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ASEAN STOCK WATCH 31 March 2010

Shayne Heffernan
www.livetradingnews.com

AInvestors around the world are still looking to invest in ASEAN equities and local markets remain firm with growing optimism about investment spending in both the public and private sectors, which will spur regional economic growth despite uncertainty around the sustainability of the global recovery.

Valuations are still very attractive with Malaysia trading at 15.6 times projected 2010 earnings, followed by Indonesia at 13.75, the Philippines’ at 13.2 and Thailand’s at 11.33.

Thailand SET rose on Tuesday after three days of losses as investors bought energy shares as oil firmed, but Malaysia ended flat, shrugging off the prime minister’s promise of economic reforms.

The SET index ended the day up 2.3 percent, erasing a loss of nearly 2 percent over the previous three sessions, foreign investors net buying was $10.18 million on the day. They have bought 47.3 billion baht in the past 25 sessions. PTT led the market with a 3.2 percent rally, while subsidiary PTT Exploration and Production surged 3.1 percent. Siam Cement closed up 2.8 percent.

ASEAN markets were little changed, with Singapore moving up 0.15 percent Singapore Telecom (STEL) fell 0.3 percent while Wilmar International (WLIL.SI) rose 1.5 percent.

Indonesia was flat closing up 0.13 percent to 2,798.27, after climbing earlier and approaching the record high of 2,838.76 set on Jan. 14, 2008. Bank Mandiri (BMRI) gained 1.9 percent and Unilever (UNVR) rose 1.2 percent.

Malaysia’s index was also flat, Prime Minister Najib Razak announced economic reforms with plans to reduce race-based programmes. KL Kepong (KLKK) ended up 1.1 percent, Axiata Group (AXIA) 0.3 percent but Petronas (PETR) fell 0.1 percent and RHB Capital (RHBC) was down 0.18 percent.

Vietnam fell almost 1 percent and investor confidence seems to be stalling in the exchange.

In the Philippines, shares hit their highest in more than two years and ended the session up 0.77 percent led by favourable economic news, with Ayala Land (ALI) up 3.9 percent and Philex Mining (PX) 3.9 percent higher.

Overnight in the USA

Consumer confidence and housing data pointed to an improving economy, bolstering sentiment ahead of Friday’s key payrolls report from the government.

ADow 10,907.42 +11.56 (0.11%)
S&P 500 1,173.27 -0.05 (-0.00%)
Nasdaq 2,410.69 +6.33 (0.26%)

But trading volumes were light, with Passover and the upcoming Easter holiday taking participants away from the market, traders said.

“Volume is light … and it seems like the market is just kind of hanging in there. We’re getting close to the 11,000 level” on the Dow, said Todd Leone, head of listed trading, Cowen & Co. in New York.

Giving the market a lift was Apple Inc, whose move to develop a new iPhone buoyed telecom and chipmaker shares. Apple’s stock was up 1.2 per cent at $US235.15.

Financials kept the S&P 500 under pressure, with Bank of America shares down 1.6 per cent at $US17.76.

Worries about Greece’s funding needs lingered a day after an auction of 7-year Greek bonds drew weaker demand than hoped for by some.

The major indexes are set for gains as the first quarter draws to an end with Wednesday’s close.

For the first quarter so far, the Dow is up 4.54 per cent, while the S&P 500 is up 5.2 per cent and the Nasdaq is up 5.98 per cent.

Apple shares shot to a record high intraday of $US237.48. The stock climbed after a Wall Street Journal report that Apple is developing a new iPhone that would work on Verizon Communications Inc’s mobile network.

Verizon was up 2.6 per cent at $US31.24.

On the economic front, US consumer confidence rebounded in March, as optimism about the labour market increased slightly, the Conference Board said.

Earlier data on Tuesday on January home prices also pointed to stability in the US housing market. The Standard & Poor’s/Case-Shiller home price index showed home prices rose in January for the eighth straight month, with the best annual rate in nearly three years. Year over year, home prices dipped, the January reading showed.

March non-farm payrolls are scheduled for release Friday morning even though the stock market will be shut for the Good Friday holiday.

Global Market Indexes

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
12,044.78
+15.06 (0.13%)
+40.12%
Mar 30, 4:00pm
flag
Mexican Bolsa IPC Index
33,401.14
-14.96 (-0.04%)
+71.02%
Mar 30, 4:00pm
flag
Brazil Bovespa Index
69,966.59
+27.47 (0.04%)
+72.11%
Mar 30, 4:00pm
flag
Argentina Merval Index
2,406.67
-11.05 (-0.46%)
+114.25%
Mar 30, 4:00pm
flag
Chile IPSA Index
3,762.03
+16.52 (0.44%)
+50.84%
Mar 30, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
11,097.14
+110.67 (1.01%)
+34.74%
Mar 30, 4:00pm
flag
ASX All Ordinaries
4,926.80
+0.00 (0.00%)
+38.62%
Mar 30, 4:00pm
flag
Seoul Composite
1,700.19
+8.20 (0.48%)
+41.98%
Mar 30, 4:00pm
flag
Hong Kong Hang Seng
21,374.79
+137.36 (0.65%)
+58.85%
Mar 30, 4:00pm
flag
Shanghai
3,128.47
+4.67 (0.15%)
+32.67%
Mar 30, 4:00pm
flag
Taiwan Weighted
7,962.22
+14.77 (0.19%)
+52.94%
Mar 30, 4:00pm
flag
Singapore Straits Times
2,933.39
+4.25 (0.15%)
+75.32%
Mar 30, 4:00pm
flag
Bombay Sensex Index
17,590.17
+0.00 (0.00%)
+83.84%
Mar 30, 4:00pm
flag
Jakarta Composite
2,798.27
+0.00 (0.00%)
+97.19%
Mar 30, 4:00pm
flag
Kuala Lumpur Composite
1,319.35
+0.14 (0.01%)
+51.76%
Mar 30, 4:00pm
flag
PSE Composite
3,202.17
+24.61 (0.77%)
+58.28%
Mar 30, 4:00pm
flag
Sri Lanka All Share
3,765.07
-8.69 (-0.23%)
+128.94%
Mar 30, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,672.32
-38.34 (-0.67%)
+50.74%
Mar 30, 4:00pm
flag
Paris CAC 40
3,987.41
-13.25 (-0.33%)
+46.63%
Mar 30, 4:00pm
flag
Frankfurt Index
6,142.45
-14.40 (-0.23%)
+53.98%
Mar 30, 4:00pm
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
+26.76%
Mar 29, 5:30pm
flag
Belgium 20 Index
2,656.12
-9.28 (-0.35%)
+56.20%
Mar 30, 4:00pm
flag
Swiss Market Index
6,871.42
+20.84 (0.30%)
+44.79%
Mar 30, 4:00pm
flag
OSE Norway All Share
421.44
-1.07 (-0.25%)
+58.99%
Mar 30, 4:00pm
flag
ATX Vienna
2,636.27
-13.78 (-0.52%)
+62.68%
Mar 30, 4:00pm
flag
Amsterdam Total Return General
343.60
-0.36 (-0.10%)
+62.76%
Mar 30, 4:00pm
flag
Madrid General
1,134.37
-11.29 (-0.99%)
+42.13%
Mar 30, 4:00pm
flag
Stockholm General Index
325.21
-0.96 (-0.29%)
+66.79%
Mar 30, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,160.94
+0.00 (0.00%)
+76.44%
Mar 30, 3:37am
flag
TEL-TECH INDEX
326.42
+0.00 (0.00%)
+85.66%
Mar 30, 2:15am
flag
TEL-TECH-15 INDEX
283.15
+0.00 (0.00%)
+76.14%
Mar 30, 2:15am

 

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