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ASEAN STOCK WATCH 2 March 2010

Shayne Heffernan
www.livetradingnews.com

As we predicted yesterday stocks in Asia moved higher today after JP Morgan Chase & Co. increased the ratings on Japan big banks, copper prices skyrocketed following the earthquake in Chile, world’s largest producer of the metal.
 
Thailand was closed for a Public Holiday today, trading will resume Tuesday morning, despite a minor explosion at a bangkok Bank branch the troubles in relation to a Court ruling over the former Prime Ministers assets should be behind us and we expect the SET to post gains in Tuesdays trading.
 
Singapore’s index STI gained 0.8 percent to its highest close since Feb. 23.Singapore’s Changi Airport said on Monday it has acquired a 5 percent stake in Gemina S.p.A the operator of two airports in Rome, for S$100 million ($71 million). Gemina’s Aeroporti di Roma owns the concession to operate Italy’s largest airport group, which comprised Leonardo da Vinci Airport and Giovan Battista Pastine Airport.
 
Both airports have a combined air passenger volume of 38.6 million in 2009, slightly higher than Changi’s 37.2 million passengers last year.
 
Malaysia rose 1 percent to a near five-week high.Malaysia’s economy grew 4.5 percent in the fourth quarter from a year earlier, faster than expected, fuelling speculation the central bank could raise rates as early as this week.
 
A Reuters poll last week showed nine of 12 economists expected a 25 basis point rate rise by May, with four saying it would come on March 4.
Vietnam has been the best performer so far this year in the region, rose about 1.2 percent to its highest since Feb.23. The Asia-Pacific light crude market rose on Monday after Vietnam sold a cargo of Song Doc crude for April loading at a higher premium.
 
Traders attributed the rise to low Minas APPI benchmark and a shortage of Vietnamese light sweet crude that oil majors need for their refining system in the Asia Pacific after Vietnam diverted Bach Ho crude to its Dung Quat refinery.
 
Philippines gained over 1 percent to hit its highest in more than five weeks.The Philippine central bank cut interest rates by a smaller-than-expected quarter percentage point amid worries a weak peso may drive up inflation, but said it was ready to boost market liquidity further to spur growth.
 
Analysts had expected the central bank to lower rates by 50 basis points despite data earlier on Thursday which showed annual inflation climbed to 7.3 percent in February, higher than market estimates and the first increase since August.
 
Indonesia edged up 0.2 percent.The future of two of Indonesia’s leading reformers, Finance Minister Sri Mulyani Indrawati and Vice President Boediono, may be decided this week after the release of a parliamentary probe into a bank bailout.
 
India

Stock market investors cheered Mukherjee raising the tax exemption limit for individuals and outlined plans to bolster farming expenditure. The main stock index ended up 1.08 percent, after rising more than 2 percent, propelled by autos and banks.
 
Hong Kong & China
 
Shares in Hong Kong and China ended at their highest in five weeks on Monday led by Chinese financial stocks on hopes China’s loose monetary policy will stay in place, while mining shares surged as copper prices leapt after a massive quake hit top producer Chile.
In Hong Kong, the benchmark Hang Seng Index .HSI ended up 2.17 percent or 448.23 points at 21,056.93, its highest close since Jan. 20.
China’s key stock index rose 1.18 percent on Monday to its highest close in five weeks, led by copper miners, as a sharper-than-expected slowdown in a business survey boosted expectations this month’s Chinese parliamentary session would reaffirm a relatively loose monetary policy.
The Shanghai Composite Index .SSEC ended at 3,087.842 points, its highest close since Jan. 25 and continuing a 2.1 percent rally in February, driven in part by bargain-hunting after the previous month’s 8.8 percent slide.

Asian Pacific Price Change (%) 1 Year %
Last Updated
flag
Nikkei 225 Index
10172.06
+46.03 (0.45%)
+36.39%
Mar 01, 12:00pm
flag
ASX All Ordinaries
4694.90
+43.80 (0.94%)
+42.38%
Mar 01, 12:00pm
flag
Seoul Composite
1594.58
+7.07 (0.45%)
+51.18%
Mar 01, 12:00pm
flag
Hong Kong Hang Seng
21056.93
+448.23 (2.17%)
+63.30%
Mar 01, 12:00pm
flag
Shanghai
3087.84
+35.90 (1.18%)
+45.57%
Mar 01, 12:00pm
flag
Taiwan Weighted
7577.75
+141.65 (1.90%)
+67.70%
Mar 01, 12:00pm
flag
Singapore Straits Times
2774.06
+23.20 (0.84%)
+71.51%
Mar 01, 12:00pm
flag
Bombay Sensex Index
16429.55
+175.35 (1.08%)
+83.47%
Mar 01, 12:00pm
flag
Jakarta Composite
2554.67
+5.64 (0.22%)
+97.99%
Mar 01, 12:00pm
flag
Kuala Lumpur Composite
1283.40
+12.62 (0.99%)
+43.65%
Mar 01, 12:00pm
flag
PSE Composite
3078.91
+33.99 (1.12%)
+63.74%
Mar 01, 12:00pm
flag
Sri Lanka All Share
3825.30
+17.44 (0.46%)
+125.20%
Mar 01, 12:00p

 

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