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ASEAN STOCK WATCH Asean Affairs   20  October  2010

Wall St Action to Impact ASEAN Market Open

Shayne Heffernan

ASEAN Markets will suffer a sharp decline at open after a series of bad events on Wall St, a surging dollar and a mortgage foreclosure crisis sparked by the Obama Administration, who managed to yet again undermine the rights of private enterprize for the sake of votes.

The Dow Jones industrial average was down 165.14 points, or 1.48 per cent, at 10,978.55, according to the latest available figures. The Standard & Poor's 500 Index was down 18.82 points, or 1.59 per cent, at 1165.89. The Nasdaq Composite Index was down 43.71 points, or 1.76 per cent, at 2436.95.

Singapore ended 0.35% higher on Tuesday as the US dollar gains added a touch of optimism following strong earnings reports in the United States.

Singapore’s Straits Times Index (STI) rose 11.02 points to end at 3,192.29.

Overall volume traded was 1.85 billion shares worth S$2.15 billion. In the broader market, gainers outpaced losers 242 to 228.

Among the gainers, Ebeling Heffernan Strong Buy Genting Singapore climbed 2.38% to S$2.15 while Singapore Airlines advanced 0.13% to S$16.04.

Among the banks, DBS rose 0.27% to S$14.72, UOB jumped 0.96% to S$18.90 but OCBC lost 0.43% to S$9.20.

The Stock Exchange of Thailand (SET) composite index went up 2.38 points or 0.24% to close at 986.41 points at the end of trading session on Tuesday morning. The trade value was 13.08 billion baht.

Inflation and international reserves remain the priorities of the government as it seeks to maintain economic sustainability amid fluctuations in the global financial system and ballooning cross-border capital flows, Finance Minister Korn Chatikavanij said today.

The global financial market has increasingly fluctuated and different parts of the world have felt the impact, he told a sustainable development symposium hosted by Siam Cement Group (SCG) yesterday.

Cross-border capital flows amount to US$11 trillion or 20% of the world's gross domestic product, compared with only $1 trillion or 5% of global GDP in 1990. This has been partly caused by a 350% rise in free trade agreements over the past 20 years to 450 at present.

Finance Minister Korn Chatikavanij said the cabinet has given the green light for governors in flood-hit provinces to draw on unlimited funding to help suffering residents.

"The Finance Ministry will allocate an emergency budget for provincial governors. They can withdraw more than 50 million baht," Mr Korn said.

Nakhon Ratchasima, the province hardest hit by floods, had already asked for 100 million baht. If the province wanted more money the ministry was ready to help, he said.

"Many provinces still want to buy boats to help with the evacuation of trapped residents and the Finance Ministry is ready to listen to the provincial governors' requests," the minister said.

Interior deputy permanent secretary Surapol Pongtadsirikul said the ministry has ordered the Disaster Prevention and Mitigation Department and related agencies to set up a special centre to assist people facing problems from the severe flooding in the Northeast.

A special centre has also been set up in Nakhon Ratchasima province, which has been badly hit by floods.

The ministry has sent rescue units and medical teams into the area to provide assistance, he said. Clean water and other necessities have been given to the flood victims, and mobile toilets and temporary tents have been set up to help them.

Top five most active values were as follows;

GUNKUL closed at 8.60 baht, IPO debut

STA closed at 29.00 baht, up 1.75 baht (6.42%)

PTTAR closed at 29.25 baht, unchanged

BANPU closed at 738.00 baht, up 8.00 baht (1.10%)

PTT closed at 310.00 baht, up 2.00 baht (0.65%)

Stocks on Bursa Malaysia rose 0.54% to close at 1488.65 points on mild bargain hunting, tracking firmer overseas markets.

Winners were GENTING (+28 sen to RM10.38), MAYBANK (+6 sen to RM8.91), SIME (+6 sen to RM8.87), PUBLIC BANK (+6 sen to RM12.64) and IOI (+4 sen to RM5.79).

Losers were AXIATA (-1 sen to RM4.47), TELEKOM (-2 sen to RM3.39), MMC (-3 sen to RM3.02), DIGI (-6 sen to RM24.46) and HONG LEONG BANK (-2 sen to RM9.18).

The Finance Index added 0.47% to 13425.07 points, the Properties Index climbed 0.62% to 962.04 points and the Plantation Index rose 0.49% to 7412.92 points.

The market traded within a range of 5.73 points between an intra-day high of 1488.77 and a low of 1483.04 during the session.


Trading volume increased to 1499.66 mil shares worth RM1819.54 mil as compared to Monday’s 1330.54 mil shares worth RM1610.37 mil.

Market breadth was positive with 438 gainers as compared to 369 losers.

The Philippine Stock Exchange index fell 24.03 points or 0.57% to 4,191.25.

The broader all-share index went down 17.70 points or 0.66% to 2,664.58.

The subindices were mixed. The services, industrial and mining and oil sectors finished significantly lower while the financial, holdings and property sectors posted minimal gains.

Overall, market breadth was negatives as decliners outnumbered advancers, 86 to 44. There were 54 issues unchanged.

A total of 2.34 million shares valued at P4.48 billion were traded.

Metropolitan Bank and Trust Co. was the most actively traded stock by value, jumping 2.2% to P70.

Second most active was Alliance Global Group Inc., which rose 0.4% to P11. The company earlier announced that profits of its unit Emperador Distillers Inc. grew 180% to P1.06 billion in the first 9 months of the year.

Meanwhile, Alliance Global’s property arm, Megaworld Corp., was the third most actively traded. Its shares jumped 5.7% to P2.59.

In Jakarta the JCI rose 25.87 points, or 0.7 percent, to close at 3,592.79, just 26 points below its record closing high set on Thursday.

Volume was heavy, with 11.02 billion shares worth Rp 6.8 trillion ($755.1 million) changing hands. Gainers outnumbered decliners 139 to 77.

Dani Hotron, an analyst at Phillip Securities Indonesia, said technical indicators pointed to further gains for the JCI this week.

Bakrieland Development, the country’s second-biggest property developer by assets, rose 3.3 percent.

President director Hiramsyah Thaib said the company’s sales during the first nine months of the year may have risen as much as 37 percent to Rp 900 billion from Rp 656.4 billion a year earlier, Investor Daily Indonesia reported.

Indosat, Indonesia’s second-largest telephone company, advanced 0.8 percent after it was rated a “buy” by Goldman Sachs, which said the company was “well-positioned” to regain some of its lost market share.

Medco Energi Internasional, the nation’s biggest listed oil company, lost 0.6 percent after jumping 15 percent on Monday on news that state oil and gas company Pertamina would acquire a 27.9 percent stake.

Crude oil for November delivery advanced 2.3 percent to $83.08 a barrel in New York on Monday, the most since Sept. 30.

The contract was at $82.63 a barrel in after-hours trading.

Perusahaan Perkebunan London Sumatra Indonesia, the nation’s second-largest plantation company, gained 1.9 percent.

Rubber in Tokyo gained near to a 27-month high, while futures in Shanghai climbed to a record.

The most active contract on the Tokyo Commodity Exchange added as much as 2.2 percent to 342.5 yen per kilogram ($4,213 a metric ton) before trading at 341.2 yen.

Bank Central Asia, Indonesia’s biggest lender by market value, rose 2.3 percent after falling to a three-week low on Monday.

Meanwhile, the rupiah remained steady, trading at 8,926 per US dollar as of the stock market’s close on Tuesday, compared with 8,928 on Monday.

The currency held near a three-year high, on speculation the central bank planned to curb gains that may hurt exporters.

The rupiah has advanced 5.2 percent this year as global funds bought $2.4 billion more Indonesian shares than they sold to benefit from growth in Southeast Asia’s largest economy.

“The economic performance is still good,” said Rully Nova, a currency analyst at Bank Himpunan Saudara in Jakarta.

“Bank Indonesia is still in the market, so the rupiah doesn’t strengthen quickly.”

Central banks intervene in currency markets by arranging purchases or sales of foreign exchange.


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