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ASEAN STOCK WATCH Asean Affairs  23  October  2010

Mixed Monday for ASEAN Markets

Shayne Heffernan

ASEAN Markets have a difficult day on Monday after a mixed day on Wall St Friday.

Entering the last hour of trading, the Dow Jones industrial average slipped 31.04 points, or 0.28 per cent, to 11,115.53. The Standard & Poor's 500 Index rose 0.68 point, or 0.06 per cent, to 1,180.94. The Nasdaq Composite Index added 16.63 points, or 0.68 per cent, to 2,476.30.

In Bangkok The Stock Exchange of Thailand SET index closed at 992.24, up 3.44 or 0.35% in trade worth 29.62 billion baht on Friday. Stocks with most active value were as follows:

BANPU increased to 782.00 baht, up 22.00 baht or 2.89%.

PTTCH increased to 144.00 baht, up 8.50 baht or 6.27%.

BJC increased to 21.60 baht, up 1.30 baht or 6.40%.

PTT decreased to 304.00 baht, down 1.00 baht or 0.33%.

CPALL increased to 42.25 baht, up 2.00 baht or 4.97%.

In Kuala Lumpur the Bursa Malaysia pared early gains and closed almost flat on Friday. The benchmark FBM KLCI fell 0.03% to 1490.64 points as investors booked profits amid cautious sentiment.

The Losers were KLK (-56 sen to RM18.50), GENTING (-10 sen to RM10.50), TNB (-6 sen to RM8.79), SIME (-4 sen to RM8.82) and MAYBANK (-2 sen to RM8.90).

The Winners were AXIATA (+6 sen to RM4.47), CIMB (+4 sen to RM8.02), MISC (+11 sen to RM8.71), DIGI (+20 sen to RM24.80) and MAS (+8 sen to RM2.35). Market breadth was positive with 388 gainers as compared to 370 losers.

The Finance Index added 0.10% to 13457.14 points, the Properties Index eased 0.14% to 971.34 points and the Plantation Index lost 0.17% to 7406.79 points.

The market traded within a range of 6.96 points between an intra-day high of 1496.48 and a low of 1489.52 during the session. Actively traded stocks include KBUNAI, AGLOBAL, TALAM, PLUS, MUIIND, MLAB, TIMECOM, PMCAP, AXIATA and GENM-CL.

Trading volume declined to 1225.89 mil shares worth RM1596.89 mil as compared to Thursday’s 1429.32 mil shares worth RM1847.98 mil.

In Manila, Philippine Stock Exchange index (PSEi) on Friday ended the week at a record high of 4,286.87 points, 37.82 points, or 0.89 percent, up from Thursday’s record closing. The broader all shares index rallied by 1.01 percent, or 27.17 points, to 2,717.26.

All sub-indices were in the green, led by the mining and oil sector, which soared 3.32 percent. Advancers outnumbered decliners, 94 to 41, while 51 issues were unchanged.

“The gains of the stock market continue to mirror investor confidence as affirmed by our ranking among Asian markets. Year to date, our index has gained 1,234.19 points or an increase of 40.43 percent, a clear signal of support to the country and its economy,” PSE president and CEO Val Antonio B. Suarez said in a statement.

Traders said the run to new highs was driven by the expectation that most listed firms are likely to post higher profits for the third quarter of the year.

The country’s first initial public offering (IPO) this year—by Gokongwei-led budget carrier Cebu Pacific—was also something that investors were anticipating.

The airline’s IPO is set to be the second-largest listing by any local firm. It will also be one of the largest IPOs for any budget airline anywhere in the world.

Cebu Pacific is scheduled to go public next week.

In Jakarta, the Composite Index gained 9.74 points, or 0.3 percent, to close at 3,597.75, a decline of 0.1 percent on the week. About 6.2 billion shares worth Rp 5.4 trillion ($600.3 million) changed hands. Losers outnumbered gainers 118 to 97.

Ebeling Heffernan strong buy Aneka Tambang, Indonesia’s second-biggest nickel producer, rose 3 percent to Rp 2,575 after CLSA Asia-Pacific Markets initiated coverage on the stock with an “outperform” rating and a share-price estimate of Rp 2,900.

Astra Agro Lestari, the country’s largest listed plantation company, advanced 0.4 percent.

Astra Agro said it’s average selling price of palm oil in the nine months to Sept. 30 rose 5.4 percent to Rp 6,677 per kilogram.

Bank Danamon Indonesia, owned by Singapore’s Temasek Holdings and Deutsche Bank, gained 4.1 percent to Rp 6,300, its highest close since Oct. 6.

Danamon’s financing unit, Adira Dinamika Multi Finance, said it planned to sell Rp 2 trillion of bonds this month.

Medco Energi Internasional, the nation’s biggest listed oil company, fell 5.5 percent after crude oil futures dropped 2.4 percent to $80.56 a barrel in New York on Thursday.

Timah, Indonesia’s biggest tin producer, lost 3.2 percent to Rp 3,050. Tin futures fell 1.1 percent to $26,450 a metric ton in London on Thursday.

Meanwhile, the rupiah held steady on Friday, but posted its worst week in the past five.

It fell 0.3 percent on the week to trade at 8,936 against the dollar as of the stock market close, as China’s unexpected monetary tightening raised concern regional economic growth would slow, damping demand for exports.

The People’s Bank of China raised its benchmark one-year lending rate for the first time since 2007 to head off asset bubbles.

China is Indonesia’s third-biggest export market, and bought goods and services worth $7 billion from Southeast Asia’s biggest economy in the first seven months of the year.

“The increase in interest rate by China is a signal of slowing economic growth,” said Aris Setiawan, a foreign-exchange trader at Bank Chinatrust Indonesia in Jakarta.

“The central bank is always watching the market as it wants stability in the currency. Bank Indonesia seems comfortable with the current level.”


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