ASEAN KEY DESTINATIONS
Asean Stock Watch- September 1
Overnight, Wall Street posted modest gains after minutes from the latest Fed meeting raised expectations that the US central bank will implement another round of quantitative easing to stimulate the world’s biggest economy, offsetting news that consumer confidence fell to its lowest level in two years.
The Dow Jones Industrial Average rose by 20.39 points, or 0.18 percent to 11,559.64.
Indonesia's stock market will be closed for a week for Eid al--Fitr holiday starting on Monday, August 29. Trading will resume on Monday, September 5.
The Bursa Malaysia exchange is closed from Tuesday, August 30 to September 1 for the Hari Raya and Merdeka Day celebrations. The exchange reopens Friday, September 2.
Philippine share prices opened the holiday-shortened week on a high note as investors found comfort from upbeat global sentiments amid the Philippines’ lower-than-expected economic growth in the second quarter.
At the Philippine Stock Exchange, the composite index added 42.94 points, or nearly a percent to 4,348.50, while the broader all-shares index jumped 32.23 points, or 1.07 percent to 3,041.67.
Advancers led decliners, 101 to 42, while 36 stocks were unchanged. A total of 6.49 billion shares worth P4.9 billion changed hands.
“Bargain hunters dominated in today’s session following a shift in Bernanke’s general statement on his plans on US monetary policy,” Freya Natividad, investment analyst at 2TradeAsia.com said, referring to the latest report of the US Federal Reserve chairman.
Natividad said bargain hunters took advantage of the local market’s cheap state following a huge drop in local share prices after the unprecedented US credit rating downgrade early August.
This overshadowed the lower-than-expected growth of the Philippine economy of 3.4 percent in the second quarter, sharply down from the previous year’s 8.9-percent growth and below the government’s own projection of an expansion of between 4.5 and 5.5 percent.
“Many investors booked profits last week so today they want to reposition again,” said Natividad, adding that the market may move sideways tomorrow, barring any developments abroad.
“Our index is just moving sideways, hopefully to retest our highs and continue climbing to new uncharted levels,” said Bonner Dytoc of Absolute Traders and Consulting Services Inc.
Asian currencies were mostly up on Wednesday amid investors’ renewed risk appetite, setting aside fears over flagging consumer confidence in advanced economies.
At the Philippine Dealing System, the peso gained 15 centavos to close at 42.280 against the US dollar compared with 42.430 last Friday.
The dollar-peso pair opened at 42.320 and moved to a high of 42.395 and to a low of 42.265. Total trading volume eased to $511.280 million from $935.76 million last week.
The currency pair is expected to trade at 42.30 to 42.60 this week.
Singapore shares closed higher on Wednesday, with the benchmark Straits Times Index at 2,885.26, up 3.34 percent, or 93.37 points.
About 2.3 billion shares exchanged hands.
Gainers beat losers 513 to 89.
The Stock Exchange of Thailand main index went up 25.08 points or 2.40 percent to close at 1,070.05 points at the end of trading session on Wednesday. The trade value was 30.01 billion baht, with 3.50 billion shares traded.
The SET50 index ended at 747.07 points, up 19.29 points or 2.65 percent, with a total trade value of 22.56 billion baht.
The SET100 index went up 42.00 points or 2.65 percent to stand at 1,627.38 points, with a total turnover of 25.88 billion baht.
The SETHD index went up 25.86 points or 2.56 percent to stand at 1,035.96 points, with total trade value of 8.44 billion baht.
The MAI index went up 3.77 points or 1.29 percent to close at 295.39 points, with total transaction value of 290.31 million baht.
Top five most active values were as follows;
BBL closed at 160.00 baht, up 8.50 baht (5.61 percent)
PTT closed at 329.00 baht, up 7.00 baht (2.17 percent)
KBANK closed at 127.50 baht, up 5.00 baht (4.08 percent )
SCB closed at 119.00 baht, up 4.00 baht (3.48 percent)
PTTEP closed at 175.00 baht, up 2.00 baht (1.16 percent)
The VN-Index on the HCM Stock Exchange edged up 1.3 percent to close Wednesday’s session at 424.71 points, with nearly half of all listed codes posting gains.
Market value jumped 6 per cent compared to yesterday to VND784.3 billion (US$38.1 million) on a volume of 47.7 million shares.
Of the 10 largest shares by capitalisation, food processor Masan Group (MSN) and property developer Vincom (VIC) hit their ceiling prices, closing at VND107,000 and VND118,000 respectively.
Eximbank (EIB) climbed 0.7 per cent, Phu My Fertiliser (DPM) was up 1.2 percent and Vietinbank (CTG) finished up 2.7 per cent, while other blue chips tumbled.
Saigon Securities Inc (SSI), which rose 3.6 percent during the session, was the most active code with 3.3 million shares exchanged.
On the Ha Noi Stock Exchange, the HNX-Index rose by nearly 0.9 percent to finish at 73.19 points. However, decliners outnumbered advancers by 127-119, and the value of trades slid 2.1 per cent from the previous session to VND740.5 billion ($35.9 million). Trading volume also eased slightly to 66 million shares.
VNDirect Securities Co (VND) surpassed Kim Long Securities Co (KLS) to be the most active share nationwide, with nearly 8.8 million shares changing hands compared to 8.66 million for KLS
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