ASEAN KEY DESTINATIONS
Asean Stock Watch- October 24
Key indices in the United States climbed between 1.5 and 2.3 percent on Friday, rallying in expectations of a comprehensive plan to counter the EU sovereign debt crisis.
Indonesian stocks finished flat on Friday.
Yasmin Soulisa, an analyst at Bapindo Bumi Sekuritas, expected Jakarta’s Composite Index to move in a range of 3,500-3,800 next week, compared to 3,620.66 on Friday.
The bright spot was coal miner PT Bumi Resources Tbk, up 4.8 percent due to foreign buying.
Malaysian stocks ended flat on Friday.
The FBM KLCI at mid-morning trade was at 1457.42 points, up 1.29% with 401.57mil shares traded valued at RM281.04mil. 435 counters gained and 75 lost while 168 remained unchanged. Top gainers were British American Tobacco (M) which gained 42 sen to RM44.86; Hong Leong Financial Group Bhd, which rose 30 sen to RM11.58 and Dutch Lady Milk Industries Bhd which climbed 30 sen to RM19.30
The Philippines bourse finished flat on Friday
Stock market executives are set to meet with fiscal authorities today in a last ditch attempt to iron out differences over the interpretation of controversial tax rules that threaten to derail capital market reforms.
Hans Sicat, Philippine Stock Exchange president, told reporters that the discussion will revolve around the Poverty Eradication and Alleviation Certificates or PEACe bonds, and the capital gains tax.
The bourse executives will meet Finance Secretary Cesar Purisima, Bureau of Internal Revenue Commissioner Kim Jacinto-Henares and Securities and Exchange Commission Chairperson Teresita Herbosa.
“[By] interpreting something differently, you get the situation where people will ask how do we interpret any law or any tax law moving forward where there seems to be a whimsical or a flip-flopping of how things are treated,” Sicat said.
Last week, the Supreme Court issued a temporary restraining order on the imposition of a 20 percent final withholding tax on the P35-billion PEACe bonds following a petition by the country’s biggest banks, which hold the 10-year debt papers that matured recently.
The government was expecting to get P4.83 billion in taxes from the maturing bonds.
Singaporean stocks edged up almost 1 percent on Friday as better-than-expected earnings lured buyers to big caps but others in Southeast Asia gave up early gains as fund flows to the region slowed ahead of a European summit on Sunday. The session was led by a 1.9 percent rise in rig builder Keppel Corp. Keppel closed at S$8.95.
Thailand’s SET index rose 1 percent on Friday and was led by a surge in Thailand’s top lender Bangkok Bank PCL.
Bangkok Bank also surprised the market with a better-than-expected 22 percent rise in third-quarter profit, helping reverse a three-day fall caused by concern about fourth-quarter earnings due to flooding. Other banks rose and the sector subindex added 2.7 percent. The exchange is closed on Monday.
Vietnam climbed 1.8 percent on Friday, adding to Thursday’s 0.6 percent rise.
Comment on this Article. Send them to firstname.lastname@example.org
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below