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ASEAN STOCK WATCH 26  October  2010

ASEAN Stocks to Trade Higher

Shayne Heffernan

ASEAN Stocks will rally today with a focus on Commodities and Agriculture, Best Buys this week are, Banpu, PTT, Golden Agri-Resources, Olam, Bumi and CPALL.

G20 talks to avoid ongoing currency issues will also lift the mood of regional investors.

Philippines and Thai Exchanges were closed for holidays Monday.

Overnight in the USA

The Dow Jones industrial average gained 75.12 points, or 0.67 per cent, to 11,207.68. The Standard & Poor’s 500 Index climbed 6.92 points, or 0.58 per cent, to 1190.00. The Nasdaq Composite Index rose 21.00 points, or 0.85 per cent, to 2500.39.

In a research report, Goldman Sachs said the Federal Open Market Committee is almost certain to announce renewed monetary easing at its Nov. 2-3 meeting.

Market Summary of ASEAN

In Singapore the STI added 0.3% on Monday, after G20 meetings to avoid a currency war and to balance global trade.

The Straits Times Index (STI) closed 8.51 points higher at 3,182.08 after initially rising to as high as 3,198.74.

Singapore Exchange (SGX) shares fell sharply after it announced an US$8.3 billion offer to buy ASX Ltd, the Sydney-based operator of Australia’s stock exchange.

SGX shares, which resumed trading an hour after the market opened, closed 6.2% lower at S$8.95 after falling to as low as S$8.90.

Among commodities, Golden Agri-Resources added 5.3% to close at S$0.695 on better sales prospects following reports of a lower soybean output in the US.

Wilmar International meanwhile rose 1.1% to S$6.47 and Noble was up 1% to S$1.94. But Olam International closed down 1% at S$3.15.

Other gainers also included Singapore International Airlines, which rose 1.6% to S$16.06, and Genting Singapore which added 1% to close at S$2.24.

Gainers outpaced losers 260 to 216. Overall volume traded was 1.88 billion shares valued at S$2.23 billion.

In Kuala Lumpur the Bursa Malaysia lost ground after an early rally this morning.

By the close the KLCI added 0.05% to 1491.44 points.

The market traded within a range of 4.49 points between an intra-day high of 1495.74 and a low of 1491.25 during the session.

Actively traded stocks include KBUNAI, HWGB, HWGB-WB, PLUS, TA, PMCAP, MALTON, JADI-WA, SIGGAS and DAYA.

The Winners were KLK (+44 sen to RM18.94), PUBLIC BANK (+6 sen to RM12.68), MAYBANK (+3 sen to RM8.93), CIMB (+2 sen to RM8.04) and SIME (+2 sen to RM8.84).

The losers were GENTING (-8 sen to RM10.42), DIGI (-26 sen to RM24.54), GENM (-3 sen to RM3.54), AXIATA (-1 sen to RM4.46) and RHB CAPITAL (-10 sen to RM7.85).

Market breadth was positive with 511 gainers as compared to 268 losers.

The Finance Index added 0.31% to 13498.60 points, the Properties Index climbed 0.32% to 974.43 points and the Plantation Index rose 2.00% to 7554.87 points.

Trading volume declined to 1131.13 mil shares worth RM1470.40 mil as compared to Friday’s 1225.89 mil shares worth RM1596.89 mil.

In Jakarta the JCI added 45.75 points, or 1.3 percent, to close at 3,643.49. About 5.9 billion shares worth Rp 5.1 trillion ($571.6 million) changed hands. Gainers outnumbered decliners 135 to 78.

Meanwhile, the rupiah traded at 8,896 versus the US dollar as of Monday night, its strongest level since June 2007, on optimism that Bank Indonesia will tolerate further appreciation after the G-20 members pledged to avoid weakening their currencies to support growth.

The currency has gained 5.2 percent this year.

Member countries of the G-20, including Indonesia, agreed to refrain from “competitive devaluation” and let markets set foreign-exchange values at a weekend meeting in Seoul.

“The rupiah gained as a result of the G-20 outcome,” said Enrico Tanuwidjaja, an economist at OSK-DMG Group in Singapore.

“That suggests this currency war concern should not be over-emphasized and competitive devaluation will not be desirable.”

On the stock exchange, Astra Agro Lestari, Indonesia’s biggest plantation stock, rose 6.2 percent to Rp 25,800.

It was its highest close since July 2008, as palm oil for January advanced to the highest level in 27 months, rising 2.5 percent to 3,079 ringgit ($996) a metric ton on the Malaysia Derivatives Exchange.

Bakrie Sumatera Plantations rose 2.5 percent.

Thomas Arifin, treasury director of Bank Mandiri, said the company had agreed to take over the Domba Mas Group’s debt owed to Bank Mandiri.

Bank Danamon Indonesia, owned by Singapore Temasek Holdings and Deutsche Bank, advanced 6.4 percent to Rp 6,700, the highest since November 2007.

Danamon was upgraded to “buy” from “neutral” by UBS’s Joshua Tanja, who cited stronger-than-expected loan growth.

Petrosea, an engineering construction and mining services company, rose 3.8 percent to Rp 41,500.

The company said it would provide mining services to Kideco Jaya Agung under a five-year contract worth $200 million.


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