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ASEAN STOCK WATCH Asean Affairs   17  November  2010

ASEAN Stocks, Best Value in the World

Shayne Heffernan

Asean Stocks will be pressured again today after a dismal overnight session on Wall St. Today is the day to buy as many as you can. Palm Oil stocks still look like a great buy today as do the regions banking institutions.

We at Ebeling Heffernan are very bullish on the region and have been for some time, now it seems Goldman Sachs have agreed.

Goldman Sachs Group Inc. (NYSE:GS) Chairman and Chief Executive Officer Lloyd Blankfein said growth in emerging markets rather than fundamental changes in business strategies will be Key to future profits.

"The biggest opportunity for us is not necessarily to do more things, but to be Goldman Sachs in more places," Blankfein, 56, said today in New York at a conference sponsored by Bank of America Corp. About 12 percent of the firm's revenue came from emerging markets since Y 2006, Blankfein said.

Olam has cotton operations in countries including the U.S., India, Uzbekistan, Australia, and Brazil, according to its website. These are the top five biggest exporting countries that are forecast to account for about 77 percent of global shipments in the year ended July 31 next year, according to USDA data.

Olam's sales of industrial raw materials including cotton and wood products gained 29 percent to 287,706 tons in the first quarter ended Sept. 30, the company said Nov. 11.

Cotton futures in New York and Zhengzhou surged to records this month on concern that domestic shortages in China may prompt the nation to boost imports. Cotton on ICE Futures U.S. has climbed 66 percent this year. All This makes Olam International a strong long-term buy.

On Wall St

The Dow Jones industrial average lost 178.47 points, or 1.59 per cent, to 11,023.5. The Standard & Poor's 500 Index fell 19.41 points, or 1.62 per cent, to 1178.34. The Nasdaq Composite Index dropped 43.98 points, or 1.75 per cent, to 2469.84.

Commodities prices also fell broadly on worries that China's demand for them could wane.

Treasury prices rose for the first time in three days, sending yields lower as investors sought out relatively safe assets. The yield on the 10-year note edged down to 2.9 percent from 2.95 percent.

European stock markets closed sharply lower, hit by concerns over how Ireland's debt problems can be resolved and the prospect of slower growth in China, a key driver for global momentum.

Yesterday in ASEAN Singapore Fell 0.76 percent on Tuesday, with the benchmark Straits Times Index at 3212.10, down 0.76 percent, or 24.70 points. Ebeling Heffernan Strong Buys on Shares of palm oil stocks Golden Agri-Resources, Wilmar International and Indofood Agri Resources outperformed the broader market on short-covering.

Golden Agri rose as much as 2.8 percent, Indofod Agri 1.5 percent and Wilmar 1.3 percent. At midday, Golden Agri shares were up 1.4 percent at S$0.73 on a volume of 22.5 million shares. Indofood Agri rose 1.5 percent at S$2.73 with 1.3 million shares changing hands, and Wilmar gained 0.5 percent at S$6.37 on a volume of 4.1 million shares.

About 1.5 billion shares exchanged hands. The Stock Exchange of Thailand (SET) composite index on Tuesday lost 28.41 points or 2.76 per cent to close at 1,000.73 points. The market value was 46.14 billion baht, with 5.36 billion shares traded.

Leading retailers will invest heavily during the upcoming festive season to profit from a return of consumer confidence. Shoppers kept a tight grip on their wallets in the first half because of negative factors including political violence and drought. But the mood has lifted lately despite concerns about the impact of heavy flooding and the strong baht. Many local shoppers and foreign tourists feel the strengthening baht means Thailand is no longer a value-for-money destination for luxury products. Central Pattana (CPN) will spend at least 200 million baht on its Celebration Marketing campaign with almost half of the budget for store decoration, said Nattakit Tangpoonsinthana, executive vice-president for marketing.

"We want to give our customers a variety of global shopping experiences in terms of store decoration," he said. CPN will stage as many as 200 marketing activities at all 14 of its shopping complexes between Nov 24 and Jan 16. Top five most active values were as follows:

TRUE closed at 5.80 baht, down by 0.25 baht or 4.13 percent.

PTL closed at 31.50 baht, down by 5.50 baht or 14.86 percent.

PTTCH closed at 158.00 baht, down by 2.50 baht or 1.56 percent.

IVL closed at 47.00 baht, down by 3.00 baht or 6.00 percent.

PTT closed at 321.00 baht, down by 11.00 baht or 3.31 percent.

In Kuala Lumpur the Bursa Malaysia closed 0.13 percent higher at 1503.54 points.

Actively traded stocks include TIMECOM, JOTECH, KBUNAI, TIME, RAMUNIA, KNM, AXIATA, MULPHA, SAAG and SINOTOP. Trading volume increased to 1325.30 mil shares worth RM1735.73 mil as compared to Monday's 1086.85 mil shares worth RM1256.45 mil.

The Winners were TNB ( 25 sen to RM8.77), PPB ( 106 sen to RM19.54), MAXIS ( 6 sen to RM5.35), SIME ( 2 sen to RM8.80) and PETD ( 30 sen to RM11.18).

The Losers were MAYBANK (-6 sen to RM9.10), CIMB (-5 sen to RM8.26), MISC (-8 sen to RM8.60), YTL (-14 sen to RM8.14) and AXIATA (-2 sen to RM4.44).

Market breadth was negative with 203 gainers as compared to 645 losers.

The Finance Index lost 0.52 percent to 13716.62 points, the Properties Index fell 1.45 percent to 984.72 points and the Plantation Index eased 0.39 percent to 7742.42 points. The market traded within a range of 12.66 points between an intra-day high of 1504.42 and a low of 1491.76 during the session.

In Manila the Philippine Stock Exchange index added 62.64 points or 1.54 percent to close at 4,139.32. All indices were up, but the gains were led by the industrial and holding firm sectors, whose indices surged by 2.38 percent and 2.42 percent, respectively.

Value turnover amounted to P5.22 billion. The day's upswing was led by domestic bargain-hunting as foreign investors were still in a net selling position worth P102 million.

In Jakarta Composite Index rose 22.25, or 0.6 percent, to 3,678.72. Ebeling Heffernan Strong Buy Astra Agro Lestari, Indonesia's biggest listed plantation company, climbed 1.8 percent to Rp 25,500 rupiah. Palm-oil futures on the Malaysia Derivatives Exchange in Kuala Lumpur climbed as much as 1 percent to 3,403 ringgit a metric ton, erasing earlier losses.

Delta Dunia Makmur, an Indonesian mining-services company, rose 2.8 percent to Rp 1,120, the most in one week. Bukit Makmur Mandiri Utama, a unit of Delta Dunia, won a three-year, $200 million contract to provide services to PT Arutmin Indonesia, Delta Dunia said in a statement on the stock exchange's Web site late yesterday.

Bumi Serpong Damai, an Indonesian property developer, dropped 4.3 percent to 890 rupiah, the steepest decline in three weeks. The company is seeking Rp 4.98 trillion rupiah ($556 million) in a December rights offer of 6.56 billion shares at Rp 760 apiece, the company said in a statement published in Investor Daily today.

Indonesia's rupiah rose 0.1 percent to 8,955 per dollar.

Shayne Heffernan brings more than 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over US$500m and 1 that reach a peak market cap of US$15billion. He has managed and overseen start-ups in Mining, Shipping, Technology and Financial Services.


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