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ASEAN STOCK WATCH Asean Affairs   9  November  2011

Asean Stock Watch-November 9

On Wall Street on Tuesday, the Dow Jones industrial average rose 0.8 percent to close at 12,170.18. The S&P 500 rose 1.2 percent to 1,275.92. The Nasdaq composite rose 1.2 percent to 2,727.49. U.S. stock indexes fell early in the day after Berlusconi narrowly survived a confidence vote. But the market turned higher immediately after news reports said Berlusconi had promised to step down after economic reforms are passed. That is expected to happen next week.

Stocks gained on Tuesday amid optimism that Greece will receive funding to avoid default following a commitment from the new government to maintain austerity measures.

The Jakarta Composite Index (JCI) rose 27.41 points, or 0.7 percent, to close at 3,805.65, recouping Monday’s 0.1 percent decline.

There were 86,232 transactions on the Indonesia Stock Exchange (IDX) on volume of 3.86 billion shares valued at Rp 2.91 trillion ($327 million).

Foreign investors sold Rp 138 billion more in shares than they purchased.

Gainers outnumbered decliners 150 to 55. Markets in Australia, Thailand and Singapore also advanced.

Greece would receive the latest installment of emergency aid from a bailout fund known as the European Financial Stability Facility (EFSF) as long as the country’s two main parties commit to implementing economic reforms agreed to by the country’s previous government.

“The sentiment today still revolved around Europe,” said Mastono Ali, an analyst at CIMB Securities Indonesia. “Greece had formed a coalition government, and they seem to be committed to implementing the EFSF in Greece which somehow gave positive sentiment to the market.”

In Indonesia, coal producer Atlas Resources rose 2.7 percent to Rp 1,540 on its trading debut after raising Rp 975 billion in an initial public offering to fund capital expenditure and acquisition plans.

Krakatau Steel, Indonesia’s biggest steel producer, jumped 7.3 percent to Rp 880, the highest close since Sept. 21. Krakatau expects to obtain a $450 million loan commitment from local and foreign banks this month to help fund the construction of a blast furnace, Investor Daily reported, citing company finance director Sukandar. Investor Daily is a sister publication of the Jakarta Globe.

Borneo Lumbung Energi & Metal, a coking-coal producer, climbed 3.5 percent, the steepest gain since Oct. 27, to Rp 880. Borneo Lumbung plans to buy back 5 percent of its shares to bolster prices, the Kontan newspaper reported.

The rupiah rose 0.1 percent against the dollar to 8,933.

Share prices on Bursa Malaysia sustained the uptrend on Wednesday in line with gains on regional Asian markets and a firmer overnight Wall Street, dealers said.

The dealers also said the improved sentiment on regional markets was driven by the latest news on developments in Italy's debt crisis.

News of Italian Prime Minister Silvio Berlusconi's impending resignation lifted confidence that a new leader will act more effectively to tackle the country's debt woes.

The FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.98 points higher at 1,486.44 after opening 0.75 of a point better at 1,481.21.

The Finance Index gained 7.41 points to 13,265 and the Plantation Index slipped 6.02 points to 7,551.70 but the Industrial Index increased 13 points to 2,719.49.

The FBM Emas Index advanced 46.101 points to 10,135.74, the FBM Mid 70 Index perked 46.15 points to 10,902.86 and the FBM ACE Index advanced 18.61 points to 4,239.39.

Gainers beat losers 441 to 186 with 277 counters unchanged, 565 untraded and 19 others suspended.

Turnover stood at 1.597 billion shares worth RM902.023 million.

Of the actives, Hibiscus Petroleum warrant gained seven sen to 48.5 sen, Tejari Technologies rose half a sen to nine sen, Astral Supreme rose two sen to 20 sen and Emico Holdings increased 22 sen to 42 sen.

Among heavyweights, Maybank rose one sen to RM8.23, CIMB slipped three sen to RM7.29, Sime Darby added eight sen to RM8.88 and Petronas Chemicals Group earned seven sen to RM6.48.

The Philippine markets were mixed on Tuesday as Italy’s deepening debt and political crisis overshadowed progress by Greece.

At the Philippine Dealing System, the peso shed 22.5 centavos to close at 43.145 from 42.920 on Friday last week.

The dollar-peso currency pair opened at 42.950, with bids ranging to a high of 43.150 to a low of 42.950,

Total trading volume eased to $800.080 million from $1.178 billion last Friday.

“The upbeat tone was, however, quickly reversed during the weekend following the developments in the Eurozone. The local holiday [Monday] prevented traders from reacting to the news causing a slight gap-up at the open [42.95] and a followed by a strong upward momentum,” Security Bank said in a commentary.

“Without significant data coming out tonight, the majors will remain focused on the Eurozone developments,” Security Bank added.

The currency pair is expected to trade at a range of 42.90 to 43.10 today.

The Italy situation weighed on the euro in Asian trade with the common currency dipping to $1.3737, compared with $1.3773 late Monday in New York and at 107.20 yen, from 107.52 yen.

The dollar was at 78.04 yen, from 78.03 yen.

“Politics are now keeping markets on edge,” Khoon Goh, strategist at ANZ bank in Wellington said.

“Greece may still be hogging the headlines at present, but we could be moving from a Greek crisis towards an Italian crisis if policymakers do not address the situation soon,” he said.

At the Philippine Stock Exchange, the composite index added 42.95 points, or 1.01 percent to 4,314.67, while the broader all-shares index advanced by 41.52 points, or 1.39 percent to 3,027.15.

Advancers led decliners, 74 to 50, while 46 issues were unchanged. A total of 3.28 billion shares worth P3.38 billion changed hands.

“The local barometers started the week on the green side as investors waited for additional supporting statement from G20 summit,” said Freya Natividad, investment analyst at 2TradeAsia.con.

Overnight, Wall Street closed higher after European Central Bank’s Juergen Stark said the region’s debt crisis will be under control in two years.

Also lending optimism to the market is the news that Greece would receive the latest tranche of financial aid to keep the debt-strapped nation from tumbling into insolvency as long as the country’s political parties commit to implement economic reforms under the bailout deal.

The situation in Europe, however, remains fragile with Italy seemed to be facing the same dilemma as Greece.

“If Italy fails, it may be too much for the markets to bear as Europe appears to be too worn out after the Greece debacle,” AB Capital Securities Inc. said, adding that Italy has 1.9 trillion euros in debt, which amounts to 120 percent of gross domestic product, bigger than that of Greece, Spain, Ireland and Portugal combined.

“In fact, the European Financial Stability Facility has not yet been formally set up as very few institutions seem prepared to offer it the leverage required for the +1 trillion proposed,” AB Capital added.

Stocks in Singapore closed mixed on Tuesday in cautious trading as investors remained concerned over Europe's debt problems.

Dealers noted that Italy's deepening debt and political crisis overshadowed progress by Greece, another stricken eurozone member, towards installing a new government.

The Straits Times Index climbed 0.64 percent or 18.28 points to end at 2,866.52.

Volume was 1.51 billion shares.

In the broader market, losers led gainers 270 to 191.

Noble Group was up 2.2 percent at S$1.60, Golden Agri-Resources rose 1.5 per cent to S$0.67, while Wilmar International ended 1.6 percent higher at S$5.59.

ST Engineering rose 1.1 percent to S$2.88, Sembcorp Marine fell 0.72 per cent to S$4.14, while City Developments gained 1.51 percent to S$10.74.

The Stock Exchange of Thailand main index went up 27.42 points or 2.87 percent to close at 983.44 points at the end of trading session on Tuesday afternoon. The trade value was 24.97 billion baht, with 2.39 billion shares traded.

The SET50 index ended at 695.76 points, up 22.08 points or 3.28 percent, with a total trade value of 19.68 billion baht.

The SET100 index rose 46.39 points or 3.18 percent to stand at 1,504.25 points, with a total turnover of 21.98 billion baht.

The SETHD index went up 27.97 points or 2.93 percent to stand at 983.29 points, with total trade value of 6.31 billion baht.

The MAI index rose 5.67 points or 2.30 percent to close at 252.72 points, with total transaction value of 561.74 million baht.

Top five most active values were as follows;
PTTGC   closed at     67.75 baht, up 4.50 baht (7.11 percent)
PTT        closed at   306.00 baht, up 15.00 baht (5.15 percent)
IVL          closed at     33.75 baht, up 1.75 baht (5.47 percent)
BANPU    closed at   594.00 baht, up 24.00 baht (4.21 percent)
BBL         closed at   147.00 baht, up 0.50 baht (0.34 percent)

Shares continued to slide on the southern bourse Tuesday, but rebounded in the final minutes of trading on the northern bourse.

The HNX-Index on the Hanoi Stock Exchange regained 0.17 percent to finish today at 65.13 after it hit an all-time record low yesterday of 65 points.
Market volume, however, decreased by 11 percent over yesterday, totaling 24.6 million shares worth just VND262.6 billion ($12.5 million).

Despite mounting concerns over the liquidity of small securities firms, brokerage houses were still the most favoured codes in Hanoi, with Kim Long Securities Co (KLS) and VNDirect Securities Co (VND) again being the most active stocks, with 2.78 million KLS shares and 1.8 million VND shares exchanged.

Meanwhile in HCM City, the VN-Index closed off 0.47 percent at 408.60 points, with decliners outnumbering advancers by 121-90.

Today's trading value fell slightly to nearly VND557.7 billion (US$26.6 million), while the volume of trades slumped 15 per cent to just 29.8 million shares.

Blue chips continued to fall while only two of the 10 largest shares by market capitalisation posted gains. They were Phu My Fertiliser (DPM) with a rise of 1.3 percent and PetroVietnam Finance (PVF) up 1.8 percent.

Military Bank (MBB) was the most active code in HCM City, with over 1.1 million shares changing hands, but it finished the day 2.4 percent down at VND12,000 ($0.57).


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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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