upcoming earnings season looks very good, particularly in the tech sector.”

First-quarter S&P 500 earnings reports, due in the coming weeks, are forecast to show year-over-year gains of 36.6 percent, according to estimates compiled by Thomson Reuters.

Also lifting the Nasdaq was Oracle Corp, up 1.2 per cent at $US26.07 ahead of its results, which are scheduled to come out after Thursday’s closing bell.

Other financial shares on the rise included Bank of America, up 2.6 per cent at $US18.03. It was the second day of strong gains for the bank, which on Wednesday said it plans to offer about $US3 billion in loan forgiveness to about 45,000 troubled home buyers.

The S&P financial index was up 1.3 per cent on the day and is up about 11 per cent for the month so far.

Adding to the positive tone, data showed the number of US workers filing new applications for unemployment insurance fell sharply last week.

Dow
10,842.05 +5.90 (0.05%)
S&P 500
1,165.79 -1.93 (-0.17%)
Nasdaq
2,397.41 -1.35 (-0.06%
Global Market Indexes
Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
12002.22
+39.25 (0.33%)
+33.98%
Mar 25, 3:00pm
flag
Mexican Bolsa IPC Index
33176.85
+15.88 (0.05%)
+63.06%
Mar 25, 3:00pm
flag
Brazil Bovespa Index
68987.13
+73.73 (0.11%)
+62.56%
Mar 25, 3:00pm
flag
Argentina Merval Index
2439.28
-0.05 (-0.00%)
+116.91%
Mar 25, 3:00pm
flag
Chile IPSA Index
3784.58
+10.10 (0.27%)
+48.73%
Mar 25, 3:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
10828.85
+13.82 (0.13%)
+31.81%
Mar 25, 3:00pm
flag
ASX All Ordinaries
4896.30
+0.00 (0.00%)
+40.57%
Mar 25, 3:00pm
flag
Seoul Composite
1688.39
+7.38 (0.44%)
+40.76%
Mar 25, 3:00pm
flag
Hong Kong Hang Seng
20778.55
-230.07 (-1.10%)
+54.52%
Mar 25, 3:00pm
flag
Shanghai
3019.18
-37.63 (-1.23%)
+29.83%
Mar 25, 3:00pm
flag
Taiwan Weighted
7838.10
+15.39 (0.20%)
+52.96%
Mar 25, 3:00pm
flag
Singapore Straits Times
2888.37
+2.01 (0.07%)
+73.57%
Mar 25, 3:00pm
flag
Bombay Sensex Index
17558.85
+107.83 (0.62%)
+86.32%
Mar 25, 3:00pm
flag
Jakarta Composite
2799.15
+24.30 (0.88%)
+98.99%
Mar 25, 3:00pm
flag
Kuala Lumpur Composite
1312.48
+3.03 (0.23%)
+49.43%
Mar 25, 3:00pm
flag
PSE Composite
3171.14
+4.54 (0.14%)
+68.76%
Mar 25, 3:00pm
flag
Sri Lanka All Share
3730.43
+7.71 (0.21%)
+129.15%
Mar 25, 3:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5727.65
+49.77 (0.88%)
+44.90%
Mar 25, 3:00pm
flag
Paris CAC 40
4000.48
+50.67 (1.28%)
+39.41%
Mar 25, 3:00pm
flag
Frankfurt Index
6132.95
+93.95 (1.56%)
+46.85%
Mar 25, 3:00pm
flag
Milan BCI General
15743.00
+0.00 (0.00%)
+24.18%
Mar 24, 5:30pm
flag
Belgium 20 Index
2672.10
+22.40 (0.85%)
+52.34%
Mar 25, 3:00pm
flag
Swiss Market Index
6894.17
+14.22 (0.21%)
+39.81%
Mar 25, 3:00pm
flag
OSE Norway All Share
424.90
+3.17 (0.75%)
+54.00%
Mar 25, 3:00pm
flag
ATX Vienna
2628.86
+44.11 (1.71%)
+55.69%
Mar 25, 3:00pm
flag
Amsterdam Total Return General
345.61
+3.87 (1.13%)
+56.46%
Mar 25, 3:00pm
flag
Madrid General
1145.90
+22.81 (2.03%)
+37.12%
Mar 25, 3:00pm
flag
Stockholm General Index
327.28
+1.85 (0.57%)
+60.31%
Mar 25, 3:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1160.86
+0.64 (0.06%)
+83.83%
Mar 25, 12:42pm
flag
TEL-TECH INDEX
325.66
-1.34 (-0.41%)
+92.71%
Mar 25, 12:42pm
flag
TEL-TECH-15 INDEX
282.53
-1.69 (-0.59%)
+82.54%
Mar 25, 12:42pm

 

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