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ASEAN STOCK WATCH Asean Affairs   8 September  2011

Asean Stock Watch- September 8

AseanAffairs

US

Overnight, the Dow Jones Industrial Average fell 100.96 points, or 0.90 percent to 11,139.30 on concerns over Europe’s debt woes, fueling fears that the global economy could be headed for a recession.

Indonesia

The benchmark stock index rose for a third day amid gains across the region as markets shrugged concerns about Europe’s debt crisis and slowing US economic growth.

The Jakarta Composite Index jumped 111.46 points, or 2.9 percent, to close on Wednesday at 4001.43, its highest since Aug. 18.

More than 8.5 billion shares worth Rp 6.6 trillion ($770 million) were traded at the Indonesia Stock Exchange. Gainers outstripped decliners, 220 to 33. Foreign investors bought Rp 2.57 trillion more in shares than they sold. In three days, the stock measure has gained 4.2 percent.

Markets across the region rose, with the Nikkei 225 stock average up 2 percent, on speculation that the Bank of Japan would act to curb the strength of the yen. Investors have been flocking to the yen as a safe haven amid the global financial turmoil, but the stronger yen threatens to weaken the Japanese economy.

“JCI has the potential to continue strengthening until the end of week,” said Reliance Securities analyst Andy Wibowo Gunawan. “A weaker yen is good for the Nikkei and that will influence Indonesia’s benchmark index as well.”

Astra International, Indonesia’s biggest automobile retailer, climbed 4 percent to Rp 71,250. After the close of trading on Tuesday, Astra announced that a subsidiary, Astratel Nusantara, would acquire an East Java toll-road operator for Rp 750 billion.

Medco Energi Internasional, Indonesia’s biggest listed oil and gas company, gained 4.2 percent to Rp 2,500 after it announced the formation of a new unit, Medco Energi Mining Internasional, for its coal mining investments.

Miners recorded gains of 4.2 percent, the largest of any sector.

The rupiah was little changed at 8,574 against the dollar.

Malaysia

Share prices on Bursa Malaysia staged a rebound on bargain hunting today after two consecutive days of losses.

The benchmark FBM KLCI that opened 3.68 points steadier at 1,458.05, climbed 10.24 points to 1,464.61 at 5pm.

HwangDBS Vickers Research said even though Wall Street fell last night, Asian equities showed a sense of calmness after coming under selling pressure yesterday.

Another dealer said, amid lingering European debt fears and slowing growth rate in the US, the local bourse was backed by active participation by local players.

Jupiter Securities Head of Research Pong Teng Siew said the upbeat sentiment regionally was supported by a positive signal for the third round of quantitative easing.

Investors expected US President Barack Obama to announce a US$300 billion job stimulus package tomorrow, he said.

Bursa Malaysia's Plantation Index added 84.29 points to 7,333.29 and the Industrial Index rose 33.42 points to 2,705.35 but the Finance Index decreased 5.95 points to 13,704.51.

The FBM Emas Index was up 65.72 points to 10,003.39, the FBM Mid 70 Index earned 53.131 points to 10,831.90 and the FBM Ace Index added 22.69 points to 3,777.81.

Gainers thumped losers 439 to 240 while 251 counters were unchanged.

A total of 650.39 million shares worth RM1.253 billion changed hands compared with 706.7 million shares worth RM1.517 billion yesterday.

Among active counters, Berjaya Oriental was flat at RM1.00, Eastern & Oriental lost five sen to RM1.71 and Systech added 4.5 sen to 32.5 sen.

Telekom rose seven sen to RM4.39 and Axiata Group advanced three sen to RM4.74 but Maxis was down one sen at RM5.39.

Maybank dropped one sen to RM8.67 and CIMB eased two sen to RM7.28.

Petronas Chemicals added two sen to RM6.32 and Sime Darby rose one sen to RM8.71.

The Main Market volume decreased to 525.504 million shares worth RM1.233 billion from 559.11 million shares worth RM1.498 billion.

Turnover on the ACE Market fell to 78.23 million shares valued at RM13.42 million from 88.372 million shares valued at RM10.114 million.

Warrants declined to 44.28 million units worth RM4.34 million from Tuesday's 55.29 million units worth RM5.091 million.

Consumer products accounted for 34.787 million shares traded on the Main Market, industrial products 65.216 million, construction 25.953 million, trade and services 225.034 million, technology 10.577 million, infrastructure 13.039 million, finance 43.89 million, hotels 209,500, properties 79.05 million, plantations 24.83 million, mining 10,000, REITs 1.48 million and closed/fund 93,000.

Philippines

Wednesday prices on the Philippines exchange closed higher as inventors picked up bargains following a two-day slump.

At the Philippine Stock Exchange, the composite index added 12.13 points, or 0.28 percent to 4,315.21, while the broader all-shares index gained 12.63 points, or 0.42 percent to 3,041.48.

A total of 6.87 billion stocks worth P5.46 billion changed hands. Advancers beat decliners, 78 to 75, while 28 stocks were unchanged.

“The Philippine main composite index had a roller coaster ride before closing modestly in the green,” said AB Capital Securities Inc.

“The PSEi soared by as much as 28.38 points before cautious traders decided to take profits,” it added.

The August inflation data, which rose at a slower pace of 4.7 percent from 5.1 percent in July, also provided some relief for market players, who have been worried about a slowing local economy, the brokerage said.

All sub-indices finished in the green except for the mining and oil index, which fell by 1,002.46 points, or 4.01 because of profit-taking in Lepanto Consolidated Mining Co.

The local market remains indecisive, trading between 4,300 and 4,400, and it will need a new catalyst to help the PSEi snap out of the tight range, analysts said.

“Domestic fundamentals are still strong but there are just too many external distractions. In fact, such external noise has begun to take its toll on the local economy,” AB Capital said.

“The deterioration coupled with the relatively high valuation could pose some downside concern in the medium term,” it added.

Asian currencies also bounced on Wednesday as bargain hunters moved in to take advantage of recent falls.

At the Philippine Dealing System, the peso gained 3.5 centavos to close at 42.250 against the US dollar from 42.285 the previous trading day.

The local unit traded at a high of 42.330 and to a low of 42.250, averaging at 42.280 at the end of the intra-day session.

Total trading eased to $635.570 million from $740.28 million the day before.

The dollar-peso currency pair is expected to trade within the 42 to 42.70 range today, with bias leaning to the upside as the country’s gross international reserves reached $75.6 billion at end-August.

Singapore

Singapore shares opened higher on Thursday, with the benchmark Straits Times Index at 2,853.28 in early trade, up 0.75 percent, or 21.15 points.

Around 163.9 million shares exchanged hands.

Gainers beat losers 183 to 27.

Thailand

The Stock Exchange of Thailand main index went up 13.12 points or 1.24 percent to close at 1,068.72 points at the end of trading session on Wednesday Afternoon. The trade value was 28.50 billion baht, with 4.04 billion shares traded.

The SET50 index ended at 744.18 points, up 9.69 points or 1.32 percent, with a total trade value of 18.86 billion baht.

The SET100 index rose 21.46 points or 1.34 percent to stand at 1,622.75 points, with a total turnover of 23.66 billion baht.

The SETHD index went up 9.73 points or 0.95 percent to stand at 1,028.69 points, with total trade value of 5.27 billion baht.

The MAI index rose 2.97 points or 1.00 percent to close at 299.52 points, with total transaction value of 480.02 million baht.

Top five most active values were as follows;

ADVANC closed at 24.50 baht, up 5.50 baht (4.62 percent)

TRUE closed at 4.18 baht, up 0.02 baht (0.48 percent)

PTTEP closed at 167.50 baht, up 4.00 baht (2.45 percent)

JAS closed at 2.46 baht, up 0.10 baht (4.24 percent)

INTUCH closed at 38.75 baht, up 1.25 baht (3.33 percent)

Vietnam

Strong increases of several blue chips again propped up the VN-Index which closed essentially unchanged at 436.16 points on the HCM Stock Exchange Wednesday, after earlier plunging to 431 points.

While other large-cap stocks lost value, insurer Bao Viet Holdings (BVH) and food producer Masan Group (MSN) hit their ceilings of nearly 5 percent for the second day in a row. Phu My Fertiliser (DPM) rose another 1.9 percent while dairy producer Vinamilk (VNM) was up 0.8 percent.

Decliners tripled advancers. The value of yesterday's trades fell 13 percent over the previous day to nearly VND708 billion (US$33.9 million) while the trading volume decreased 21 percent to just 41.5 million shares.

"Many investors continued to sell shares to realise profits following a two-week winning streak, pushing the index into the negative territory when the market opened," said Ha Noi-based independent analyst Nguyen Viet Hung.

Hung said the psychology of domestic investors had improved over the past two weeks on the expectation of an easing monetary policy, going by the State Bank of Viet Nam's recent comments.

However, the optimism would be moderate as the policy changes weren't significant, Hung said.

Lending rates were being pushed down to 17-19 percent per year, which would take time to be realised, but the cap on total credit of the whole banking system was still at 20 percent.

"Besides, increasing instability in the world economy, particularly the eurozone debt crisis and the soaring price of gold, (which climbed to over $1,900 per ounce), is threatening the world economy's recovery," Hung said.

"Speculation will remain the main tendency in the short term."

In Ha Noi, the HNX-Index fell another 1.78 percent Wednesday to close at 73.77 points today. The market value was down 35 percent to VND534.8 billion ($25.7 million) with only 51 million shares changing hands.

Losers outnumbered gainers by four-to-one.

Kim Long Securities (KLS) was still the most heavily traded stock nationwide with 6.43 million shares changing hands, down 2.4 percent at VND12,200 ($0.6) per share.

Foreign investors were net buyers yesterday, picking up a combined VND77.3 billion ($3.7 million) worth of shares on both exchanges.



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By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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