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ASEAN STOCK WATCH Asean Affairs   8  November  2011

Asean Stock Watch-November 8

US stocks surged Monday amid news that Greece’s IMF representative might be chosen prime minister, after a day of Greek worries had sent European markets lower.

US markets spent most of the day in negative territory, only to jump sharply in the last two hours of trade following reports that Greece’s tentative unity government could choose International Monetary Fund representative Panagiotis Roumeliotis to replace George Papandreou.

With the IMF a key player in Greece’s rescue, former finance minister Roumeliotis conceivably would be well-placed to ensure the bailout progresses steadily and to restore market trust both in Greece and the eurozone.

The news helped US stocks rebound from early losses: the Dow Jones Industrial Average closed up 0.71 percent to 12,068.39, while the broader S&P 500 added 0.63 percent to 1,261.12.

“Investors seem unable to take their cues from anywhere” but in Europe, said Karee Venema at Schaeffer’s Investment Research. “Italy has snagged the spotlight from Greece in the ongoing European fiscal fiasco.

The benchmark stock index fell on Monday after rising yields on Italian bonds suggested that investor confidence in the nation was wavering even as leaders of the euro zone tried to alleviate the continent’s debt problems.

The Jakarta Composite Index fell 5.39 points, or 0.1 percent, to close at 3,778.24. There were 86,172 transactions of 2.7 billion shares valued at Rp 2.9 trillion ($325 million) traded on the Indonesia Stock Exchange.

Foreign investors purchased Rp 358 billion more in shares than they sold. Declining shares outnumbered advancers 131 to 70.

Investors have been turning their attention to Italy, on speculation that Prime Minister Silvio Berlusconi will step down so that a new government can be put in place in order to push for economic reforms.

In bond markets, the yield on Italy’s 10-year bonds jumped another 0.33 percentage points on Monday to 6.58 percent, its highest level since the euro was established in 1999 and closer to the 7 percent threshold that forced Ireland and Portugal to accept bailouts, according to the Associated Press.

“The fall of the Indonesian bourse was caused by the rising yield of the Italian 10-year bond,” said Edwin Sebayang head researcher at MNC Securities.

This week could be volatile as Italy becomes the focus of attention amid concerns the nation is being dragged into the mounting euro zone debt crisis, Edwin said.

On the JCI, Astra International, Indonesia’s largest automotive retailer, slipped 0.7 percent to Rp 67,850. Toyota Astra Motor’s vehicle sales will likely fall short of its 2011 target of 330,000 units as flooding in Thailand disrupts supplies, the company’s president director, Johnny Darmawan, said on Monday.

International Nickel Indonesia, the nation’s largest producer of the metal, dropped 1.4 percent to Rp 3,500 after OSK Holdings downgraded the stock to “neutral” from “trading buy.”

The rupiah weakened 0.2 percent to 8,940 against the dollar.

At 10.30am Tuesday, the FBM-KLCI was up 8.43 points to 1,485.94, with 343 gainers, 141 losers and 212 counters unchanged, on volume of 603.94 million shares worth RM359.17mil.

Nymex crude oil was quoted at US$95.51 per barrel at mid-morning, while spot gold was at US$1,792.27 per ounce.

The ringgit was at 3.1283 against the US dollar.

Singapore shares were 0.63 percent lower at 9.37am on Tuesday.

The STI rose 18.04 points to 2,866.28.

Singapore's Straits Times Index was up 11.97 points to 2,860.21, at 10:37 am on Tuesday.

Thai composite stocks index (SET) closed on Monday at 956.02, down 1.29 points, or 0.13 percent on short-term profit-taking and concerns over Bangkok’s floods.

The blue chip SET-50 index was at 673.68, down 1.93 points, or 0.29 percent.

The top five active (value) stocks: PTTGC, PTT, BANPU, BBL, SCB.

Shares retreated on both national exchanges with most blue chips losing ground.

On the HCM Stock Exchange, the VN-Index remained essentially unchanged from last Friday's close, concluding at 410.52 points.

Losers outnumbered gainers by 151-79. The value of trades reached VND568.3 billion (US$27 million), or 86.2 percent of the previous session's level, while the volume of trades fetched 35 million shares.

While blue chips were mixed, the majority tumbled. Property developer Hoang Anh Gia Lai (HAG), Military Bank (MBB) and steelmaker Hoa Phat (HPG) bottomed out. Other major stocks such as insurer Bao Viet (BVH), Vietinbank (CTG), Phu My Fertiliser (DPM), PetroVietnam Finance (PVF) and Vietcombank (VCB) slid.

Meanwhile, food processor Masan (MSN), Vinamilk (VNM), real estate developer Vincom (VIC) and Sacombank (STB) managed to advance by 0.6-3.8 percent.

The HNX-Index on the Hanoi Stock Exchange also dropped 1.44 percent to 65.02 points.

Market value, however, slightly increased over last Friday to VND278.7 billion ($13.2 million) on a volume of 27.5 million shares.

VNDirect Securities Co (VND) was the most active stock nationwide, with nearly 3.5 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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