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ASEAN STOCK WATCH Asean Affairs   13 October  2011

Asean Stock Watch- October 13



On Wall Street, investors digested the minutes of the most recent Federal Reserve meeting released Wednesday that showed some members wanted the central bank to resume large-scale asset purchases, or quantitative easing, to boost the weak economy.

The Dow Jones Industrial Average surged jumped 102.55 points, or 0.90 percent overnight to close at 11,518.85.

The S&P 500 rose 11.71 points, or 0.98 percent at 1,207.25. The Nasdaq gained 21.70 points, or 0.84 per cent, to end at 2,604.73.

Most key S&P sectors closed higher, led by financials and industrials stocks, while utilities shares fell.

Meanwhile, gold prices closed at US$1,683.42 an ounce, while crude oil settled at $84.88 a barrel.


Indonesian stocks rallied for a third successive day on Wednesday, reaching their highest close in three weeks.

The Jakarta Composite Index climbed 104.18 points, or 2.9 percent, to close at 3,635.93, its highest since ending trading on Sept. 21 at 3,697.49.

More than 8.56 billion shares worth Rp 5.97 trillion ($668.9 million) changed hands as gainers beat decliners 199 to 40.

Foreign investors on the Indonesia Stock Exchange (IDX) were net buyers of Rp 581 billion in shares, following on from a Rp 591 billion net buy on Tuesday.

“Bullish sentiment in the Indonesian market was triggered by positive sentiment from euro zone markets as solutions are starting to emerge,” said Janson Nasrial, an analyst at AmCapital Indonesia.

He said policy makers in Europe were on the right path by saving the banking sector first.

Euro zone authorities have revealed plans to recapitalize the region’s banks. In addition, a rescue fund for Greece is expected to be approved soon despite some resistance from Slovakia, the only one of the bloc’s 17 countries that has not ratified the plan.

The mining sector led the gains on the IDX, rising 4.5 percent. Bumi Resources, Indonesia’s largest coal producer, climbed 8.6 percent to Rp 2,150. Tambang Batu Bara Bukit Asam, a state-controlled coal miner, gained 7.3 percent to Rp 16,200.

“Coal mining valuations were only about 10 times price-to-equity ratio, which is one of the lowest among all sectors. Meanwhile, the commodity is always needed for energy,” Janson said.

The agribusiness sector rose 4.1 percent. Astra Agro Lestari, the country’s largest listed palm oil producer, climbed 6.5 percent to Rp 18,100. BW Plantation, a mid-sized plantation company, gained 4.1 percent to Rp 1,020. Palm oil futures rose 2.3 percent in Malaysia on Wednesday.

Consumer goods stocks gained 3.9 percent. Unilever Indonesia climbed 2.9 percent to Rp 16,000, while cigarette maker Gudang Garam was up 8.9 percent to Rp 61,000.

The rupiah weakened slightly to 8,945 to the dollar at the close of trading on Wednesday.


The FBM KLCI is up 13 points or 0.91 percent to 1,441.55 just before the Thursday mid-day break, boosted by buying of key blue chips.

Other key Asian markets are also mostly higher, taking their cue from strong overnight markets overseas.

"Our benchmark FBM KLCI would probably stay above its immediate resistance turned support level of 1,415 for now," said Hwang DBS in its morning note.

In Bursa, 584 counters are up, 145 down and 224 are traded unchanged.

Crude palm oil 3-month futures are down RM2 to RM2,862 per tonne.

Nymex crude oil loses 53 cents to US$85.07 per barrel.

The ringgit is quoted at 3.1272 to the US dollar


Philippine share prices on Wednesday reversed early declines on bargain hunting, ignoring disappointing earnings in the US and Slovakia’s rejection of an overhauled bailout fund.

At the Philippine Stock Exchange, the composite index added 10.44 points, or 0.25 percent to 4,119.71, while the broader all-shares index inched up 9.08 points, or 0.31 percent to 2,921.58.

Advancers led decliners, 91 to 54, while 31 stocks were unchanged. A total of 5.34 billion shares worth P3.25 billion changed hands.

The benchmark index retreated nearly 30 points past the first half-hour to an intraday low of 4,079.39, prompting investors to hunt for bargains that pushed the index higher.

“The recovery off the day’s intra-day correction by as much as 30 points lends confidence to the resiliency argument for local equities,” said Jun Calaycay of Accord Capital Equities Corp.

“We have always maintained that the more prudent portfolio should objectively look at the fact, and look at the European story with a balanced view,” Calaycay added.

Overnight, the Dow Jones Industrial Average lost 16.88 points, or 0.1 percent to close at 11,416.3 after Dow component Alcoa Inc.’s earnings trailed analysts’ estimates and after Slovakia rejected the enhanced bailout fund in Europe.

The only nation in the 17-member eurozone that has yet to ratify the enhanced bailout plan, Slovakia’s move temporarily stalls initiatives to address Europe’s debt problem, which has haunted financial markets for months.

Also dampening sentiment was a brewing “trade war” between the US and China after the US Senate passed a controversial yuan bill, forcing Beijing to raise the value of its currency to save American jobs.

Calaycay expects a 60- to 100-point correction to happen and depress current PE values, which has risen above its peers in the region and the historical average.

“Cautious trading and selective purchases of cyclical and defensive issues with an eye for [third quarter] earnings will be our guidance for the balance of the year,” he said.

Resistance is at the 4,150 to 4,170 range with resistance at the 3,950 to 3,970.

At the Philippine Dealing System, the peso strengthened to 43.405 to the US dollar on Wednesday from 43.470 on Tuesday.

Trading volume eased to $1.008 billion from P1.084 billion previously.


Singapore shares opened 0.02 percent lower on Thursday. The STI fell 0.42 points to 2,737.33 in early trade.

About 111.5 million shares exchanged hands.

Gainers beat losers 106 to 64.


Thai stocks opened up 6.16 points at the start of trade Thursday morning. The Stock Exchange of Thailand main index opened at 958.93 points, up 0.65 percent from Wednesday’s close. The trade value was 1.41 billion baht, with 305.12 million shares traded.

The SET50 index opened at 676.20, up 4.71 points or 0.70 percent, with a total trade value of 1.01 billion baht.

The SET100 index rose 10.18 points, or 0.70 percent, to 1,462.66 points, with a total turnover of 1.24 billion baht.

The SETHD index went up 5.34 points, or 0.57 percent, to 946.30 points, with a total turnover value of 352.38 million baht.

The MAI index rose 2.64 points, or 1.07 percent, to stand at 249.11 points, with total transaction value of 94.94 million baht.

Top five most active values were as follows;

PTT stood at 294.00 baht, up 1.00 baht (0.34 percent)

JAS stood at 1.76 baht, down 0.02 baht (1.12 percent)

SCC stood at 296.00 baht, up 3.00 baht (1.02 percent)

KBANK stood at 120.00 baht, up 2.00 baht (1.69 percent)

IRPC stood at 3.76 baht, up 0.04 baht (1.08 percent


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