|ASEAN STOCK WATCH
||4 March 2010
The USA traded higher for most of the day however that rally drifted in the closing session to a flat end. In Asia today we expect that direction to follow with most markets trading lower. Hong Kong and China failed to deliver a rally yesterday and still seem very cheap. India ran up as we expected but we expect all of the ASEAN markets to come back a little tomorrow, look for bargains, long term the trend is positive.
Markets in Singapore and Thailand posted small gains on Wednesday, while other Southeast Asian Indexes consolidated their recent gains while they awaited direction from the USA market on developments in the Greek debt crisis and Jobs data. India managed a good rally on the day.
Malaysia dipped 0.15 percent, Indonesia JKSE eased 0.37 percent, the Philippines PSI added 0.24 percent and Vietnam VNI rallied 1.26 percent.
In Bangkok, foreign buying momentum continued after a huge net foreign purchase of $134.6 million on Tuesday, after the court ruling on Thaksin Shinawatra was seen as easing some political unrest. Among gainers, energy explorer PTT Exploration and Production PTTE.BK rose 1.8 percent and coal miner Banpu BANP.BK jumped 3.5 percent. THCOM.BK slumped 12.2 percent, Advanced Info Service ADVA.BK lost 2.4 percent and Shin Corp SHIN.BK dropped 3.6 percent.
In Kuala Lumpur, palm plantation firm Sime Darby fell 0.9 percent while IOI Corp was down 0.55 percent. A top industry official said on Wednesday Malaysia, the world's No. 2 palm oil producer, would miss its output target of 18.1 million tonnes because of a shortage of foreign labour, even as yields recover.
Axiata gained 0.52 percent after the country's second-largest mobile phone company said it might consider paying a dividend from 2011 as improving business conditions had helped bolster its balance sheet.
In Jakarta, the market pulled back from its early gain to a four-week high, with Unilever falling 2.6 percent and Telkom Indonesia 1.2 percent lower.
In Manila, food-to-power conglomerate San Miguel Corporation rose 1.4 percent before a report after the close that it was in talks to buy a majority stake in Ausphil Tollways Corporation and gain control over a major expressway project in northern Philippines. Conglomerate Metro Pacific Investments Corp, which reported a 2009 net profit surge after the market close, rose 3.5 percent.
In Vietnam, the market touched its highest since Feb. 22, with top dairy product maker Vinamilk VNM.HM up 2.4 percent and Kinh Bac City Development KBC.HM up 4.4 percent.
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