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ASEAN STOCK WATCH Asean Affairs   4  November  2011

Asean Stock Watch-November 4

In the United States, the Federal Reserve trimmed its economic growth target for 2013 from a range of 3.5 percent to 4.2 percent, to 3 percent to 3.5 percent. Fed chairman Ben Bernanke, however, hinted at a new package of quantitative easing.
The Dow Jones Industrial Average gained 178 points, or 1.5 percent, to close at 11,836.

Local stocks fell on Thursday along with regional markets on a lack of fresh sentiment at home and continuing uncertainty over the Greek financial crisis.

The Jakarta Composite Index lost 57.22 points, or 1.5 percent, to 3,705.81. More than 5.91 billion shares with a total value of Rp 4.91 trillion ($550 million) were traded. Decliners beat gainers 188 to 45. Foreign investors bought Rp 769 billion more than they sold.

“The Indonesian market was affected by a combination of the Greek referendum story, US Federal Reserve comments and whether or not China would contribute to Europe’s rescue fund,” said Abidan Saragih, an analyst at Pacific 2000 Securities.

Greece’s prime minister, George Papandreou, said he would go ahead with a referendum on the European Financial Stability Facility and the country’s membership in the euro despite an ultimatum from EU leaders.

French President Nicolas Sarkozy and German Chancellor Angela Merkel told Papandreou that Greece would not receive any EFSF money until the referendum issue was settled. Adding further uncertainty, Papandreou faces a vote of confidence in the Greek Parliament today.

Meanwhile, China has remained silent on whether it will contribute to the Greek rescue fund. “I think China is likely to inject money into the EFSF. However, the negotiations will be sticky,” Abidan said.

On the local market, several heavyweight companies closed lower. Astra International, the largest auto distributor, lost 2.5 percent to Rp 67,300, while Indomobil Sukses International dipped 0.8 percent to Rp 12,400.

International Nickel Indonesia, the country’s largest nickel miner, fell 4.9 percent to Rp 3,425. Timah, the largest tin producer, lost 3 percent to Rp 1,920. Aneka Tambang, the state-controlled gold producer, declined 2.9 percent to Rp 1,680.

The FBM KLCI closed 8.58 points or 0.58 percent lower on Thursday, tracking regional markets that were broadly lower as renewed concerns on Greece continue to grip jittery investors.

Worries are that Greece is set for a default with Greek Prime Minister George Papandreou saying that that Athens would not receive another cent in EU aid until it decides whether it wants to stay in the euro zone.

All eyes are on the discussions coming out from G20 summit which is set to be dominated by concerns that Greece is on course for default.

Penny stocks were among the top actives today with most active Karambunai shedding 1.5 sen to 19 sen, Tejari perked one sen to 8.5 sen, and Harvest gained 14.5 sen to 64 sen.

Heavyweights, both BAT and GAB gained 20 sen to RM46.20 and RM10.94 respectively, while DiGi added 18 sen to RM32.48.

Regional peers were mostly down with Taiwan's Taiex Index shedding 1.82% to 7,460.31 while Seoul's Kospi Index dipped 1.48 percent to 1,869.96.

Local stocks prices faltered in thin trade on Thursday as the European bailout package for Greece stood on shaky ground.

The main-share Philippine Stock Exchange index shed 50.16 points or 1.2 percent to finish at 4,210.25 as bearish sentiment swept across Asian markets as European leaders took a tougher stance on Greece, which wants to put the new bailout package to a popular vote.

The leaders of France and Germany threatened to hold back any further lifeliner for Greece until the debt-strapped state decides it wants to stay in the euro zone.

At the local market, all counters were in the red but the worst hit were the mining/oil, holding firm, property and services counters which dropped by 2.4 percent, 1.2 percent, 1.68 percent and 1.3 percent, respectively.

Turnover was thin at P3.89 billion, reflecting the cautious market sentiment.

There were only 48 advancers against 79 decliners while 32 stocks were unchanged.

Among the stocks that traded in the red were PLDT, URC, AGI, Lepanto A, ICTSI, Megaworld, DMCI, Metro Pacific Investments, BDO, Metrobank, BPI, Ayala Corp., Security Bank, Manila Mining A, Zeus Holdings and San Miguel Corp.

SM Investments, Puregold and Manila Water bucked the day’s downturn.

Although the Dow Jones Industrial Index rebounded by 178.08 points or 1.53 percent to 11,836.04, investors focused more on latest EU developments which were not factored in by Wall Street.

Singapore's Straits Times Index lost 1.11 percent to 2,803.22.

The Stock Exchange of Thailand main index went down 8.24 points or 0.85 percent to close at 957.56 points at the end of trading session on Thursday Afternoon. The trade value was 21.97 billion baht, with 2.30 billion shares traded.

The SET50 index ended at 676.69 points, down 6.92 points or 1.01 percent, with a total trade value of 17.12 billion baht.

The SET100 index fell 14.09 points or 0.95% to stand at 1,462.84 points, with a total turnover of 19.66 billion baht.

The SETHD index went down 8.27 points or 0.86 percent to stand at 953.71 points, with total trade value of 4.87 billion baht.

The MAI index dropped 2.22 points or 0.91 percent to close at 242.05 points, with total transaction value of 341.98 million baht.

Top five most active values were as follows;
PTTGC     closed at     65.00 baht, down 0.50 baht (0.76 percent)
PTT          closed at   294.00 baht, down 4.00 baht (1.34 percent)
IVL            closed at     33.00 baht, down 0.50 baht (1.49 percent)
KTB          closed at     14.50 baht, down 0.30 baht (2.03 percent)
BANPU      closed at   590.00 baht, down 12.00 baht (1.99 percent)

Shares on the HCM Stock Exchange were mixed on Thursday, but the benchmark VN-Index finally rebounded by 0.16 percent, concluding at 408.44 points.
Decliners outnumbered advancers by 115-98.

Market value reached 93.8 percent of yesterday's level, totaling VND460.5 billion (US$21.9 million) while trading volume decreased by 12.4 percent to 27.7 million shares.

Of the 10 leading shares by capitalisation, three stocks rallied between 0.8-1.5 per cent, including food processor Masan Group (MSN), real estate developer Vincom (VIC) and Vinamilk (VNM). Meanwhile, others retreated or closed unchanged.

Military Bank (MBB) was again the most active code in HCM City with around 1.2 million shares exchanged. However, it lost 0.8 percent to close at VND13,100 per share.

On the Hanoi Stock Exchange, the HNX-Index fell by over 1 percent to reach 66.43 points despite positive opening minutes.

scant trading volume of nearly 27.4 million shares pulled the value of trades down 24.8 percent over yesterday's session to just VND288 billion (US$13.7 million).

With 3.6 million shares changing hands, Kim Long Securities Co (KLS) became the most heavily traded stock nationwide.


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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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