ASEAN KEY DESTINATIONS
ASEAN Markets to Extend Losses Monday Shayne Heffernan
ASEAN Markets to Extend Losses Monday
Thailand hit a one week low and looks to go lower on Monday after markets around the world suffered a strong retracement. Local politics did not seem to add to much pressure to the selling as Thailand is one of the world’s most undervalued stock exchanges.
Foreign investors were sellers of Thai shares worth a combined 7.2 billion baht ($223 million) on Tuesday and Thursday in a trading week shortened by two holidays. Foreign selling continued but at a reduced rate on Friday morning amid the political stalemate. Thailand’s SET index ended 2.1 percent lower, better than most of the world.
Thailand outperformed other regional bourses on the week due to a strong gain on Tuesday when the government’s offer of an early election briefly eased tensions. This hints to a rally of 8% to 12% after the protests are cleared in Bangkok.
Indonesia closed lower on Friday in line with global sell off at the opening of European bourses. Jakarta’s International Nickel Indonesia (INCO) dropped 5.6 percent although the nickel producer posted a fivefold jump in quarterly net profit and now looks like a very strong buy.
The market index was closed 71.283 points (2.53 percent) lower to 2,739.333 with transaction volume of 4.350 billion shares valued at 5.670 trillion rupiah (about 608.4 million U.S. dollars).
The Kuala Lumpur Composite Index (KLCI) defied falling markets and was at 1,332.89 up 1.02 points or 0.08 percent, and the Emas was at 8,938.73 down 4.85 points or 0.05 percent. MISC (MISC) ended up 0.3 percent. It fell earlier after lower-than-expected fiscal 2010 net profit while broker Affin investment bank kept its “reduce” rating on the stock.
Turnover increased to 938.33 million shares valued at 1.81 billion ringgit Malaysia (555.39 million U.S. dollars).
Philippine stocks closed 0.81 percent lower on Friday.
The Philippine Stock Exchange index slipped by 25.77 points to 3,142.06. The all-share index went down by 10.75 points, or 0.54 percent, to 1,966.77.
The trade volume reached 1.46 billion shares worth 4.2 billion pesos (92.69 million U.S. dollars).
Vietnam’s stock market index, VN-Index, closed at 542. 03 points on Friday, down 7.48 points, or 1.36 percent, against the previous trading day.
A total of 112.5 million shares worth 3.84 trillion Vietnamese dong (VND) (202.43 million U.S. dollars) changed hands at the Ho Chi Minh City Stock Exchange.
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