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ASEAN STOCK WATCH 6 May 2010

ASEAN Markets to Rally in Afternoon Trading

Shayne Heffernan
www.livetradingnews.com

More falls on Wall St will see ASEAN Markets open lower today, but get in quick the markets should reverse in the afternoon session. Solid USA data on the economy will come out this week including a jobs report on Friday that will certainly lift markets for the rest of the week.

Jakarta led the losers in ASEAN stock markets, dropping 3.8 percent, its biggest daily fall since December 2008, on news that its reformist finance minister Sri Mulyani Indrawati will leave office and join the World Bank. came on a daywhen heightened fears about Greece’s debt woes spread to Asia, knocking the MSCI index of Asia ex-Japan stocks down by 1.9 percent.

Indrawati’s move is seen as a big blow to a crackdown on graft and tax evasion, which had helped to improve investor confidence for ASEAN’s biggest economy.

The rupiah traded at 9,107 against the dollar as of the stock market’s close, compared with 9,027 on Thursday, as concern about the creditworthiness of some European nations curbed demand for emerging-market assets.

Indonesian bond yields jumped to three-week highs. By the afternoon, benchmark 10-year bond yields rose 12 basis points to 8.78 percent, its highest since April 20, while 20-year bond yields rose 13 basis points to 9.98 percent.

The Thai market was closed for holiday and will re-open today to very mixed signals, falling world markets and some improvement in the local political situation will play against each other in the says trading session but overall the SET may well surprise people by closing higher.

Other ASEAN markets also weakened, with Singapore falling 1.41 percent, led by DBS Bank (DBSM), which declined 1.5 percent. Plantation firm Golden Agri (GAGR), which has most of its assets in Indonesia, fell 4.3 percent. Singapore’s second largest bank OCBC (OCBC) recovered from early losses after it reported a 24 percent rise in first-quarter net profit, smashing analysts forecasts, but the stock finished flat.

Malaysia lost just over half a percent, led by planter Sime Darby (SIME.KL) which declined 1.5 percent. The Philippines finished 3.5 percent lower and Vietnam inched down 0.2 percent after a holiday.

Global Markets By Region

 Americas
 Price
 Change (%)
 1 Year %
 Last Updated
flag
 Toronto Composite
 11,909.61
 -121.25 (-1.01%)
 +20.66%
 May 05, 3:00pm
flag
 Mexican Bolsa IPC Index
 31,935.93
 -184.72 (-0.58%)
 +38.77%
 May 05, 3:00pm
flag
 Brazil Bovespa Index
 64,579.03
 -290.29 (-0.45%)
 +28.12%
 May 05, 3:00pm
flag
 Argentina Merval Index
 2,299.55
 -24.90 (-1.07%)
 +69.97%
 May 05, 3:00pm
flag
 Chile IPSA Index
 3,829.60
 -19.94 (-0.52%)
 +38.95%
 >May 05, 3:00pm


 Asian Pacific
 Price
 Change (%)
 1 Year %
 Last Updated
flag
 Nikkei 225 Index
 11,057.40
 +132.61 (1.21%)
 +23.17%
 May 05, 3:00pm
flag
 ASX All Ordinaries
 4,692.00
 +0.00 (0.00%)
 +22.00%
 May 05, 3:00pm
flag
 Seoul Composite
 1,718.75
 -2.46 (-0.14%)
 +22.95%
 May 05, 3:00pm
flag
 Hong Kong Hang Seng
 20,327.54
 -435.51 (-2.10%)
 +24.09%
 May 05, 3:00pm
flag
 Shanghai
 2,857.15
 +21.87 (0.77%)
 +11.61%
 May 05, 3:00pm
flag
 Taiwan Weighted
 7,696.90
 -233.87 (-2.95%)
 +21.59%
 May 05, 3:00pm
flag
 Singapore Straits Times
 2,860.31
 -40.87 (-1.41%)
 +40.99%
 May 05, 3:00pm
flag
 Bombay Sensex Index
 17,087.96
 -49.18 (-0.29%)
 +40.82%
 May 05, 3:00pm
flag
 Jakarta Composite
 2,846.24
 -112.78 (-3.81%)
 +59.17%
 May 05, 3:00pm
flag
 Kuala Lumpur Composite
 1,335.65
 -7.24 (-0.54%)
 +32.33%
 May 05, 3:00pm
flag
 PSE Composite
 3,176.85
 -113.83 (-3.46%)
 +48.62%
 May 05, 3:00pm
flag
 Sri Lanka All Share
 4,219.76
 +14.25 (0.34%)
 +129.10%
 May 05, 3:00pm


 Europe
 Price
 Change (%)
 1 Year %
 Last Updated
flag
 FTSE 100 Index
 5,341.93
 -69.18 (-1.28%)
 +25.89%
 May 05, 3:00pm
flag
 Paris CAC 40
 3,636.03
 -53.26 (-1.44%)
 +12.29%
 May 05, 3:00pm
flag
 Frankfurt Index
 5,958.45
 -48.41 (-0.81%)
 +21.54%
 May 05, 3:00pm
flag
 Milan BCI General
 15,743.00
 +0.00 (0.00%)
 +0.72%
 May 04, 5:30pm
flag
 Belgium 20 Index
 2,446.22
 -58.03 (-2.32%)
 +22.71%
 May 05, 3:00pm
flag
 Swiss Market Index
 6,448.49
 -39.93 (-0.62%)
 +21.25%
 May 05, 3:00pm
flag
 OSE Norway All Share
 417.54
 -8.07 (-1.90%)
 +33.20%
 May 05, 3:00pm
flag
 ATX Vienna
 2,478.12
 -80.77 (-3.16%)
 +26.56%
 May 05, 3:00pm
flag
 Amsterdam Total Return General
 330.78
 -5.08 (-1.51%)
 +31.54%
 May 05, 3:00pm
flag
 Madrid General
 1,108.53
 +0.00 (0.00%)
 +18.05%
 May 04, 5:30pm
flag
 Stockholm General Index
 315.78
 -9.25 (-2.85%)
 +29.82%
 May 05, 3:00pm


 Africa/Middle East
 Price
 Change (%)
 1 Year %
 Last Updated
flag
 Israel TA 100 Index
 1,062.29
 -23.12 (-2.13%)
 +41.90%
 May 05, 10:45am
flag
 TEL-TECH INDEX
 289.03
 -13.94 (-4.60%)
 +49.29%
 May 05, 10:45am
flag
 TEL-TECH-15 INDEX
 252.13
 -10.72 (-4.08%)
 +43.00%
 May 05, 10:45am

 


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