ASEAN KEY DESTINATIONS
ASEAN Markets to Trade Higher Shayne Heffernan
ASEAN Markets to Trade Higher
All ASEAN markets fell Monday over eurozone worries, in Thailand stocks dived to a one-month low after at least 37 people were killed in violent protests in Bangkok. Today we should see the start of a srtong recovery that will follow on from a turn in Wall St Trading.
On Wall St stocks erased losses, with the Dow Jones Industrial Average reversing a 184-point drop, as the euro’s rebound from a four-year low bolstered optimism that the shared European currency will weather the region’s debt crisis.
The Standard & Poors’ 500 Index rose less than 0.1 percent to 1,136.13 at 3:42 p.m. in New York. The Dow average fell 1.82 points, or less than 0.1 percent, to 10,618.34. The euro gained 0.3 percent to $1.2397 after tumbling as much as 1 percent earlier to $1.2235.
The combination of problems sent the SET index to its lowest point since April 20. The market fell more than 3.1 percent in early trade, but bargain hunters helped recoup some losses as investors priced in the unrest. Sentiment was depressed by external and domestic factors. Based on the political unrest, the index could fall further an appeoachthe previous low of 720 would be a strong buy indicator.
Energy firm PTT (PTT) fell 2.4 percent and Siam Commercial Bank lost 3.6 percent.
Singapore dropped 0.75 percent to a one-week low as Oversea Chinese Banking Corp (OCBC) fell 0.1 percent and the country’s biggest telephone firm Singapore Telecom (STEL) slid 1.7 percent.
Jakarta, the star performer of ASEAN markets so far this year, fell led by mines shares with 5 percent fall in top minor Bumi Resources (BUMI).
Malaysia was 0.4 percent lower with planter IOI Corp. (IOIB) and telecoms firm Axiata Group (AXIA) falling over 1.8 percent.
Manila, which hit a 16-month high the previous session, fell due to a technical correction along with the euro zone debt worries, analysts said. It climbed 6 percent last week amid optimism after the country’s presidential election. Among losers on Monday, Ayala Land (ALI) lost 5.2 percent and Energy Development Corp. (EDC) fell 3.8 percent.
In Hanoi, 3.1 percent fall in Vietcom Bank VIC.HM and 4.7 percent slip in PVFC PVF drove the index 1.8 percent down to its lowest since April 2.
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