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ASEAN STOCK WATCH Asean Affairs   19 October  2011

Asean Stock Watch- October 19



The Dow Jones Industrial Average closed up 180.05 points overnight, or 1.58 percent at 11,577.05 on improved sentiment over agreement to strengthen euro zone’s rescue The S&P 500 rallied 24.52 points, or 2.04 percent at 1,225.38. All of the 10 S&P sectors finished in the black, led by banks and energy.

Nasdaq composite gained 42.51 points, or 1.63 percent at 2,657.43.

Jakarta's Composite Index (JCI), which closed down 2.9 percent at 3,622.03, had plunged nearly 4 percent at one stage.

"It's partly due to profit taking and partly from panic selling. For short-term investors, the gain is already high after the rally in the past week," said Jakarta-based Teddy Dwitama, analyst at broker OSK Nusadana.

"Generally, the market view is still bearish. The selling was more from domestic investors while foreign selling is quite neutral," he said.

Jakarta reported a modest $3.8 million in foreign outflows, after inflows on Monday and last week of $18.7 million and $218 million.

Technically, the JCI's recovery off the September 26 low of 3,217 should eventually rise to the August/September peak at the 4,019-4,028 area, with key short-term support for this recovery leg is at 3,579, broker CLSA said in a research note.

The FBM KLCI closed lower on Tuesday, in line with regional markets, as hopes for a quick solution to the Euro-zone debt crisis were doused and signs were clear that China's robust growth was moderating.

At 5pm, the local bourse slipped1.73 percent or 25.41 points to 1,439.94. Regional bourses were lower.

Nymex crude oil lost 64 cents to US$85.74 per barrel. Spot gold fell US$12.23 to US$1658.63 per ounce. The ringgit was quoted at 3.135 to the US dollar.

Philippine share prices snapped out of an eight-day winning streak while the peso tumbled on worries European leaders may fail to come up with a solution to the region’s debt crisis soon.

At the Philippine Stock Exchange, the composite index fell 57.19 points, or 1.36 percent to 4,157.26, while the broader all-shares index lost 40.74 points, or 1.37 percent to 2,9310.17.

All six counters finished in the red led by the 3.47 percent decline in the mining and oil sub-index.

Decliners beat advancers, 108 to 37, while 30 stocks were unchanged. A total of 4.84 billion stocks worth P3.70 billion changed hands.

“Conditions in Europe still partly shook up investors’ sentiments, causing markets and stocks to stumble,” said Maria Arlysa Narciso of AB Capital Securities Inc.

After the Group of 20 leaders endorsed a plan to resolve Europe’s debt crisis, German Finance Minister Wolfgang Schaeuble downplayed the optimism, saying the European Union may not come up with a definitive solution to the debt problems when it holds a summit on October 23.

Overnight, the Dow Jones Industrial Average plunged 246.58 points, or 2.12 percent to 11,397.91. The index is ripe for a pullback following an eight-session rise and the index breaching resistance levels, said Jun Calaycay of Accord Capital Equities Corp.

“Economic numbers suggest the global recovery is going in the right direction, albeit at a pace less than desired. Europe meanwhile, continues to lend encouraging signs, although intermittent reality checks raises caution,” Calaycay said.

“With little else to expect from the domestic front, except for the approach of the [third quarter] earnings season, the market will be taking its cue from the mild, or wild, gyrations in markets overseas,” he added.

At the Philippine Dealing System, the peso shed 17.5 centavos to close at 43.290 to the US dollar from 43.115 the previous day.

The dollar-peso currency pair opened at 43.180 with bids ranging to a high of 43.30 and a low of 43.140. Total trading volume surged to $1.005 billion from $825 million.

The currency exchange is expected to trade at a range of 43.20 to 43.70 within the week.

Singapore shares opened 0.72 percent higher on Wednesday. The STI rose 19.52 points to 2,744.21.

About 110.3 million shares exchanged hands.

Gainers beat losers 145 to 32

The Stock Exchange of Thailand main index went down 18.88 points or 1.94 percent to close at 952.75 points at the end of trading session on Tuesday.

The trade value was 23.12 billion baht, with 3.15 billion shares traded.

The SET50 index ended at 672.47 points, down 13.79 points or 2.01 percent, with a total trade value of 17.58 billion baht.

The SET100 index fell 30.77 points or 2.07 percent to stand at 1,453.94 points, with a total turnover of 21.06 billion baht.

The SETHD index went down 17.83 points or 1.85 percent to stand at 947.84 points, with total trade value of 7.54 billion baht.

The MAI index dropped 3.01 points or 1.22 percent to close at 243.62 points, with total transaction value of 344.07 million baht.

Top five most active values were as follows;

IVL        closed at     34.00 baht, down 1.25 baht (3.55 percent)

PTT      closed at   293.00 baht, down 7.00 baht (2.33 percent)

SCC      closed at   300.00 baht, down 6.00 baht (1.96 percent)

KBANK  closed at   117.00 baht, down 3.50 baht (2.90 percent)

CPF      closed at     29.25 baht, down 0.50 baht (1.68 percent)

Shares on the Hanoi Stock Exchange retreated on Tuesday, with the HNX-Index falling by nearly 1 percent from yesterday's close to 67.81 points.
Only 52 stocks gained while 189 lost ground.

The value of trades reached VND262.6 billion (US$12.68 million), a slight 4.4 percent increase over yesterday. Market volume reached 28.8 million shares.
Kim Long Securities Co (KLS) was the most active code, with around 3.8 million shares changing hands, but it slumped by 3.8 percent to VND9,900 per share.

The VN-Index on the HCM City Stock Exchange saw a steeper 1.6 percent decline, or 6.52 points, to 404.32 points. Losers outnumbered gainers by 176-46.

Trading value fell 16.4 per cent to just under VND370.1 billion ($17.87 million) on a modest volume of 24.4 million shares.

None of the 10 leading shares by market capitalisation managed gains. Only Phu My Fertiliser (DPM) tread water while others tumbled between 0.4-3.2 percent.

Most of these blue chips saw sluggish trading, with only Eximbank (EIB), the most active code in HCM City, registering a high volume of more than 1.5 million shares exchanged.


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