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ASEAN STOCK WATCH 6 March 2010

Shayne Heffernan
www.livetradingnews.com

Japan and the Association of Southeast Asian Nations ASEAN have compiled a report outlining $170 billion in infrastructure and resource development projects aimed at spurring economic growth and integration in East Asia.

The report is focused on three subregions in Southeast Asia: the Mekong subregion encompassing Cambodia, parts of China, Laos, Myanmar, Thailand and Vietnam; the Indonesia, Malaysia, Thailand growth triangle; and a growth area linking Brunei, the Indonesian and Malaysian parts of the island of Borneo, and parts of the Philippines.
It identifies 600 projects within these areas, including those aimed at development of roads, bridges, railways, ports, airports, industrial estates, energy and telecommunications. Of these, some 400 have been identified in the Mekong basin alone.

Some $170 billion will be needed for the development of infrastructure in the three subregions, of which about $100 billion is expected to come from public funding — from either governments or the ADB — and $70 billion from public and private sector partnerships.

This combined with the strong Wall St rally will see the ASEAN, Indian and Chinese markets rally strongly on Monday.In USA trading over night
US stocks jumped more than 1 per cent on Friday as news that employers cut fewer jobs than expected last month fuelled investors’ appetite for riskier assets like stocks.

Standout sectors included financial, energy, big manufacturing and technology stocks.

The tech advance put the Nasdaq on course for its highest close in 18 months. The semiconductor index was up 1.6 per cent, while the KBW Bank index shot up 2.3 per cent.

The Dow Jones Industrial Average rose 122.13 points, or 1.2 percent, to 10,566.27. The Standard & Poor’s 500 Index rose 15.65 points, or 1.4 per cent, to 1138.62. The Nasdaq Composite Index gained 33.40 points, or 1.5 per cent, to 2325.71.

Borrowing by U.S. consumers unexpectedly rose in January for the first time in a year, led by auto loans and a sign Americans are gaining confidence in the economy.

Consumer credit increased $5 billion, or 2.4 percent at an annual rate, the Federal Reserve said today in Washington. Borrowing dropped $4.6 billion in December, more than first estimated. The figures track credit card debt and non-revolving loans, including those for automobile purchases.

Stocks extended gains after the report also indicated that banks may becoming more willing to lend as the economy recovers from the worst recession since World War II. Growth may get a bigger lift from consumer purchases that account for about 70 percent of the economy when companies start to hire.

“Spending is holding up,” said David Wyss, chief economist at Standard & Poor’s in New York. “People are feeling a little bit more comfortable. They’re sticking their heads out of the shell a little more.”

Stocks gained for a sixth day and Treasury securities fell after a smaller-than-estimated loss of jobs in February. The Standard & Poor’s 500 Index rose 1.3 percent to 1,137.51 at 3:33 p.m. in New York. The 10-year Treasury note declined, pushing up the yield eight basis points to 3.68 percent.

February Employment
The economy lost 36,000 jobs in February, less than anticipated, after a decline of 26,000 a month earlier even as snowstorms in parts of the nation forced some employers to temporarily close, Labor Department figures showed earlier today. The unemployment rate held at 9.7 percent.

Economists had forecast consumer credit would drop by $4.5 billion in January after a previously reported $1.7 billion decrease in December, according to the median of 33 estimates in a Bloomberg News survey. Projections ranged from a decrease of $12.3 billion to an increase of $2.4 billion.

The January gain in credit was the biggest since July 2008.

Revolving debt, such as credit cards, fell by $1.7 billion in January, according to the Fed’s statistics. Revolving credit has fallen 16 straight months, the longest series of declines since the Fed began keeping those records in 1968. The January drop was the smallest since July.

Non-revolving debt, including automobile and mobile-home loans, rose by $6.6 billion after a $4.9 billion gain. The Fed’s report doesn’t cover borrowing secured by real estate.

Auto sales in the U.S. cooled in January to a seasonally adjusted annual rate of 10.8 million, according to industry statistics. The pace slowed in February to 10.36 million.

Non-Revolving Credit
Non-revolving credit, on an unadjusted basis, rose $10.3 billion at commercial banks. Federal government non-revolving loans, such as those for student loans, also increased an unadjusted $10.3 billion.

Consumer spending during the final three months of last year rose at a 1.7 percent annual rate following an increase of 2.8 percent in the third quarter, Commerce Department figures showed on Feb. 26. Spending contributed to economic growth of 5.9 percent at annual rate, the best performance in more than six years.

A gain in February sales at retailers open at least a year indicates sustained spending by consumers. Comparable-store sales climbed 4.1 percent, according to Retail Metrics Inc. It was the sixth straight gain and the biggest in 27 months.

Abercrombie & Fitch Co. said yesterday that sales rose 5 percent, while Macy’s Inc., the second-biggest U.S. department- store company, reported a 3.7 percent gain.

“The consumer is starting to come out of hibernation and feel better about their situation,” Ken Perkins, president of Swampscott, Massachusetts-based Retail Metrics, said yesterday in an interview. More than three-fourths of retailers in the Retail Metrics survey beat estimates, he said.

Global Market Indexes
Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11966.46
+141.49 (1.20%)
+56.80%
Mar 05, 4:00pm
flag
Mexican Bolsa IPC Index
32471.79
+269.79 (0.84%)
+89.97%
Mar 05, 4:00pm
flag
Brazil Bovespa Index
68894.61
+1079.90 (1.59%)
+88.92%
Mar 05, 4:00pm
flag
Argentina Merval Index
2298.74
+14.48 (0.63%)
+147.14%
Mar 05, 4:00pm
flag
Chile IPSA Index
3789.77
+47.60 (1.27%)
+57.80%
Mar 05, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
10368.96
+223.24 (2.20%)
+43.42%
Mar 05, 4:00pm
flag
ASX All Ordinaries
4774.70
+17.10 (0.36%)
+50.55%
Mar 05, 4:00pm
flag
Seoul Composite
1634.57
+16.37 (1.01%)
+59.38%
Mar 05, 4:00pm
flag
Hong Kong Hang Seng
20787.97
+212.19 (1.03%)
+72.75%
Mar 05, 4:00pm
flag
Shanghai
3031.06
+7.69 (0.25%)
+46.33%
Mar 05, 4:00pm
flag
Taiwan Weighted
7666.26
+96.46 (1.27%)
+72.84%
Mar 05, 4:00pm
flag
Singapore Straits Times
2790.29
+21.59 (0.78%)
+82.55%
Mar 05, 4:00pm
flag
Bombay Sensex Index
16994.49
+22.79 (0.13%)
+101.66%
Mar 05, 4:00pm
flag
Jakarta Composite
2578.77
+13.13 (0.51%)
+103.88%
Mar 05, 4:00pm
flag
Kuala Lumpur Composite
1299.78
+15.69 (1.22%)
+49.62%
Mar 05, 4:00pm
flag
PSE Composite
3069.63
+35.50 (1.17%)
+65.04%
Mar 05, 4:00pm
flag
Sri Lanka All Share
3824.17
+18.32 (0.48%)
+133.26%
Mar 05, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5599.76
+72.60 (1.31%)
+59.44%
Mar 05, 4:00pm
flag
Paris CAC 40
3910.42
+82.01 (2.14%)
+53.08%
Mar 05, 4:00pm
flag
Frankfurt Index
5877.36
+82.04 (1.42%)
+59.25%
Mar 05, 4:00pm
flag
Milan BCI General
15743.00
+0.00 (0.00%)
+36.54%
Mar 04, 5:30pm
flag
Belgium 20 Index
2611.03
+28.07 (1.09%)
+66.70%
Mar 05, 4:00pm
flag
Swiss Market Index
6847.78
+42.91 (0.63%)
+57.13%
Mar 05, 4:00pm
flag
OSE Norway All Share
417.18
+7.39 (1.80%)
+74.20%
Mar 05, 4:00pm
flag
ATX Vienna
2455.78
+46.24 (1.92%)
+72.30%
Mar 05, 4:00pm
flag
Amsterdam Total Return General
338.68
+6.23 (1.87%)
+67.19%
Mar 05, 4:00pm
flag
Madrid General
1143.83
+27.84 (2.49%)
+50.55%
Mar 05, 4:00pm
flag
Stockholm General Index
315.00
+3.89 (1.25%)
+68.83%
Mar 05, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1138.30
+0.00 (0.00%)
+91.42%
Mar 05, 3:36am
flag
TEL-TECH INDEX
319.15
+0.00 (0.00%)
+99.74%
Mar 05, 2:15am
flag
TEL-TECH-15 INDEX
272.44
+0.00 (0.00%)
+85.59%
Mar 05, 2:15am

 

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