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ASEAN STOCK WATCH Asean Affairs  24 May2013 

ASEAN Market Preview


The FTSE Straits Times Index (STI) ended -61.20 points lower or -1.77% lower to 3,393.17, taking the year-to-date performance to +7.14%.

The FTSE ST Mid Cap Index declined -2.89% while the FTSE ST Small Cap Index declined -3.00%.

The top active stocks were ComfortDelgro (-11.70%), DBS (-0.75%), Singtel (-2.22%), GLP (-3.05%), and UOB (-0.69%).

The outperforming sectors today were represented by the FTSE ST Industrials which declined -1.04%. The two biggest stocks of the Industrials Index are Jardine Matheson Holdings (+0.17%) and Jardine Strategic Holdings (-0.67%). The underperforming sector, FTSE ST Real Estate Investment Trusts, declined -4.13% with CapitaMall Trust declining -5.65% and Ascendas REIT declining -3.73%. The FTSE ST Real Estate Index declined -3.17%, the FTSE ST Consumer Services declined -2.90% and the FTSE ST Utilities declined -1.15% .

The three most active Exchange Traded Funds (ETFs) by value today were DBXT MSCI ASIA EX JAPAN ETF 10 (+0.98%), SPDR GOLD SHARES (+0.28%) and LYXOR CHINA H 10 (-3.46%).

The three most active Real Estate Investment Trusts (REITs) by value were Ascendasreit (-3.73%), CapitaMall (-5.65%) and Kep REIT (-3.82%).

The most active index warrants by value today were HSI23000MBePW130627 (+64.22%), HSI22200MBePW130627 (+66.67%) and HSI23200MBeCW130627 (-53.49%).

The most active stock warrants by value today were DBS MB eCW131001 (-8.33%), KepCorp MBeCW131001 (-16.26%), and DBS BP eCW130702 (-15.69%).


Indonesia’s benchmark stock index fell on Thursday, in line with the fall in regional market, as worries over the future of US monetary stimulus and weak Chinese data dented global sentiment.

The Jakarta Composite Index fell 86.59 points, or 1.7 percent, to close at 5,121.40. There was heavy trading, with 7.3 billion shares valued at Rp 9.8 trillion ($999.6 million) changing hands.

Decliners outnumbered gainers, 251 to 52. Foreign investors sold Rp 721 billion more in shares than they bought.

Earlier in the week, US Federal Reserve Chairman Ben Bernanke and his fellow policy makers expressed concern that US federal budget cuts were blunting the recovery, signaling little appetite for reducing record stimulus without what he called “real and sustainable” progress in curbing unemployment.


The Stock Exchange of Thailand main index went down 23.81 points, or 1.46%, to close at 1,607.46 points at the end of trading session this afternoon. The trade value was 78.13 billion baht, with 12.30 billion shares traded.

The SET50 index ended at 1,064.49 points, down 17.20 points, or 1.59%, with a total trade value of 48.16 billion baht.

The SET100 index fell 38.69 points, or 1.60%, to stand at 2,376.15 points, with a total turnover of 61.46 billion baht.

The SETHD index went down 17.37 points, or 1.36%, to stand at 1,258.35 points, with total trade value of 13.32 billion baht.

The MAI index dropped 5.48 points, or 1.12%, to close at 482.20 points, with a total transaction value of 2.26 billion baht.

Top five most active values were as follows;

TRUE stood at 10.50 baht, up 0.40 baht (3.96%)
INTUCH stood at 92.75 baht, down 0.25 baht (0.27%)
JAS stood at 9.55 baht, down 0.25 baht (2.55%)
BAY stood at 35.50 baht, down 0.25 baht (0.70%)
KBANK stood at 214.00 baht, down 6.00 baht (2.73%)


KUB Malaysia Bhd has partnered with Singapore's Hiap Seng Engineering to undertake the multi-billion ringgit Petronas Rapid Tank Project in Pengerang, Johor.

KUB said on Thursday its unit KUB Builders Sdn Bhd and Hiap Seng had inked an MoU to submit a proposal to Petroliam Nasional for the project.

"KUB Builders and Hiap Seng Engineering shall combine their resources and expertise to explore, apply and/or propose to the relevant authorities and to undertake the Petronas Rapid Tank Project," it said.

It said under the JV, both parties would share industry know-how, business networks and professional expertise in pursuing the project. KUB Builders' core activities are property investment and general contractor. Hiap Seng Engineering is one of the major service provider in projects and maintenance services in the oil and gas industry in Singapore.


Business confidence in the Philippines hit an all-time high in the second quarter, as the assignment of an investment grade to the Philippines prompted expectations that economic growth would remain robust and would continue to boost corporate earnings.

The Bangko Sentral ng Pilipinas on Thursday reported that the business confidence index for the second quarter hit +54.9 percent, the highest since the BSP started conducting the Business Expectation Survey (BES) in the fourth quarter of 2006.

The latest index was an improvement from the +41.5 percent recorded in the first quarter of this year and the +44.5 percent posted in the second quarter of last year.

The index is computed as the percentage of respondent firms that said they are optimistic about the economy and their financial standing minus the percentage of those that say otherwise.

Results of the survey also showed that the “next quarter confidence index” remained strong at +4.2 percent. This index indicates the companies’ outlook on the economy and their respective financial performance in the coming quarter.

BSP Director Rosabel Guerrero on Thursday said in a briefing that the improvement in the confidence index of most businesses was due to the increase in demand resulting from election-related spending, rising orders experienced by manufacturing firms, and robust construction activities that continue to boost the real estate sector.

Also, the favorable sentiment of businesses was brought on the investment grade rating the Philippines received from international credit agencies, Guerrero added.

On March 27, Fitch Ratings upgraded the Philippines’ credit by a notch from BB+ to BBB-, the minimum investment grade.

On May 2, Standard & Poor’s made the same move, giving the country its second investment grade.

The ratings firms cited the country’s improving macroeconomic fundamentals, including declining debt burden of the government, moderate inflation, buildup of foreign exchange reserves and robust economic growth.

BSP Deputy Governor Diwa Guinigundo said the favorable result of the latest survey on business sentiment indicated that the Philippine economy is poised to sustain a robust pace of expansion.

“There is a good correlation between the confidence index as well as actual performance of the economy,” Guinigundo said in the same briefing.

The government expects the economy to grow between 6 and 7 percent this year. It is scheduled to announce the growth of the economy in the first quarter on May 30.

The latest survey was conducted by the BSP from April 1 to May 10 and covered 1,554 firms. The response rate stood at 83 percent.

Yesterday in Asia
Tokyo dropped on record volumes in the afternoon as investors panicked in the rush to take profit, with the index suffering its biggest daily percentage fall since the March 2011 earthquake-tsunami and the ensuing nuclear crisis.

Markets had earlier taken their lead from Wall Street, where stocks fell after Federal Reserve chief Ben Bernanke told Congress the Fed could scale back stimulus measures soon if economic conditions improved.

Tokyo closed down 7.32 percent, or 1,143.28 points, at 14,483.98, the heaviest plunge in terms of points since the IT bubble burst in April 2000.

Sydney slumped 1.99 percent, or 106.9 points, to close at 5,062.40. South Korean shares slid 1.24 percent, or 24.64 points, to finish at 1,969.19.

Shanghai ended down 1.16 percent, or 26.73 points, at 2,275.67, and Hong Kong dropped 2.54 percent, or 591.4 points, to finish at 22,669.68.

– Bangkok fell 1.46 percent or 23.81 points to 1,607.46.

Banpu lost 1.85 percent to 318 baht, while Bangkok Bank dropped 1.82 percent to 216 baht.

– Jakarta ended down 1.66 percent, or 86.60 points, at 5,121.40.

Telekomunikasi Indonesia lost 1.21 percent to 12,200 rupiah, while palm oil firm Sinar Mas Agro Resources climbed 2.82 percent to 7,300 rupiah.

– Kuala Lumpur lost 0.61 percent, or 10.82 points, to close at 1,773.06.

Astro Malaysia Holdings fell 3.8 percent to 3.04 ringgit, while UEM Land Holdings shed 3.3 percent to 3.26. IHH Healthcare gained 0.3 percent to 3.95 ringgit.

– Singapore tumbled 1.8 percent, or 61.20 points, to 3,393.17.

DBS Bank dropped 0.75 percent to Sg$17.15 and vehicle distributor Jardine Cycle and Carriage fell 2.5 percent to Sg$46.86.

– Manila closed down 0.96 percent, or 70.69 points, at 7,314.38.

Top-traded SM Investments fell 0.42 percent to 1,198 pesos, while Universal Robina Corp. dropped 3.10 percent to 125 pesos. Metropolitan Bank shed 2.54 percent to 134.50 pesos.

– Taipei shed 1.92 percent, or 161.01 points, to 8,237.83.

Taiwan Semiconductor Manufacturing Co. fell 3.57 percent to Tw$108.0 while leading integrated chip design house MediaTek lost 3.14 percent to Tw$370.0.

– Wellington fell 0.47 percent, or 21.59 points, to 4,588.59.

Telecom Corp. was down 1.04 percent at NZ$2.375, Contact Energy was off 1.2 percent at NZ$5.20 and Fletcher Building was up 0.71 percent at NZ$8.49.

– Mumbai fell 1.93 percent, or 387.91 points, to 19,674.33 points.

State Bank of India fell 7.96 percent to 2,176.2 rupees while Larsen and Toubro slid 6.49 percent to 1,418.65 rupees

Shayne Heffernan Ph.D.

Economist/Hedge Fund Manager/Snr Partner

Knightsbridge Law Co Ltd
Heffernan Group of Companies
Thomson Reuters
Chinese Society of Economists
American Economic Society
Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408 Fax: +65 6329 9699
Email :
New York 347 5th Avenue, Suite 1402-508 NY, NY 10016


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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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