ASEAN KEY DESTINATIONS
ASEAN Markets to be Tested Shayne Heffernan
ASEAN Markets to be Tested
A huge amount of pressure will fall on ASEAN markets today as the Dow dropped 1000 points intra day in New York trading Listed Thai companies now trade at just 11.1 times estimated 2010 earnings, compared with 13.5 for Malaysia, 12.5 for Indonesia and 12.1 for the Philippines. Today they are set to become even cheaper and are well worth buying.
SET index closed at 785.25, down 11.61 or 1.46% in trade worth 34.04 billion baht on Thursday. Falls were led by top bank Bangkok Bank BBL fell 2.8 percent, number two Krung Thai Bank KTB \lost 3.1 percent, housing firm Asian Property AP.BK was down 9 percent and Land & Houses LH.BK eased 1.8 percent, partly because it traded ex-dividend.
Indonesia closed lower on Thursday in line with weakening regional exchanges.
The market fell to its lowest level in six weeks on Thursday in continued reaction to the announcement its reformist finance minister was quitting, and Greece’s economic woes rattled other regional markets.
Investors continued to react negatively to Sri Mulyani Indrawati’s decision to quit to join the World Bank in June although some analysts said the impact would be short-lived and the risk to economic policy was manageable.
The market index was closed 35.623 points (1.25 percent) lower to 2,810.616 with transaction volume of 6.069 billion shares valued at 6.197 trillion rupiah (about 671 million U.S. dollars). Losers led gainer 148 to 72 while 78 unchanged.
Singapore’s benchmark Straits Times Index (STI) fell 20.66 points or 0.72 percent to close at 2,839.65 points on Thursday.
Falls were led by banks and blue chips. United Overseas Bank (UOBH) dropped 1.1 percent and top developer CapitaLand (CATL) was 0.8 percent lower.
The overall volume stood at 2.14 billion shares worth 2.25 billion Singapore dollars (about 1.63 billion U.S. dollars).
Losers led gainers by 427 to 126 with another 634 unchanged.
The Philippines fell for a second day to its lowest since March 23, led by a 5 percent fall in Robinsons (RLC) and a 3.2 percent loss in Abolitz Equity (AEV).
Vietnam’s stock market index, VN-Index, closed at 549. 51 points on Thursday, up 1.5 points, or 0.27 percent, against the previous trading day.
A total of 81.31 million shares worth 2.87 trillion Vietnamese dong (VND) (151.21 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange. Prices of 129 stocks went up, 65 dropped while 36 remained unchanged.
HNX-Index, the index of Vietnam’s Hanoi Stock Exchange, went up 4.01 points, or 2.19 percent, to 187.22 points.
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