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ASEAN STOCK WATCH 4  November  2010

ASEAN Stocks to Consolidate

Shayne Heffernan

ASEAN Markets may trade flat today after mixed results on Wall St. The market fell on the news of the Fed buying $600B in bonds but recovered late in the day.

The measure will add significant pressure to ASEAN currencies today and for the balance of the year.

The Federal Reserve will buy an additional $US600 billion of Treasuries through June, expanding record stimulus and risking its credibility in a bid to reduce unemployment and avert deflation.

Policy makers, who said new purchases will be about $US75 billion a month, "will adjust the program as needed to best foster maximum employment and price stability," the Fed's Open Market Committee said in a statement in Washington. The central bank kept its pledge to keep interest rates low for an "extended period."

Dow Jones

11,215.13 +26.41 (0.24%)

S&P 500

1,197.96 +4.39 (0.37%)


2,540.27 +6.75 (0.27%)

In Singapore the shares closed 0.61 per cent higher, with the benchmark Straits Times Index at 3224.97, up 0.61 per cent, or 19.69 points.

Ebeling Heffernan Strong Buys, commodity firms Noble Group and Olam International gained over 1.5 percent as investors turned bullish on the commodity sector, driven by expectations they will benefit from traditionally strong year-end demand.

The other Ebeling Heffernan Strong Buy Neptune Orient Lines , the world’s sixth-largest container shipping firm, surged 5 percent on hopes it will benefit from a rise in shipping volume ahead of the year-end holiday season. Read the Research Report.

Around 2 billion shares exchanged hands.

Gainers beat losers 322 to 161.

In Manila the Philippine Stock Exchange index added 40.12 points or 0.92 percent to end at 4,381.86.

Since the start of this year, the PSEi has gained 1,329.18 points or 43.5 percent.

The day’s rally was led by the mining/oil, financial and property counters, which surged 2.1 percent, 2 percent and 1.7 percent, respectively.

Value turnover amounted to P5.76 billion. There were 87 gainers as against 52 decliners and 38 unchanged stocks. There was still minimal net foreign buying worth P85 million.

“The performance of our local equities market continues to mirror strong investor confidence as evidenced by our ranking among Asian markets. The attractive market valuations also help set the tone for more capital-raising activities,” PSE president Val Antonio Suarez said.

Investors snapped up shares of Metrobank, Banco de Oro, EDC, Universal Robina, PLDT, DMCI Holdings, Ayala Land, Robinsons Land, Vista Land, Ayala Corp., SM Investments, Security Bank, SM Prime Holdings, Aboitiz Power and Semirara Mining.

Newly listed Cebu Air Inc. fell on further profit-taking, losing 3.8 percent to P119.80. The airline operator is now trading below its initial public offering price of P125.

In Kuala Lumpur Bursa Malaysia rose 0.07% to close at 1507.60 points, after trading in a narrow range throughout the day.

The Finance Index added 0.03% to 13742.89 points, the Properties Index surged 1.25% to 1000.69 points and the Plantation Index climbed 0.47% to 7651.09 points.

The market traded within a range of 3.05 points between an intra-day high of 1509.65 and a low of 1506.60 during the session.


Trading volume increased to 1325.05 mil shares worth RM1436.50 mil as compared to Tuesday’s 1200.23 mil shares worth RM1609.26 mil.

The Winners were GENTING (+10 sen to RM10.58), TNB (+3 sen to RM8.82), GENM (+2 sen to RM3.49), MAYBANK (+1 sen to RM8.99) and IOI (+1 sen to RM5.84).

The Losers were CIMB (-2 sen to RM8.33), DIGI (-16 sen to RM25.40), TELEKOM (-2 sen to RM3.37), HONG LEONG BANK (-8 sen to RM9.21) and MISC (-2 sen to RM8.69).

Market breadth was positive with 503 gainers as compared to 280 losers.

The Stock Exchange of Thailand (SET) composite index on Wednesday gained 8.62 points or 0.86 per cent to close at 1,014.20 points. The market value was 50.90 billion baht, with 5.00 billion shares traded.

PTT plans to spend about 1 trillion baht ($33.50 billion) on investment from 2011 to 2015, mostly on its petroleum business, Chief Financial Officer Tevin Vongvanich told reporters.

Half of the spending will be for exploration and production overseas including in Indonesia, Australia, Myanmar and Algeria.

Of the total budget, 300 billion baht will be investment for PTT alone. The investments will cover coal, a power plant and floating liquefied natural gas.

Top five most active values were as follows;

PTT closed at 314.00 baht, up 6.00 baht or 1.95 per cent.

SCC closed at 332.00 baht, up 13.00 baht or 4.08 per cent.

PTTAR closed at 33.25 baht, down 0.50 baht or 1.48 per cent.

PTTCH closed at 159.00 baht, up 5.00 baht or 3.25 per cent.

TOP closed at 57.00 baht, up 0.50 baht or 0.88 per cent.

In Jakarta the JCI lost 19.82 points, or 0.6 percent, to close at 3,605.67.

About 5.8 billion shares worth Rp 6.4 trillion ($707 million) changed hands. Decliners outnumbered gainers 126 to 78.

The Fed was expected on Wednesday to announce plans to buy back $500 billion to $1 trillion in US Treasuries to stimulate the economy, which saw weak 2 percent growth last quarter.

The easing would provide a further stream of liquidity to investors, who would most likely continue their trend of seeking big returns in emerging markets.

On the JCI, the finance sector saw mixed results.

State-owned Bank Mandiri fell 0.7 percent to Rp 7,000, while Bank Rakyat Indonesia advanced 0.8 percent to Rp 12,200.

Mining stocks declined, with state nickel producer Aneka Tambang falling 2 percent to Rp 2,500.

Nickel futures rose for a third-straight day, gaining 0.2 percent to $23,520 a ton in after-hours trading in London.

Most other sectors retreated, with Telekomunikasi Indonesia dropping 3 percent to Rp 8,050, and car dealer Astra International off 1.7 percent to Rp 55,600.

There was no significant movement for the rupiah ahead of Bank Indonesia’s interest rate meeting today.

The currency inched up to 8,921 against the dollar as of the market’s close on Wednesday.

October inflation cooled to 5.67 percent, within BI’s 4-6 percent target, easing pressure for a rate hike.

Global funds this year have pumped $2.3 billion into the JCI and $9.4 billion into Indonesia government bonds to help the rupiah rally 5.2 percent.


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