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ASEAN STOCK WATCH Asean Affairs   11  May  2011

Asean Stock Watch-May 11



US shares pushed higher on Tuesday after Microsoft's $8.5 billion deal to buy Skype gave a strong bump to tech stocks.

The Dow Jones Industrial Average closed up 75.68 points (0.60 percent) at 12,760.36 in closing trade. The broader S&P 500 index gained 10.87 (0.81 percent) at 1,357.16, while the tech-heavy Nasdaq Composite rose 28.64 points (1.01 percent) to 2,871.89.

Markets also got a boost from Chinese trade data showing the export sector in the world's second largest economy was powering ahead despite government efforts to cool overall growth. Microsoft announced it is buying Internet phone pioneer Skype from investor group Silver Lake for US$8.5 billion cash, the Windows creator's largest-ever acquisition.

Microsoft shares lost 0.6 percent on the news, but shares of eBay, which owns 30 percent of Skype, jumped 2.5 percent.

Nasdaq's jump was driven by a 1.1 per cent in Cisco and a 1.2 percent rise in Intel shares. Dell also picked up 1.4 percent.


Gains by one big company and a host of smaller stocks carried the day on the Jakarta Composite Index, which experienced a third day of unusually heavy volume in the past week.

More than 10 billion shares worth Rp 5.02 trillion ($587.3 million) changed hands on Tuesday as the JCI rose 15.07 points, or 0.4 percent, to close at 3,800.52. Gainers beat decliners 129 to 94.

“Today was mainly driven by the financial sector and shares of Astra International as it has the biggest market capitalization in the Indonesian market,” said Frederik Daniel Tanggela, an analyst at Sucorinvest Central Gani.

The JCI saw 7.2 billion shares traded on May 4 and 8.2 billion shares traded the next day. Frederik said Tuesday’s high volume and the value of the traded shares indicated that stocks with smaller prices were the most active.

The financial sector advanced 0.86 percent on Tuesday. Analysts said investors anticipated the Bank Indonesia policy rate meeting on Thursday, when the central bank is expected to keep its interest rate at 6.75 percent. Bank Mandiri, the largest bank by assets, rose 2.17 percent to Rp 7,050 while Bank Central Asia, the largest bank by market share, gained 1.39 percent to Rp 7,300. HD Finance, a motorcycle financing company, rose 15 percent on its trading debut to Rp 230. It sold 460 billion shares in its initial offering at Rp 200 per share, generating Rp 92 billion.

Astra International, the largest listed company, gained 0.98 percent to Rp 56,950. It announced on Friday that it would increase its annual motorcycle production capacity by 500,000 units to 4 million.

The rupiah was little changed at 8,550 to the US dollar as the market closed on Tuesday, from 8,552 on Monday.


Plantations counters helped lift the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) higher in early trading.

At 10.05am, the benchmark index rose 9.29 points to 1,532.66, after opening 2.35 points higher at 1,525.72.

Gainers led losers 347 to 92 while 209 counters were unchanged. Turnover stood at 188.8 million shares worth RM197.7mil.

Plantation stocks dominated Bursa Malaysia gainers' list underpinned by the positive export data released from Malaysian Palm Oil Board (MPOB) yesterday.

According to MPOB, palm oil exports in April rose to 1.332 million tonnes from the 1.235 million tonnes in March.

Sime Darby Bhd jumped 31 sen to RM9.15. Batu Kawan Bhd added 30 sen to RM16.28 while PPB Group Bhd rose 16 sen to RM16.76.

Other plantations counters, IOI Corp added 1 sen to RM5.31 while Tradewinds Plantations Bhd remained unchanged at RM3.19.

As for the heavyweights, Maybank rose 8 sen to RM8.78, CIMB added 3 sen RM8.22 and Public Bank remained unchanged at RM13.10.

Hong Leong Bank and Hong Leong Financial Group rose 44 sen and 32 sen respectively to RM11.94 and RM11.46 respectively.

Digistar Corp, which was the most active counter, rose 2.5 sen to 43 sen on a volume of 9.3 million shares.

“With no new market leads in sight just yet, we expect the key FBM KLCI to tread inside a tight trading range today. On the chart, the benchmark index is expected to struggle to overcome its immediate resistance barrier of 1,530,” HwangDBS Vickers Research said.

The research house said two counters, Hong Leong Bank and EON Capital were likely to garner continuous attention today.

“On the economic front, the index of industrial production (IPI) report for Mar is due for release later today. Consensus is projecting an annual increase of 3.1 percent in the IPI according to one media poll,” it added.


Philippine share prices on Tuesday rose for the second consecutive session, buoyed by overnight gains in Wall Street and expectations of favorable local corporate earnings.

At the Philippine Stock Exchange, the composite index added 45.98 points, or 1.08 percent to 4,303.13, while the broader all-shares index rose 20.26 points, or 0.68 percent to 3,004.69.

Only the mining and oil sub-index defied the upward trend, falling by 5.94 points, or 0.03 percent because of the 3.53-percent pullback in Lepanto Consolidated Mining Co. to P0.82. Advancers led decliners, 100 to 43, while 36 stocks were unchanged. A total of 4.8 billion stocks worth P5.11 billion changed hands.

Anticipation of encouraging first quarter numbers and the drop in oil prices to around $100 a barrel fuelled the rally in the local equities market, said Astro del Castillo of First Grade Holdings.

“The index soared by 1.08 percent on account of the solid gain achieved by Philippine Long Distance Telephone Co. and outcomes in the foreign markets last night,” said Maria Arlysa Narciso of AB Capital Securities Inc.

Narciso expects the main index to stay within the 4,200 to 4,350 range, with all major technical indicators signaling more room for gains in the coming days.

The peso, however, succumbed to a minor correction on Tuesday amid renewed risk aversion after Standard & Poor’s downgraded Greece’s credit rating to junk status.

At the Philippine Dealing System, the local unit shed 3.5 centavos to finish at 42.965 from Monday’s 42.930.

The peso-dollar pair is expected to trade at a range of 42.75 to 43.40 with direction mainly influenced by external developments, traders said. Singapore

Singapore shares opened higher on Wednesday, with the benchmark Straits Times Index at 3,166.38 in early trade, up 0.32 percent, or 10.12 points.

Around 74.8 million shares exchanged hands. Gainers beat losers 99 to 33.


Thai composite stocks index closed on Tuesday at 1,085.56, up 13.09 points, or 1.22 per cent amid Bt 37.80 billion turnover.

Blue chip SET-50 index was at 765.96, up 10.81 points, or 1.43 per cent. Top five active (value) stocks: LHBANK, JAS, PTL, AJ, PTT.

Delta Electronics (Thailand), the largest SET-listed electronics firm, plans to raise its capital expenditure to US$70 million (2.11 billion baht) this year, from $40 million spent last year, mainly for building new plants in India and Slovakia.

Chief financial officer Yu Po-wen said the company would invest $25 million on land and construction of its new plant in Chennai, India and a second plant in Slovakia on top of $32-35 million spent every year to maintain production.

Last year, Delta spent $40 million, including $12 million for building its Gurgaon plant near New Delhi, which opened officially yesterday.

The Chennai plant and the second Slovakia unit, which would make solar inverters, are expected to start production in mid-2012, he added.

Shares of Delta closed yesterday on the SET at 27.25 baht, up one baht, in trade worth 212 million baht.


About 40 percent of HCM Stock Exchange stock gained points this morning, pushing the VN-Index up 0.8 percent to close at 481.29 points.

Trading volume was 1 million shares lower than yesterday, with a total of 18 million shares transferred, valued at VND366 billion (US$17.4 million).

Food producer Masan Group, one of 10 largest capitalised share traders, hit a 5 percent increase of VND123,000.

Among the 10 large-cap share traders, only Sacombank (STB) shares ended on 1.6 per cent low while two other codes, including Eximbank (EIB) and software company FPT (FPT), remained unchanged.

Other blue chip companies gained between 0.3-2.3 percent. Saigon Securities Inc (SSI) saw the highest trade of 0.8 million shares, less than half of its transactions yesterday.

In Hanoi, the HNX-Index dropped 0.4 percent after a sharp rally to finish at 82.94 points yesterday.

Losers outnumbered winners by 146-108.

Around 25 million shares, valued at VND347 billion ($16.5 million), changed hands - 82 per- cent of yesterday's volume and 89 percent of yesterday's value.

Although VNDirect Securities Corp (VND) was the most traded code with 2 million shares, it fell by 1.4 percent.


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