ASEAN KEY DESTINATIONS
26 November 2013
The Straits Times Index (STI) ended 7.14 points lower or -0.22% to 3,173.51, taking the year-to-date performance to +0.20%.
The FTSE ST Mid Cap Index gained +0.20% while the FTSE ST Small Cap Index gained +0.96%. The top active stocks were Noble Group (+2.75%), SingTel (unchanged), Hutchison Port Holdings Trust (-1.45%), DBS (+0.29%) and Golden Agri-Resources (+1.74%).
The outperforming sectors today were represented by the FTSE ST Health Care Index (+1.68%). The two biggest stocks of the FTSE ST Health Care Index are Biosensors International Group (+4.32%) and Raffles Medical Group (-1.26%). The underperforming sector was the FTSE ST Industrials Index, which declined -0.73% with Jardine Matheson Holdings’ share price declining -2.00% and Jardine Strategic Holdings’ share price declining -1.18%. The FTSE ST Consumer Goods Index gained +0.44% while the FTSE ST Technology Index gained +0.05%.
The three most active Exchange Traded Funds (ETFs) by value today were the iShares MSCI India (-0.35%), DBXT MSCI Indonesia ETF (-1.42%) and SPDR STI ETF (-0.31%).
The three most active Real Estate Investment Trusts (REITs) by value were Mapletree Greater China Commercial Trust (+2.83%), Ascendas REIT (-1.32%) and Suntec REIT (-0.96%).
The most active index warrants by value today were HSI23600MBeCW131230 (-4.00%), HSI23400MBePW131230 (unchanged) and HSI24000MBeCW140129 (-2.29%).
The most active stock warrants by value today were DBS MB eCW140204 (-1.02%), KepCorp MBeCW140203 (-1.05%) and UOB MB eCW140103 (+2.35%).
Singapore Stock Market
*ST Index 3,173.51 -7.14 3,180.65 +7.8
Volume: 1,723.2M 1,262.8M
Value: $1,016M $698.8M
Gainers/Losers: 232/178 173/215
Daily Market Commentary (Securities)
26 Nov 2013
The FBM KLCI index gained 0.16 points or 0.01% on Tuesday. The Finance Index increased 0.53% to 16596.65 points, the Properties Index up 0.24% to 1282.33 points and the Plantation Index down 0.25% to 8786.37 points. The market traded within a range of 6.53 points between an intra-day high of 1802.78 and a low of 1796.25 during the session.
Actively traded stocks include INGENCO, SUMATEC, DIALOG, PATIMAS, AMEDIA, AT, SUMATEC-WB, EAH, TIGER and MAS. Trading volume increased to 2127.41 mil shares worth RM2678.15 mil as compared to Monday’s 1746.05 mil shares worth RM1882.95 mil.
Leading Movers were PETDAG (+90 sen to RM31.04), RHBCAP (+28 sen to RM7.85), TENAGA (+21 sen to RM9.85), CIMB (+12 sen to RM7.63) and GENTING (+7 sen to RM10.06). Lagging Movers were BAT (-44 sen to RM62.00), PETGAS (-40 sen to RM22.92), GENM (-20 sen to RM4.10), PPB (-12 sen to RM14.48) and IHH (-12 sen to RM4.04). Market breadth was negative with 347 gainers as compared to 467 losers.
The KLCI end marginally higher by 0.16 points at 1798.13, supported by gains in blue chip counters amid the flat overnight performance in US market.
Indonesia raised 500 billion rupiah ($42.6 million) at a sukuk auction on Tuesday, half of an indicative target of 1 trillion rupiah, the debt office at the finance ministry said.
Southeast Asia's biggest economy sold all offered government sharia securities, except the 24-year project-based sukuk.
The country did not receive any winning bids in the previous auction on Nov. 12.
Total bids were 1.9 trillion rupiah with the highest bid-to-cover ratio at 5.12 for 6-month T-bill.
Date As of: 26 November 2013
Description Volume Value Frequency
ETF 99,000 69,663,000 92
Stock 7,490,137,812 8,810,223,517,160 147,145
Warrant 16,828,500 854,450,000 1,126
Total 7,507,065,312 8,811,147,630,160 148,363
Thailand credits underperformed the broad market with its sovereign spreads widening out more than its peers as protesters on Tuesday intensified their campaign to unseat Prime Minister Yingluck Shinawatra's government.
"Every time you think that Thailand is moving along, the government's ability to govern breaks down. We have gone through this many times since 2006," said Matt Hildebrandt, a Singapore-based analyst with JPMorgan.
"While current protests may not mean the end of this government, its policymaking ability may diminish. We may be entering a period of greater policy instability and inconsistency compared to a few weeks ago," he said.
Cash bond spreads moved out by 10-15 basis points with the Bangkok Bank bonds due 2023 10 bps wider at 210/195 bps.
The cost of protecting against sovereign risk also rose and the Thailand 5-year CDS underperformed its peers. The contract was seen at 120/130 bps or 12 bps wider, compared with neighbours Malaysia and Philippines which were 1-2 bps wider in a broadly weaker market.
While the broad consensus is that the Yingluck government will win the no-confidence vote it faces in parliament, the escalating protest and level of unrest kept the sentiment bearish.
Nearly 3,000 flag-waving anti-government protesters massed in front of Thailand's Interior Ministry on Tuesday, intensifying pressure on Yingluck a day after they stormed compounds of two other ministries.
The protesters defied a tough security law imposed across Bangkok late on Monday to control tens of thousands of protesters rallying against Yingluck and her billionaire brother, former prime minister Thaksin Shinawatra.
"The only positive is the Thai King's birthday next week which should calm things down slightly," said a trader in a client note.
BAHT, STOCKS ALSO WEAK
The uncertainty is also driving foreign investors out of the baht, which has lost 2.7 percent this month.
"The baht will weaken further depending on the sustainability and intensity of the protests as they will hurt the still fragile economy," said Saktiandi Supaat, head of FX research for Maybank in Singapore.
Thai stocks have retreated about 6 percent this month. "Political anxiety would continue to weigh on sentiment in the Thai stock market," Phillip Securities in Thailand said in a note to clients.
Domestic markets on Tuesday saw investors fleeing to the safety of government bonds with buying concentrated in the 2017 and the 2019 parts of the curve.
The protests come at what could be a challenging period for the baht with domestic factors and external ones potentially driving investors out of Thailand and pushing the baht lower.
Even before the protests, the baht looked vulnerable to the U.S Federal Reserve winding down its $85 billion a month monetary stimulus measures in the coming months.
The monthly correlation between the baht and 2-year U.S. Treasury yields is at record high, which means the currency already looks ripe for a fall when the Fed eases its stimulus measures.
So foreign portfolio investors who poured into Thailand over the past six months as they avoided more troubled markets such as Indonesia and India now have two reasons to consider leaving: higher U.S. rates and domestic political concerns.
As of 26 November 2013 Unit: M.Baht
Type Buy Sell Net
Institution 8,069.23 4,496.13 3,573.10
Proprietary 5,342.92 3,918.70 1,424.22
Foreign 15,745.57 25,042.47 -9,296.90
Individual 21,014.34 16,714.76 4,299.58
Total Trading Value 50,172.06 M.Baht
Vietnam's benchmark VN Index ended up 0.53 percent at 509.16 points on Tuesday as some blue chips advanced, including stocks of food producer Ma San, the volume of which rose to a four-year high ahead of possible buying demand, an analyst said.
Shares in Ho Chi Minh City-based Ma San Group closed up 2.44 percent, with volume rising to 914,000 shares, the highest since November 2009.
MSN stocks would be picked up by one of the exchange-traded funds during their portfolio restructuring in December, said
analyst Vu Duy Khanh at Navibank Securities.
He said overall volume may increase next week before the exchange-traded fund db x-trackers FTSE Vietnam announces its portfolio restructuring.
The fund's announcement is due on Dec. 6, two analysts said.
Shares of dairy product maker Vinamilk led the gainers, climbing 2.13 percent to close at 144,000 dong ($6.82),
its highest since Aug. 21.
Here is a snapshot of the VN Index at the close
VN Index 509.16
PREV. CLOSE 506.46
% CHANGE 0.53%
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