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ASEAN STOCK WATCH 19 May 2010

Shayne Heffernan
www.livetradingnews.com

Trading volumes were thin in all of the six ASEAN markets and well below the 90-day average. Investors have many concerns now and caution dominates. Poorly managed European debt crisis and the USA about to pass yet more legislation on banks and financial institutions even though they are not capable of enforcing the current regulations, all have investors skittish.

Stocks tumbled after the strengthening of financial regulation from Wall Street to Frankfurt crushed bank shares, adding to worries about the sustainability of the global economic recovery.

The Dow Jones industrial average .DJI was down 114.88 points, or 1.08 percent, to end unofficially at 10,510.95. The Standard & Poor’s 500 Index .SPX was down 16.16 points, or 1.42 percent, to finish unofficially at 1,120.78. The Nasdaq Composite Index .IXIC was down 36.97 points, or 1.57 percent, to close unofficially at 2,317.26.

An sharp reversal on the Dow in Overnight trading will bring huge pressure to markets across the ASEAN region today and there will be bargains to be had in all major markets. Banpu in Thailand and Bumi in Indonesia stand out as good buys, the coal sector is still growing and both these companies will become large players in the international coal markets.

Thailand rallied in the afternoon when some media outlets had reported there were peace talks underway, this was not true and given the continued stalemate that has claimed many lives combined with last nights trading in the USA we are looking for a fall today in Thailand. I am still of the opinion that quality Thai Corporations are great value now, I am focused on exporters for now as it is yet to be seen how much damage will be done to the Thailand economy by the current disaster in the nation.

Thai stocks, which fell more than 0.6 percent in early trade, rebounded on speculative buying on the false prospect of talks to end the violence in Bangkok. Afternoon gains were led by a 2 percent gain in Siam Commercial Bank SCC and a 1 percent rise in PTT Exploration and Production PTTE.

Jakarta, the best performing market in ASEAN so far this year, gained on financial shares with the top lender Bank Mandiri (BMRI.JK) rising 2.8 percent and Bank Central Asia (BBCA) and Bank Rakyat Indonesia (BBRI) adding over 1.8 percent.

Malaysia fell for third session led by 1.3 percent fall in Malaysia’s largest lender Maybank (MBBM).

Manila, stocks fell for a second session due to well timed profit taking and a technical correction as the market had surpassed its resistance level of 3,300.

The country’s biggest firm Philippines Long Distance Telephone Co. (PLDT) (TEL) fell 1.2 percent, while SM Prime Holdings SMPG closed 4.4 percent weaker.

Vietnam .VNI was off for a second day to its lowest since April 1, led by a 3 percent fall in insurer Baoviet BVH and Petrovietnam Finance Corp PVF.HM with foreigners staying away from the market.

Global Markets By Region

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11,813.00
-201.97 (-1.68%)
+21.00%
May 18, 4:00pm
flag
Mexican Bolsa IPC Index
31,580.63
-232.10 (-0.73%)
+31.94%
May 18, 4:00pm
flag
Brazil Bovespa Index
61,016.34
-1849.66 (-2.94%)
+18.56%
May 18, 4:00pm
flag
Argentina Merval Index
2,185.92
-26.95 (-1.22%)
+43.00%
May 18, 4:00pm
flag
Chile IPSA Index
3,855.38
+15.96 (0.42%)
+26.19%
May 18, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
10,242.64
+6.88 (0.07%)
+13.32%
May 18, 4:00pm
flag
ASX All Ordinaries
4,500.00
-0.70 (-0.02%)
+20.92%
May 18, 4:00pm
flag
Seoul Composite
1,651.51
-44.12 (-2.60%)
+19.10%
May 18, 4:00pm
flag
Hong Kong Hang Seng
19,944.94
+229.74 (1.17%)
+17.17%
May 18, 4:00pm
flag
Shanghai
2,594.78
+55.58 (2.19%)
-2.19%
May 18, 4:00pm
flag
Taiwan Weighted
7,598.72
-173.41 (-2.23%)
+15.52%
May 18, 4:00pm
flag
Singapore Straits Times
2,844.35
+10.66 (0.38%)
+30.66%
May 18, 4:00pm
flag
Bombay Sensex Index
16,835.56
-159.04 (-0.94%)
+17.86%
May 18, 4:00pm
flag
Jakarta Composite
2,819.47
-38.92 (-1.36%)
+56.33%
May 18, 4:00pm
flag
Kuala Lumpur Composite
1,330.17
-4.10 (-0.31%)
+31.44%
May 18, 4:00pm
flag
PSE Composite
3,265.07
-24.24 (-0.74%)
+43.24%
May 18, 4:00pm
flag
Sri Lanka All Share
4,242.49
-9.95 (-0.23%)
+108.90%
May 18, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,307.34
+44.84 (0.85%)
+19.36%
May 18, 4:00pm
flag
Paris CAC 40
3,617.32
+73.77 (2.08%)
+11.46%
May 18, 4:00pm
flag
Frankfurt Index
6,155.93
+89.01 (1.47%)
+26.88%
May 18, 4:00pm
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
+0.23%
May 18, 4:00pm
flag
Belgium 20 Index
2,485.24
+46.17 (1.89%)
+21.25%
May 18, 4:00pm
flag
Swiss Market Index
6,470.84
+41.94 (0.65%)
+19.06%
May 18, 4:00pm
flag
OSE Norway All Share
415.13
+2.31 (0.56%)
+25.39%
May 18, 4:00pm
flag
ATX Vienna
2,501.82
+46.95 (1.91%)
+25.47%
May 18, 4:00pm
flag
Amsterdam Total Return General
331.00
+4.43 (1.36%)
+27.72%
May 18, 4:00pm
flag
Madrid General
996.12
+0.00 (0.00%)
+5.01%
May 18, 4:00pm
flag
Stockholm General Index
314.53
+2.93 (0.94%)
+28.98%
May 18, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,053.43
+0.00 (0.00%)
+40.18%
May 18, 3:13am
flag
TEL-TECH INDEX
282.60
+0.00 (0.00%)
+50.30%
May 18, 2:15am
flag
TEL-TECH-15 INDEX
242.94
+0.00 (0.00%)
+41.64%
May 18, 2:15am

 


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