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ASEAN STOCK WATCH Asean Affairs   5 October  2011

Asean Stock Watch- October 5



U.S. stocks rebounded during the final trading hour after a report that EU finance ministers are mulling means to recapitalise banks, while Fed Chairman Ben Bernanke is prepared to help the U.S. economy.

The Dow Jones Industrial Average closed up 153.41 points, or 1.44 percent at 10,808.71. The S&P 500 gained 24.71 points, or 2.25 percent to end at 1,123.94. Most S&P sectors finished higher, propelled by financials and materials.

The Nasdaq composite rose 68.99 points, or 2.95 percent to finish at 2,404.82.


The Jakarta Composite Index plunged for a second straight day on Tuesday as the euro crisis contagion spread to Asian markets.

The JCI fell 79.26 points, or 2.4 percent, to 3.269,45 at Tuesday’s close. Its slide followed Monday’s 5.6 percent drop that wiped out most of its gains from the previous four days.

Decliners outnumbered gainers 205 to 42. Traders sold 4.5 billion shares worth Rp 4.6 trillion ($515.2 million). Foreign investors sold $51.5 million more in Indonesian shares than they bought.

“Today’s selling sentiment was largely influenced by the lingering euro debt crisis. Investors are still skeptical about its debt resolution and feared that Greece may suffer a default,” said Reza Priyambadha, an analyst at local brokerage firm Indosurya Asset Management.

He said news about easing inflation in September, leaving little need for Bank Indonesia to raise its key policy rate and prompting some to speculate about the prospects for a cut, failed to move investors.

Among Tuesday’s biggest decliners was state coal miner Bukit Asam, which fell 8.28 percent to close at Rp 14,400. Another coal miner, Indo Tambangraya, lost 3.35 percent to Rp 34,600. Gudang Garam, Indonesia’s second-largest cigarette maker, fell 2.67 percent to 51,100.

Chandra Asri Petrochemical, a polypropylene producer, rose 7.7 percent to Rp 3,500. It obtained a $465 million loan from several local and foreign banks, Bisnis Indonesia reported, citing an official at the company.

Amid the global uncertainty, the president director of the Indonesia Stock Exchange, Ito Warsito, called on local investors to buy stocks at bargain prices.

“When the index was in the 4,200 range, many were saying our price-to-future-earnings ratio was too expensive. Still, many brokerages still gave a buy recommendation,” he said. “What about now?”

The rupiah weakened 0.4 percent to 8,960 as the market closed on Tuesday, according to central bank data, as global funds dumped their investments in Indonesia, including in bonds.


The FBM KLCI opened higher in Wednesday's early trade, in line with the rebound on Wall Street, spurring investor confidence.

At 9.26am, the local bourse was up 9.85 points or 0.72 percent to 1,371.23, buoyed by gains made by mainly blue chip stocks that included DiGi and British American Tobacco.

As for regional bourses, Tokyo's Nikkei 225 slipped 0.67% to 8,399.48 while Taiwan's Taiex Index rose was down 0.36 percent to 7,022.25.

Seoul's Kospi Index dipped 1.45 percent to 1,681.49 while Singapore's Straits Times Index gained 0.79 percent to 2,551.04.

Nymex crude oil gained US$1.86 to US$77.53 per barrel. Spot gold fell US$2.15 to US$1,621.80 per ounce. The ringgit was quoted at 3.193 to the US dollar.


The peso tumbled on Tuesday to close at its weakest level in eight months while Philippine share prices edged lower amid heightened risk aversion over Europe’s debt problems.

At the Philippine Dealing System, the local unit shed nine centavos to close at 44.080 against the US dollar, the peso’s lowest since February 1 when it finished at 44.215 to the greenback.

The dollar-peso pair opened at 44.150 and moved to a high of 44.230 and a low of 43.940. Total trading volume eased to $1.198 billion from $1.381 billion the previous trading day.

The Bangko Sentral ng Pilipinas said the local unit’s movements were indicative of risk aversion in the face of greater global financial volatility.

“The peso remains broadly competitive as it’s movements and volatility have been within the range of regional currencies,” BSP Governor Amando Tetangco Jr. told reporters.

Deputy Governor Diwa Guinigundo said the Philippines has seen partial reversal of capital flows, resulting in a somewhat weaker peso.

At the Philippine Stock Exchange, the composite index fell 0.93 percent, or 35.91 points to 3,829.92, while the broader all-share index lost 0.67 percent, or 18.53 points 2,763.42.

Decliners led advancers 89 to 55, while 33 stocks were unchanged. A total of 8.49 billion stocks worth P4.86 billion changed hands.

Maria Arlysa Narciso, analyst at AB Capital Securities, said the local market reacted to the drop in the US.

The Dow Jones Industrial Average dipped 2.36 percent, while the Nasdaq fell 3.29 percent.

Narciso said that the best option at this time is to seek stocks that are defensive in nature and whose performance exceeds that of the index.


Singapore shares opened higher on Wednesday, with the benchmark Straits Times Index at 2,552.25 in early trade, up 0.84 percent, or 21.23 points.

Around 86.5 million shares exchanged hands.

Gainers beat losers 135 to 38.


The Stock Exchange of Thailand main index went down 13.86 points or 1.59 percent to close at 855.45 points at the end of trading session on Tuesday. The trade value was 34.37 billion baht, with 4.54 billion shares traded.

The SET50 index ended at 592.57 points, down 9.33 points or 1.55 percent, with a total trade value of 28.49 billion baht.

The SET100 index fell 21.34 points or 1.63 percent to stand at 1,284.81 points, with a total turnover of 31.70 billion baht.

The SETHD index went down 9.62 points or 1.13 percent to stand at 839.23 points, with total trade value of 9.60 billion baht.

The MAI index dropped 3.23 points or 1.41 percent to close at 225.05 points, with total transaction value of 209.04 million baht.

Top five most active values were:

PTT closed at 242.00 baht, down 2.00 baht (0.82 percent)

SCB closed at 96.75 baht, down 6.25 baht (6.07 percent)

KBANK closed at 104.50 baht, down 7.50 baht (6.70 percent)

BBL closed at 127.00 baht, down 3.50 baht (2.68 percent)

KTB closed at 13.30 baht, down 0.80 baht (5.67 percent)


Shares continued to decline on Vietnam's stock exchanges Tuesday, with losers outnumbering gainers.

In the HCM Stock Exchange, the VN-Index lost another 0.93 percent to close the session at 418.18 points. Today's trades continued to be sluggish with just 28.4 million shares worth more than VND485.7 billion (US$23.3 million) changing hands.

Losers outdid gainers by 160-68, with 45 falling around the daily limit of 5 per- cent.

The performance of blue chips was mixed. Steelmaker Hoa Phat Group (HPG) rose slightly by 0.8 percent while property developer Vincom (VIC) dropped by 3.1 per cent and Vietinbank (CTG) closed down 2.4 percent. Others fell by under 1 per- cent or closed unchanged.

Pha Lai Thermal Power Co (PPC) surprised the market when it became the most active stock on the southern bourse today with more than 1.3 million shares exchanged, hitting its ceiling price of VND7,200 by the end of the session.

On the Hanoi Stock Exchange, the HNX-Index gained 0.11 percent to finish today's session at 70.46 points. The market value decreased slightly over yesterday to nearly VND323.4 billion ($15.5 million) on a volume of 32.8 million shares.

VNDSecurities (VND) was the most active stock nationwide today with 2.3 million shares changing hands, closing unchanged at VND11,000 ($0.53).


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