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ASEAN STOCK WATCH Asean Affairs   11 October  2011

Asean Stock Watch- October 11



US stocks rose sharply overnight after Germany and France pledged over the weekend to tackle the eurozone debt crisis and support European banks.

The Dow Jones Industrial Average surged 330.06 points, or 2.97 percent to close at 11,433.18. The S&P 500 gained 39.43 points, or 3.41 percent at 1,194.89, while the Nasdaq composite rose 86.70 points, 3.50 percent at 2,566.05


The benchmark stock index rebounded on Monday as investors continued selective buying blue-chip companies.

The Jakarta Composite Index rose 25.40 points, or 0.7 percent, to close at 3,451.08, wiping out Friday’s 0.5 percent loss. Gainers outnumbered decliners, 107 to 80. Foreign investors sold Rp 5 billion ($565,000) more in shares than they purchased.

A very small number of shares — 2.54 billion, worth Rp 2.19 trillion — changed hands at the Indonesia Stock Exchange, down from last week’s daily average volume of 4.17 billion shares. There were 74,062 trades on Monday, compared with last week’s daily average of 126,426.

“There is not much new sentiment in the market, but investors are still doing bargain hunting for stocks that have a relatively cheap valuation,” said Deni Hamzah, an analyst at Corfina Capital in Jakarta.

Deni said the Indonesian equity market has been mirroring movements in global markets. Hong Kong’s Hang Seng Index swung between rises and falls on Monday.

The finance sector rose 2.1 percent, Deni said, with banking valuation relatively lower after the steep dive stocks have taken over the past few weeks.

Bank Mandiri, the nation’s largest lender by asset, climbed 4.2 percent to Rp 6,050. Rival Bank Rakyat Indonesia leapt 4.3 percent to Rp 6,250. Mandiri had lost 20 percent in August and September while Rakyat slipped 15 percent.

Car-related shares revved their engines after an industry group forecast higher sales.

Astra International, the largest automotive distributor, gained 1.4 percent to Rp 64,150. Indomobil Sukses International, the second largest auto distributor, advanced 2.9 percent to Rp 10,500. The “miscellaneous” sector, which includes machinery and automotive companies, rose 1.4 percent.

The Association of Indonesia Automotive Industries reported on Friday that it believed car sales this year would surpass its target of 850,000 units if economic growth was maintained above 5 percent and economic indicators were stable.

The central bank’s monthly policy meeting is today, and economists expect the key interest rate to remain unchanged, fueling economic growth.

The rupiah lost 0.1 percent to trade at 8,955 against the dollar. Indonesia’s 10-year government bond yield improved to 6.56 percent, strengthening from 6.78 percent the day before


The FBM-KLCI closed in the red as plantation stocks dragged down the local bourse. This came after the Malaysian Palm Oil Board released figures showing an increase in crude palm oil stockpiles but a decrease in palm oil exports.

The FBM-KLCI ended 3.01 points lower at 1,397.04 and largely traded along the 1,395 level since mid-day, failing to repeat Friday's pre-Budget 2012 rally that brought it to 1,400.05 points.

Losers trumped gainers 335 to 278 while 267 counters traded unchanged. Total volume stood at 584.91 million shares valued at RM632.69mil.

The plantations counters weighing down the FBM-KLCI include United Plantations which dropped 30 sen to RM16.88, Kuala Lumpur Kepong down 28 sen to RM20.34, Chin Teck Plantations down 20 sen to RM7.90, Sime Darby down 12 sen to RM8.40, and Maxtral Industry which lost 11 sen to 14 sen.

The Plantation Index was the second biggest loser after the Mining Index, dropping 0.70 percent to 7,037.71 points.

Top gainers were Dutch Lady which added 30 sen to RM18.34, AIC Corp up 30 sen to RM1.45, and Tradewinds up 26 sen to RM8.17. Top losers include Perusahaan Sadur Timah Malaysia which dipped 37 sen to RM3.61 followed by United Plantations and Kuala Lumpur Kepong.

The actives were Tejari Technologies, Dutaland, MBF Holdings-Warrants, GPRO Technologies, and MBSB.

On key regional bourses, Hong Kong's Hang Seng Index gained 4.05 points to 17,711.06, Seoul's Kospi Index up 6.67 points to 1,766.44, Australia's S&P ASX 200 up 38.1 points to 4,201, and Singapore's Straits Times Index up 28.84 points to 2,669.14.

Shanghai's Composite Index shed 14.43 points to 2,344.79. Markets in Japan and Taiwan were closed for a holiday.

The ringgit was quoted at 3.12 to the US dollar.


Philippine share prices on Monday extended their rise for the third consecutive session as investors continued to hunt for bargains after the leaders of Europe’s two biggest economies vowed to support the region’s banks.

At the Philippine Stock Exchange, the composite index added 31.32 points, or 0.78 percent to 4,040.58, while the broader all-shares index rose 22.55 points, or 0.79 percent to 2,878.73.

All sub-indices finished in the green, led by the 2.14 percent advance in the mining and oil counter.

Advancers beat decliners, 95 to 34, while 40 stocks were unchanged. A total of 4.19 billion stocks worth P3.41 billion changed hands.

“There’s continued buying given the so-called tapering off of concerns,” said Astro del Castillo, managing director at First Grade Finance Inc.

Despite a downgrade of Spain’s and Italy’s credit ratings, investors chose to focus on Germany and France’s pledge to present a “comprehensive” plan to re-capitalize Europe’s banks and resolve the Greek debt crisis.

“Investors finally have a reality check. They see value in select stocks at current prices,” said del Castillo.

Maria Arlysa Narciso of AB Capital Securities Inc. cited DMCI Holdings, which began to show signs of recovery following a month-long descent. The stock advanced for the third straight session to close up 3.83 percent at P35.25.

The local market is expected to take its cue from news in Europe and the US, del Castillo said.

Most Asian stocks also advanced on Monday, but losses in China’s market, which hit a two-year low, tempered demand on concerns that a possible policy tightening will slow the world’s second biggest economy.

The German-French accord also lifted Asian currencies on Monday.

At the Philippine Dealing System, the peso gained 15 centavos to close at 43.390 against the US dollar from last Friday’s 43.540 finish.

The dollar-peso pair opened at 43.450, with bids ranging from a high of 43.480 to a low of 43.350.

Total trading volumes reached $932.650 million compared with $880.670 million last week.

The exchange rate is expected to trade at the 43.30 to 43.80 range within the week, with the central bank present to smooth volatility.


Singapore shares closed higher on Monday, with the benchmark Straits Times Index at 2668.30, up 1.06 percent, or 28 points.

About 1.1 billion shares exchanged hands.

Gainers beat losers 239 to 171.


Thai composite stocks index (SET) closed on Monday at 923.17,up 14 points, or 1.54 percent amid Bt 19.54 billion turnover.

Blue chip SET-50 index was at 647.80, up 11.73 points, or 1.84 percent.

Top five active (value) stocks: PTT, SCC, KBANK, KTB, BBL.


Shares on the HCM Stock Exchange rallied during this morning's session, with the VN-Index edging up 0.4 percent to close at 419.66 points.

Losers, however, outnumbered gainers by 142-76.

Trading was sluggish, with the value of trades totaling only VND357.7 billion (US$17.3 million) as 22.77 million shares changed hands, declining around 30 per- cent in both value and volume compared to last Friday's close.

Of the 10 largest shares led by capitalisation, food processor Masan Group (MSN) hit the daily limit of 5 per cent. Vietcombank (VCB), insurer Bao Viet Holdings (BVH), Vietinbank (CTG) and real estate developer Vincom (VIC) increased by 0.4-3.2 percent.

Meanwhile, other blue chips tumbled or ended unchanged.

PetroVietnam Construction Investment Co (PXL) saw the highest trading volume on the southern bourse, with more than 1 million shares exchanged, although it bottomed out to VND5,600 per share.

On the Ha Noi Stock Exchange, the HNX-Index retreated by another 1 percent to conclude the session at 70.46 points.

Losers overwhelmed gainers by 193-64.

The day's value of trades only reached 76.8 percent of last Friday's level, totaling VND247.4 billion ($12 million) on a volume of 24.87 million shares.

Kim Long Securities Co (KLS) was the most active code nationwide, with more than 2 million shares changing hands.


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