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ASEAN STOCK WATCH Asean Affairs   30  November  2010

ASEAN to Extend gains

Shayne Heffernan

ASEAN Markets are set to rally today after a mid day turn around in the USA. Shares finished well off their lows as the US dollar retraced some of its earlier gains and energy and financial stocks rallied late.

The Dow Jones industrial average fell 39.51 points, or 0.36 per cent, to 11,052.49, according to the latest available figures. The Standard & Poor's 500 Index slipped 1.61 points, or 0.14 per cent, to 1187.79. The Nasdaq Composite Index eased 9.34 points, or 0.37 per cent, to 2525.22.

US stocks dropped 1 per cent on Monday on lingering worries about Europe's ability to harness a credit crisis despite a weekend bailout agreement for Ireland.

The euro fell to more than two-month lows against the US dollar and broke below a key support level, hurting commodity prices and shares in the materials and energy sectors.

Market Chart

Dow Jones 11,052.49 -39.51 (-0.36%)

S&P 500 1,187.76 -1.64 (-0.14%)

Nasdaq 2,525.22 -9.34 (-0.37%)

In Jakarta, the JCI opened the week by falling 11.86 points, or 0.3 percent, to close at 3,630.64.

About 5.7 billion shares worth Rp 4.8 trillion ($530 million) were traded. Decliners outnumbered gainers 147 to 76.

Bumi Resources, the country’s top coal producer, fell 1.7 percent to Rp 2,975. Its subsidiary, Bumi Resources Mineral, expects to raise Rp 2.1 trillion in an initial public offering. The firm is selling 3.3 billion shares at Rp 635 apiece, with an offering period from today through Thursday, according to Bisnis Indonesia.

Holding company Bakrie & Brothers fell 2.5 percent to Rp 78. The company reported losses had widened to Rp 566 billion this year through September, from a Rp 67.6 billion loss in the same period a year earlier.

Wintermar Offshore Marine, which provides shipping services for the petroleum industry in Asia, declined 6.6 percent to Rp 355 in its trading debut on Monday.

The company raised Rp 342 billion selling 900 million new shares at Rp 380 per share in its IPO this month, with proceeds going to repay its debt and fund vessel purchases. Among gainers, state-owned Bank Negara Indonesia advanced 3.2 percent to Rp 4,050. Gatot Suwondo, BNI’s president director, said on Monday that the bank aimed to raise Rp 10.4 trillion in a rights issue on Dec. 10.

The rupiah continued to inch down, dropping to 9,012 against the dollar at the market’s close on investor concerns that recent tensions on the Korean peninsula could affect regional economic growth this quarter.

“There’s still a bit of safe-haven buying in the dollar,” said Charles Han, the Hong Kong-based head of foreign-exchange trading at Newedge Financial.

“Investors are still bullish on Indonesia, especially with the pipeline of IPOs in equities coming up,” he said. “This should ensure investor flows that will continue to support the rupiah.”

In Kuala Lumpur the Bursa Malaysia closed mostly higher recovering from early losses on late bargain hunting. The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index gained 3.90 points to close at 1,495.95.

It had opened 3.26 points lower at 1,488.57. Throughout the day, the key index moved between 1,474.02 and 1,495.95.

The Finance Index increased 18.56 points to 13,623.88 and Industrial Index gained 7.54 points to 2,858.80. The Plantation Index, however, declined 18.96 points to 7,648.27. The FBM Emas Index added 11.27 points to 10,129.46 and the FBM Ace Index rose 7.56 points to 4,276.29.

The FBM 70 Index fell 37.48 points to 10,404.25.

Total volume fell to 1.05 billion shares valued at RM1.93 billion from 1.57 billion shares valued at RM4.91 billion last Friday. Decliners outpaced advancers by 463 to 293 while 274 counters were unchanged.

Of the active counters, Petronas Chemicals gained nine sen to RM5.40, KNM Group rose three sen to 54 sen and Karambunai Corp increased two sen to 19 sen. For the heavyweights, CIMB increased seven sen to RM8.48 and Sime Darby was nine sen higher at RM8.80.

Maybank, however, declined two sen to RM8.68. Volume on the Main Market declined to 926.26 million shares valued at RM1.89 billion from 1.45 billion shares valued at RM4.88 billion last Friday.

Warrant turnover dwindled to 61.96 million units worth RM9.77 million from 65.9 million units worth RM11.17 million previously.Turnover on the ACE market increased to 53.97 million shares valued at RM23.3 million from 50.42 million shares worth RM13.73 million last Friday.

SET index closed at 1,009.00, up 17.29 or 1.74% in trade worth 30.19 billion baht on Monday.

The Stock Exchange of Thailand (SET) composite index on Monday afternoon soared by more than 16 points as investors welcomed the Constitution Court’s verdict dismissing the dissolution case against the prime minister’s Democrat Party.

The judges voted four to two to drop the electoral funding fraud case against the ruling party on grounds that the petition process was unlawful from the start. At 3.02pm, the SET index stood at 1008.30, up 16.68 points or 1.68 per cent. The trade value was 17.64 billion baht.

Pichai Lertsupomgkij, senior director for marketing at Thanachart Securities, said the court’s ruling had helped ease investors’ concerns about political uncertainty. However, the risk factors pressuring the capital market are still the financial crisis in Europe and the conflict between South and North Korea, he added.

Stocks with most active value were as follows:

PTTCH increased to 154.00 baht, up 1.50 baht or 0.98%.

PTT increased to 314.00 baht, up 11.00 baht or 3.63%.

TRUE increased to 6.05 baht, up 0.05 baht or 0.83%.

PTTAR increased to 38.50 baht, up 2.25 baht or 6.21%.

BANPU increased to 772.00 baht, up 8.00 baht or 1.05%.

In Singapore, the STI ended mixed after recovering from early losses.

News of Ireland’s 85 billion euro rescue package helped the ST index to pull back from early losses.However concerns about the escalating tensions on the Korean peninsular continued to dampen buying sentiment.

The ST index edged up 0.13 of a point to end at 3,158.21 on a trading volume of 1,078 million shares.In the broader market, there were 191 advances against 251 declining issues. Among active counters, Sembcorp Marine shares were unchanged at S$4.84, with over 11.9 million shares changing hands. Sabana Shariah Compliant REIT fell 2 cents to S$1.00, its second day of trading, hurt by interest in other newly listed companies and weaker market sentiment.

Neptune Orient Lines rose 2.3 percent to close at S$2.18, the top performer on the 20-share STI after being raised to “Hold” from “Sell” by Citi.

Genting Singapore added 1.5 percent to end the day at S$2.03 on expectations of higher tourist inflows, which would benefit the integrated resorts operator.


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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