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ASEAN STOCK WATCH 27 May 2010

ASEAN Stocks to Open Lower

Shayne Heffernan
www.livetradingnews.com

Wall St had a sharp downward turn and began trading in the red late Wednesday, despite some improving economic signals offered in the morning and following several sessions that found European sovereign debt concerns prompting a global selloff earlier this week.

This will bring profit taking in ASEAN markets at open but my not hold the markets down all day, certainly the morning and the European open will be a volitile time for regional markets.

In Jakarta stocks surged 7.3 percent on Wednesday, rebounding from three-month lows the day before and leading gains in ASEAN as Bumi Resources (BUMI.JK) jumped after a court ruling.

Asia’s second-best performer this year, posted its biggest one-day surge in 18 months, snapping a five-day losing streak to the lowest since Feb. 12.

Coal miner Bumi Resources (BUMI.JK) jumped 20 percent after a court ruled against a tax investigation into one of its units.

Automotive distributor Astra International (ASII.JK), the biggest firm by market capitalisation, rose 10 percent after it forecast record 2010 car sales.

The Stock Exchange of Thailand (SET) composite index on Wednesday gained 7.65 points or 1.06 per cent to close at 728.94 points. The market value was 21.77 billion baht, with 2.89 billion shares traded.

As workers clear the ashes, some investors are also sifting through the wreckage and see good value in a Thai banking sector where stocks have skidded to five-week lows despite generally rosy forecasts on lending and profit growth.

Bangkok Bank BBL.BK, Siam Commercial Bank SCB.BK and Kasikornbank KBAN.BK, among others, look cheap in comparison with Southeast Asian rivals, they say.

But other investors are worried by political unrest, which has damaged business sentiment and tourism and could lead to an increase in bad debts and a slowdown in loan growth this year.

Lending grew in the early months of the year and most banks are sitting on huge loan-loss reserves, which will cushion any increase in non-performing loans.

In March, before protests in Bangkok turned violent, share prices were getting close to highs seen in 2008 before the global economic crisis and some analysts had expected them to reach their highest since the 1997/98 Asian financial crisis.

After the recent sell-off, valuations look cheap now.

Top five most active values were as follows;

TMB closed at 1.26 baht, down by 0.10 baht or 7.35 per cent.

PTT closed at 237.00 baht, up 4.00 baht or 1.72 per cent.

BANPU closed at 582.00 baht, up 28.00 baht or 5.05 per cent.

PTTCH closed at 89.25 baht, up 0.50 baht or 0.56 per cent.

CPF closed at 17.40 baht, up 0.50 baht or 2.96 per cent.

Singapore shares closed higher on Wednesday, with the benchmark Straits Times Index at 2,696.02 , up 1.71 per cent, or 45.41 points.

About 1.66 billion shares exchanged hands.

Gainers beat losers 377 to 128.

Global Markets By Region

Americas
Price
Change (%)
1 Year %
Last Updated
flag
Toronto Composite
11,518.08
+0.00 (0.00%)
+14.39%
May 26, 4:00pm
flag
Mexican Bolsa IPC Index
30,634.17
-125.31 (-0.41%)
+26.59%
May 26, 4:00pm
flag
Brazil Bovespa Index
59,762.27
+578.27 (0.98%)
+17.61%
May 26, 4:00pm
flag
Argentina Merval Index
2,083.81
+0.00 (0.00%)
+33.37%
May 26, 4:00pm
flag
Chile IPSA Index
3,727.84
-47.02 (-1.25%)
+20.07%
May 26, 4:00pm

Asian Pacific
Price
Change (%)
1 Year %
Last Updated
flag
Nikkei 225 Index
9,522.66
+62.77 (0.66%)
+1.88%
May 26, 4:00pm
flag
ASX All Ordinaries
4,330.40
+44.10 (1.03%)
+15.93%
May 26, 4:00pm
flag
Seoul Composite
1,560.83
-44.10 (-2.75%)
+11.42%
May 26, 4:00pm
flag
Hong Kong Hang Seng
19,196.45
+210.95 (1.11%)
+12.12%
May 26, 4:00pm
flag
Shanghai
2,625.79
-3.78 (-0.14%)
+0.60%
May 26, 4:00pm
flag
Taiwan Weighted
7,086.37
-236.36 (-3.23%)
+5.23%
May 26, 4:00pm
flag
Singapore Straits Times
2,696.02
+45.41 (1.71%)
+18.90%
May 26, 4:00pm
flag
Bombay Sensex Index
16,022.48
-447.07 (-2.71%)
+15.16%
May 26, 4:00pm
flag
Jakarta Composite
2,514.12
-95.49 (-3.66%)
+32.95%
May 26, 4:00pm
flag
Kuala Lumpur Composite
1,248.94
-1.19 (-0.10%)
+18.59%
May 26, 4:00pm
flag
PSE Composite
3,125.15
+22.56 (0.73%)
+33.86%
May 26, 4:00pm
flag
Sri Lanka All Share
4,226.49
-6.43 (-0.15%)
+99.30%
May 26, 4:00pm

Europe
Price
Change (%)
1 Year %
Last Updated
flag
FTSE 100 Index
5,038.08
+97.38 (1.97%)
+15.41%
May 26, 4:00pm
flag
Paris CAC 40
3,408.59
+77.30 (2.32%)
+5.33%
May 26, 4:00pm
flag
Frankfurt Index
5,758.02
+87.98 (1.55%)
+17.07%
May 26, 4:00pm
flag
Milan BCI General
15,743.00
+0.00 (0.00%)
-0.10%
May 26, 4:00pm
flag
Belgium 20 Index
2,386.45
+56.66 (2.43%)
+15.01%
May 26, 4:00pm
flag
Swiss Market Index
6,167.53
+76.03 (1.25%)
+13.24%
May 26, 4:00pm
flag
OSE Norway All Share
396.59
+16.59 (4.37%)
+18.58%
May 26, 4:00pm
flag
ATX Vienna
2,339.28
+45.91 (2.00%)
+13.28%
May 26, 4:00pm
flag
Amsterdam Total Return General
312.00
+6.97 (2.29%)
+19.70%
May 26, 4:00pm
flag
Madrid General
932.60
-29.68 (-3.08%)
-3.67%
May 26, 4:00pm
flag
Stockholm General Index
300.46
+7.80 (2.67%)
+24.35%
May 26, 4:00pm

Africa/Middle East
Price
Change (%)
1 Year %
Last Updated
flag
Israel TA 100 Index
1,029.18
+21.96 (2.18%)
+31.72%
May 26, 11:15am
flag
TEL-TECH INDEX
267.06
+10.73 (4.19%)
+39.42%
May 26, 11:15am
flag
TEL-TECH-15 INDEX
235.57
+9.42 (4.17%)
+36.71%
May 26, 11:15am

 


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