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ASEAN STOCK WATCH Asean Affairs   2  November  2011

Asean Stock Watch- November 2


US stocks dived Tuesday after Greece unexpectedly called a referendum on its latest EU bailout program, sending global markets into a tailspin.

Sentiment also was hit by disappointing manufacturing data for China, the global economy’s growth engine.

The blue-chip Dow Jones Industrial Average lost 297.05 points (2.48 percent) to finish at 11,657.96.

The tech-heavy Nasdaq Composite slid 77.45 points (2.89 percent) to 2,606.96. The S&P 500-stock index, a broader measure of the markets, shed 35.02 points (2.79 percent) to 1,218.28.

“As the door shut on a strong October for the equity markets, US stocks are beginning a new month solidly to the downside amid a flare-up in eurozone debt crisis concerns, fueled by an unexpected call for a referendum by Greece on its austerity measures,” Charles Schwab analysts said in a client note.

Stocks extended Monday’s sharp losses amid rising fears that the eurozone debt crisis plan and a new bailout package for Greece were on the rails.

Bursa Malaysia’s benchmark index closed lower by 1.09 percent to 1475.64 at close on Tuesday.

At Bursa Malaysia, losers overwhelmed gainers by 583 to 198 while 214 other counters were traded unchanged.

There were 1.19 billion shares done with a total turnover of RM1.29 billion.

Among the gainers were Tradewinds (M) Bhd which was up 9 sen to RM8.99 and Lingkaran Trans Kota Holdings Bhd which rose 11 sen to RM3.58.

The losers included Genting Bhd which fell 36 sen to RM10.40, AirAsia Bhd which fell 21 sen to RM3.69 and RHB Capital Bhd which fell 24 sen to RM7.46.

At 5pm today, spot gold fell US$5.35 to US$1,709.35 per ounce while silver slipped 63 cents to US$33.67.

Nymex crude oil in electronic trade dropped US$1.80 to US$91.39 per barrel while Brent crude dropped US$1.61 to US$107.95.

Crude palm oil futures for January 2012 delivery dropped RM18 to RM2,920 per tonne.

The ringgit was quoted at 3.123 to the US dollar and 4.279 to the euro.

The Philippine Stock Exchange index is expected to move within a narrow band when trading resumes after a two-day holiday break.
However, some local counters may see buying interest especially with last week’s resolution of Greece’s sovereign debt crisis that prompted a rally on Wall Street.
According to AB Capital Online, the PSEi would likely trade between its resistance of 4,400 and its support level of 4,250 in the coming days from its close last Friday of 4,333.72.
Last week, the main stock barometer rose 4.01 percent, or a total of 167 points.
“Some blue chips made their significant contribution to the market, particularly the mining heavyweights, telcos and holding [firms],” the online broker said in a note to clients. “But third liners also made up for the slightly slow activity in the main index as they were actively traded during the week. The uncertainty over the outcome of talks in Europe led some investors to shy away from index issues and opt for the more volatile and speculative ones.”

Local gains were also made possible by the decision of the National Telecommunications Commission to approve the acquisition by PLDT of Gokongwei-controlled Digital Telecommunications Philippines Inc., which sent both stocks—as well as that of their rival, Globe Telecom Inc.—higher.

Singapore shares closed lower on Tuesday, with the benchmark Straits Times Index at 2,789.35, down 2.33 percent, or 66.42 points.

About 1.4 billion shares exchanged hands.

Losers beat gainers 280 to 112.

The Stock Exchange of Thailand main index went down 18.16 points or 1.86 percent to close at 956.59 points at the end of trading session on Tuesday Afternoon. The trade value was 22.75 billion baht, with 2.57 billion shares traded.

The SET50 index ended at 676.74 points, down 15.23 points or 2.20%, with a total trade value of 17.99 billion baht.

The SET100 index fell 31.35 points or 2.10 percent to stand at 1,462.17 points, with a total turnover of 20.48 billion baht.

The SETHD index went down 17.03 points or 1.76 percent to stand at 953.16 points, with total trade value of 5.86 billion baht.

The MAI index dropped 1.38 points or 0.57 percent to close at 241.06 points, with total transaction value of 148.33 million baht.

Top five most active values were as follows;

PTTGC     closed at     64.25 baht, down 1.25 baht (1.91 percent)
PTT          closed at   295.00 baht, down 11.00 baht (3.59 percent)
SCC          closed at   312.00 baht, down 3.00 baht (0.95 percent)
SCB          closed at   116.00 baht, down 1.50 baht (1.28 percent)
KTB          closed at     14.50 baht, down 0.70 baht (4.61 percent)

Shares on the Hanoi Stock Exchange failed to sustain yesterday's momentum, with the benchmark HNX-Index closing this morning's session down 2.4 percent at 68.52 points.
Decliners outnumbered advancers by 234-53.

The value of trades dropped 39.8 percent over yesterday's level to just VND396 billion (US$18.85 million), while trading volume reached only 62 percent of yesterday's figure, standing at 37.2 million shares.

VNDirect Securities (VND) surpassed Kim Long Securities (KLS) by 200,000 shares to lead the Ha Noi market in terms of trading volume with 5.4 million shares exchanged.

Meanwhile, the VN-Index on the HCM Stock Exchange lost another 1.66 percent to conclude at 413.82 points, with 191 out of 286 codes losing ground.

Market value, however, reached VND721.6 billion ($34.3 million) on a volume of nearly 44.9 million shares, climbing 24 percent in value and 18.2 per cent in volume over yesterday, as investors sold off shares.

Among the blue chips, insurer Bao Viet Holdings (BVH) – one of the 10 largest capitalised shares – bottomed out, while none of the group were able to make gains. Many other blue chips also tumbled, including steel maker Hoa Phat (HPG), hotel and entertainment service provider Vinpearlland (VPL), Sai Gon Securities Inc (SSI) and Refrigeration Electrical Engineering (REE).

Making its debut today, Military Bank (MBB) failed to satisfy investors' expectations, closing at its reference price of VND13,800. However, it was the most active stock in HCM City with over 2.7 million shares changing hands.


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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


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