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ASEAN STOCK WATCH Asean Affairs   23 September  2011

Asean Stock Watch- September 23



An extraordinary day in the financial markets ended with stocks and commodities down sharply while the dollar and U.S. Treasuries rallied, sending the yield on the 10-year note to a record low.

After trading below 10,600 intraday, the Dow closed down 391 points, or 3.5 percent, to 10,734 while the S&P lost 3.2 percent. Stocks are now on track for their worst week since October 2008, Dow Jones reports. Meanwhile, gold shed 4 percent, silver plummeted 11 percent, copper tumbled 9 percent and oil fell 6.7 percent Thursday as traders unwound "risk on" positions funded with "cheap" dollars, which rose 1 percent vs. the euro.


The Jakarta Composite Index fell by 8.88 percent on Thursday in a brutal day for investors spooked by ongoing worries over sluggish growth worldwide.

The JCI closed having shed 328.351 points, settling at 3369.143, an eight-month low.

The drop was the biggest by far among Asia-Pacific indexes, and was the worst day for the JCI since Oct. 8 2008, when the market fell 10.4 percent.

At a press conference at the Hotel Indonesia Kempinski, Coordinating Minister for the Economy Hatta Rajasa urged investors not to panic, saying that the country’s economic conditions remained strong.

“My advice is that we should not panic because fundamentally, we’re still strong,” Hatta said.

He added that Indonesian economic growth would remain robust, supported as it was by high consumption.

“The purchasing power is good, and people keep on buying,” he said.

Hatta also sought to quell fears by reminding investors that the government had policies in place to respond to a sudden, steep drop in the JCI.

“We had enough experience in 2008,” Hatta said, referring to the October 8 market bloodbath. “The policies are still relevant until now.”


The FBM KLCI closed 2.2 percent or 31.23 points lower at its day's low of 1,387.81, with the local bourse plunging to its 13-month low, breaching its psychological mark of 1,400.

Regionally, investors were seen fleeing the capital markets in view of downside risks on the global financial markets.

The Federal Reserve's announcement overnight that it would focus on buying long-term Treasury Securities did nothing to tame investors' bearish sentiments, with the overnight Dow Jones losing close to 300 points.

There were 85 counters up, 802 counters down and 162 counters remained unchanged. Among the actives were PChem that shed 27 sen to RM5.54, Axiata lost six sen to RM4.63 and AirAsia declined 26 sen to RM2.90.

For the heavyweights, Genting lost 50 sen to RM8.8 and MISC shed 30 sen to RM6.46. Regional bourses were broadly lower. Tokyo's Nikkei 225 fell 2.07% to 8,560.26 and Hong Kong's Hang Seng Index was down 4.85 percent to 17,911.95.

Shanghai's A index fell 2.78 percent to 2,443.06 while Taiwan's Taiex Index fell 3.06% to 7,305.50.

Seoul's Kospi Index dipped 2.90 percent to 1,800.55, while Singapore's Straits Times Index declined 2.66 percent to 2,717.66.

Nymex crude oil lost US2.78 to US$83.14 per barrel. Spot gold declined US$19.53 to US$1,762.88 per ounce. The ringgit was weaker at 3.149 to the US dollar.

HwangDBS Vickers Research said the key FBM KLCI said the selling momentum could resume, with the local bourse likely to surrender most of its 8.4-point gain chalked up yesterday, as it is set to tumble towards the psychological mark of 1,400.

"Against a nervous market backdrop, investors may consider putting their money in defensive counters like Berjaya Sports Toto and Aeon Credit, after both companies announced steady quarterly financial performance last evening.

"Meanwhile, the trading of the rights entitlements for Hong Leong Bank's 1-for-5 renounceable rights issue at RM8.65 each will commence this morning," it said in a market preview report today.


The Philippine Stock Exchange index fell below the crucial 4,100 mark, sinking into negative territory for 2011, as a $400-billion stimulus plan by the US Federal Reserve only affirmed bleak economic prospects on the US economy.

The main-share PSEi lost 108.19 points or 2.6 percent to close at 4,096.10, wiping out all gains for the year as the index slid past two key barriers at 4,200 and 4,100.

“Increasingly worrisome external risks came to fore and we remain vigilant. We expect continued volatility in the interim given the emotionally-driven investment backdrop,” said First Metro Securities head of research Mark Angeles.

With this sell-off, the local index is now behind by 103.9 points or 2.5 percent of its end-2010 level.

The day’s downturn reflected the overnight bloodbath in Wall Street that saw the Dow Jones Industrial Index sink by 283.82 points or 2.49 percent to 11,124.84 as the US Fed announced a portfolio shuffling program to drive down long-term interest rates and perk up the economy. But this was only taken as cue that the much-awaited full US economic recovery might be far off.

Investors sold down local equities as global risk aversion intensified. All counters were in the red but the financial and mining/oil counters were the hardest hit, both falling by 3 percent.

There were five decliners for every single gainer at the local market. Value turnover amounted to P4.95 billion.

PLDT, AGI, Metrobank, ALI, EDC, Meralco, BDO, SM Prime, Megaworld, Aboitiz Power, Semirara, BPI, SM Investments, AEV and URC led the index lower. Lepanto A (open only to local investors), NiHao, Petron and Lepanto B (open to both local and foreign investors) also fell in heavy trade. Among the few stocks that bucked that downturn was Abra Mining, which also made it to the day’s list of heavily traded stocks.


Singapore shares closed lower on Thursday, with the benchmark Straits Times Index at 2,720.53, down 2.55 percent, or 71.26 points.

About 1.4 billion shares exchanged hands.

Losers beat gainers 413 to 80.


The Stock Exchange of Thailand main index went down 39.00 points or 3.79 percent to close at 990.59 points at the end of trading session on Thursday Afternoon. The trade value was 32.48 billion baht, with 4.54 billion shares traded.

The SET50 index ended at 689.10 points, down 27.98 points or 3.90 percent, with a total trade value of 25.49 billion baht.

The SET100 index fell 62.54 points or 4.01 percent to stand at 1,498.20 points, with a total turnover of 29.32 billion baht.

The SETHD index went down 31.93 points or 3.19 percent to stand at 969.10 points, with total trade value of 8.72 billion baht.

The MAI index dropped 11.53 points or 4.04 percent to close at 273.76 points, with total transaction value of 497.01 billion baht.

Top five most active values were as follows;

PTT closed at 302.00 baht, down 10.00 baht (3.21 percent)

KBANK closed at 118.00 baht, down 5.50 baht (4.45 percent)

ADVANC closed at 123.50 baht, down 3.00 baht (2.37 percent)

SCC closed at 295.00 baht, down 11.00 baht (3.59 percent)

SCB closed at 110.00 baht, down 4.00 baht (3.51 percent)


Shares were back in green on the HCM Stock Exchange this morning, with the bourse's benchmark VN-Index edging up nearly 0.4 percent to 449.26 points.

Gainers outnumbered losers by 184-60.

Market value increased by 11.1 percent compared to yesterday's session, reaching VND910 billion (US$44 million) as 46.9 million shares changed hands.

Bluechips were mixed. While insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) managed to hit their ceiling prices of VND74,500 and VND14,200 respectively, food processor Masan Group (MSN) bottomed out.

Five others out of the 10 leading shares by capitalisation rose between 0.4-3.2 percent, although real estate developer Vincom (VIC) and dairy product processor Vinamilk (VNM) retreated by around 1 percent.

Infrastructure developer Becamex (IJC), which also hit the daily limit of 5 percent to reach VND11,800, was the most active code with 2.77 million shares changing hands.

On the Hanoi Stock Exchange, the HNX-Index continued its momentum to finish today's session at 75.44 points, up on a 1.1 percent close.

Trading value fetched VND496.4 billion ($24 million), inching up 4.5 percent on a volume of 43 million shares.

Kim Long Securities Co (KLS) was still the most heavily traded stock nationwide, with more than five million shares exchanged. It ends the session up 1.5 percent.



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