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ASEAN STOCK WATCH Asean Affairs    22  October  2010

ASEAN Markets to Hit New Highs

Shayne Heffernan

Another strong night on Wall St will see more gains in the ASEAN markets today.

The Dow Jones industrial average gained 38.60 points, or 0.35 per cent, to 11,146.57. The Standard & Poor's 500 Index gained 2.09 points, or 0.18 per cent, to 1180.26. The Nasdaq Composite Index gained 2.28 points, or 0.09 per cent, to 2459.67.

Stocks rose nearly 1 per cent earlier but the gains were trimmed by afternoon trade as the US dollar gained ground. The dollar was up 0.4 per cent against major currencies, while the euro fell 0.3 per cent.

My Growth Stocks List for ASEAN is


Singapore: Genting Sembcorp Marine Olam Keppel Corp

Malaysia: Genting Digi CIMB

Indonesia: Timah Bakrie Bumi Aneka Tambang

Philippnes: San Miguel PLDT Ayala

Bursa Malaysia rose 0.29% to close at 1491.02 points on Thursday, lifted by continuous buying interest.

The gains were capped by light profit taking on concerns about a slowdown in China’s growth.


Trading volume declined to 1429.32 mil shares worth RM1847.98 mil as compared to Wednesday’s 1488.83 mil shares worth RM1802.94 mil.

Today’s Winners were CIMB (+9 sen to RM7.98), GENTING (+8 sen to RM10.60), GENM (+5 sen to RM3.56), YTL (+15 sen to RM8.00) and MAYBANK (+2 sen to RM8.92).

Losers were BAT (-68 sen to RM47.32), PUBLIC BANK (-2 sen to RM12.62), MMC (-3 sen to RM2.96), TELEKOM (-1 sen to RM3.37) and MAXIS (-1 sen to RM5.29).

Market breadth was positive with 459 gainers as compared to 301 losers.

The Finance Index added 0.40% to 13444.38 points, the Properties Index climbed 0.78% to 972.67 points and the Plantation Index rose 0.34% to 7419.30 points.

The Stock Exchange of Thailand (SET) composite index on Thursday gained 0.69 point or 0.07 per cent to close at 988.80 points. The market value was 31.69 billion baht, with 3.21 billion shares traded.

Toyota said it will begin assembling its Prius hybrid in late November at its Gateway plant in Thailand, about 70 miles southeast of Bangkok.

Prius will join the Camry and Camry Hybrid, Corolla, Vios, Wish and Yaris in production at Gateway.

Toyota also operates two other assembly plants in Thailand. It builds Hilux pickups in Samrong and Hilux and Fortuner in Ban Pho. The automaker built 435,000 vehicles last year in Thailand.

Prius also is assembled in Japan and China.

Top five most active values were as follows;

BANPU closed at 760.00 baht, up by 14.00 or 1.88 per cent.

PTT closed at 305.00 baht, down by 2.00 or 0.65 per cent.

BJC closed at 20.30 baht, up by 2.20 or 12.15 per cent.

STA closed at 30.25 baht, down by 0.75 or 2.42 per cent.

CPF closed at 23.70 baht, up by 0.40 or 1.72 per cent.

In Singapore the STI ended 0.5% weaker after data showed signs of cooling in China’s economy.

The Straits Times Index (STI) closed 15.62 points lower at 3,163.53. In the broader market, losers outpaced gainers 245 to 233.

Overall volume traded was 2.48 billion shares worth S$2.59 billion.

Investors took profits on morning gains after data showed inflation in China jumped to its fastest rate in almost two years but growth had eased.

China’s National Bureau of Statistics said the closely watched consumer price index, a key measure of inflation, rose 3.6 percent year-on-year in September. The jump was the fastest since October 2008.

China’s gross domestic product expanded 9.6 percent year-on-year in the third quarter, a decline from 10.3 percent growth in the second quarter and 11.9 percent in the first three months.

On the Singapore Exchange, stocks with significant China exposure were weaker, with CapitaLand down 1.2% at S$3.98 and Golden Agri-Resources 2.2% lower at S$0.655.

Defying the broader bearish mood, Mapletree Industrial Trust soared on its debut on the Singapore Exchange. Units of Mapletree Industrial, which owns factories and other industrial properties in Singapore, opened at $1.15 a unit against an IPO price of $0.93. It rose as high as $1.20 a unit.

Mapletree’s $940 milllion IPO was among a string of successful public offerings of property assets in Asia recently, which also included the $3 billion listing of Singapore wealth fund GIC’s logistics unit GLP.

Mapletree shares were trading at $1.17 with a volume of 197.7 million shares.

Mapletree Industrial said it expects to see a distribution yield of about 7.6 per cent for the 12 months ended March 2011.

The trust is managed by Mapletree Investments, a real estate company owned by Singapore state investor Temasek. Mapletree Investments also manages Mapletree Logistics Trust and Lippo-Mapletree Indonesia Retail Trust.

Part of the proceeds will be used to pay its existing debt and the purchase consideration for Mapletree Singapore Industrial Trust, the firm said.

In Manila, The Philippine Stock Exchange index (PSEi) closed 1.36 percent, or 57.01 points, higher at 4,249.17—a new record high. The all-share index was also up 0.96 percent, or 25.58 points, at 2,689.99.

All sub-indices posted gains, led by the industrial index, which jumped 1.73 percent.

Thursday’s trading was halted at 10:30 a.m., or just an hour after the market opened, due to a bomb threat at the Makati trading floor at the Ayala Tower One building.

The PSE resumed operations at 1 p.m. and closed after an hour. The incident resulted in a half-hour shortening of the day’s trading session.

The benchmark index had closed at a new record high of 4,245.56 points, up 1.28 percent or 53.66 points, before the trading halt.

A trader said Wall Street’s gains the night before—the Dow Jones industrial index climbed 1.18 percent—helped lift local shares despite the lack of substantial leads on the domestic front.

“But expect some profit-taking [today, Friday] because the index is at a record high and because of the long weekend ahead,” the trader said

In Jakarta, The JCI gained 9.06 points, or 0.3 percent, to close at 3,588.01. Volume was robust, with 7.8 billion shares worth Rp 4.6 trillion ($515 million) changing hands. Gainers outnumbered decliners 123 to 83.

Metal producers led the way, with Aneka Tambang, a state-run nickel producer, rising 3.1 percent to Rp 2,500. Timah, the nation’s largest tin producer, increased 3.3 percent to Rp 3,150.

PT Aneka Tambang Tbk is an Indonesia-based diversified mining and metals company. The Company is engaged in the mining of natural deposits, manufacturing, trading, transportation and other related activities. The Company undertakes activities from exploration, excavation, processing to marketing of nickel ore, ferronickel, gold, silver, bauxite and iron sands.

PT Timah Tbk is an Indonesia-based mining company. The Company is primarily engaged in integrated tin mining operations, including the exploration, mining, smelting and marketing of its products to customers overseas. It is also engaged in coal mining and asphalt exploration.

The Company acts as a holding company, which supports the business activities of its subsidiaries. As of December 31, 2009, it had seven subsidiaries: PT Tambang Timah; PT Timah Industri; PT Timah Eksplomin; PT Timah Investasi Mineral; PT Dok & Perkapalan Air Kantung; Indometal London Limited, and PT Tanjung Alam Jaya.

Nickel futures advanced 2 percent to $23,945 a metric ton in London on Wednesday. Tin gained 3.3 percent to $26,750 a ton.

Indonesia saw inflows of $30.5 million on the day, swinging from an outflow of around $150 million over the previous two sessions.

Lippo Karawaci, Indonesia’s biggest property developer, advanced 1.6 percent to Rp 640, the highest close in a week.

Lippo said it planned to sell $100 million in five-year global bonds to refinance debt due in March and to fund expansion.

Mitra Adiperkasa, the retailer that runs local Starbucks cafes, jumped 15 percent to a record Rp 2,875 after Collective Brands signed a “multi-year franchise” agreement with a division of Mitra Adiperkasa to open Payless ShoeSource stores in Indonesia.

Property developer Bumi Serpong Damai fell 2.3 percent to Rp 860 after CIMB-GK Securities downgraded it from “outperform” to “sell” saying the company’s plan to sell stock may dilute the stake of existing shareholders by as much as 43 percent.

Meanwhile, the rupiah gained for the first time this week, nearing a three-year high, on speculation that relatively high yields will draw more funds into the domestic economy and markets.

The rupiah rose 0.1 percent, the most in a week, to 8,930 per dollar as of the stock market’s close.

The currency has advanced 5.2 percent this year as overseas investors pumped $2.2 billion into the nation’s stocks.

Bank Indonesia said on Oct. 5 that it expected gross domestic product to increase 6 percent to 6.3 percent this year, and between 6 percent and 6.5 percent in 2011.

The central bank may buy dollars to limit rupiah gains, according to Joanna Tan, a regional economist at Forecast Singapore.

“The economic fundamentals are still pretty strong for Indonesia,” said Tan. “Bank Indonesia will intervene if the currency trades near the 8,900 level. The currency is consolidating at this level.”

Bank Indonesia plans to offer term deposits with longer maturities of three to nine months, Dyah Nastiti Makhijani, a spokeswoman at the central bank, said on Tuesday, as authorities seek to reduce volatility in the rupiah.


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